Its been three years since I retired, and while inflation has made it challenging to maintain my lifestyle and even worse when I lived in the city, relocating to the countryside has helped to manage better, its lonely, as most of my friends and family are still in their routines but It's been easier to stretch my savings and hopefully, I won't outlive it
I’m nearing retirement myself, and I had similar concerns. I started investing much later than most, and just relying on ETF compounding wasn’t cutting it for me. After working with a financial advisor, I managed to restructure my investments and am now on track to retire with around $4 million. If I hadn’t sought advice, I doubt I’d be as confident in my plan right now.
I usually steer clear of recommending specific people because financial needs are so personal. But I can say that working with Emily Ava Milligan has made a world of difference for me. I noticed her strategies are tailored to fit personal goals and make sense for different needs. It might be worth exploring to see if her approach resonates with you
Here's a tip in honor of my dad, who gave me much throughout his life: love being #1, and also showing me how to handle money well. Thanks for your candor. I hope the people who need this advice see it.
I have a roof over my head, food in my fridge, a way to keep myself warm, a machine that brings me entertainment and most importantly a door to keep undesirables away, what else could I possibly need?
I can relate. I'm nearly 74 and living on $712 SS a month. After getting out of a terrible marriage, I learned how to handle my finances. My EX spent everything we made and I couldn't get it under control. Thankfully, I learned the Dave Ramsey plan and dug myself out of my hole. Debt-free, mortage-free, and I live below my means.
@@StephanieJoRountree I certainly understand. People don’t realize that once taxes and Medicare and any supplemental are all taken out, there isn’t much left. I also understand having to leave the ex who always said “budgets don’t work”, “I don’t know, I needed some stuff”, or had to buy an expensive “hemi truck” because there was a sales girl at the showroom with big boobs. My ex made sure I would never benefit from any of his retirement because I had the audacity to leave him. I live on my own retirement and that’s fine with me.
I'm 74 in a couple of months. On low SS only. Still have a mortgage as I refinanced, but much better than paying rent. I support homeless animals, which I wasn't counting on. Very familiar with food banks+ pet food banks, and energy assistance. Had to quit working several years ago bc of extreme age discrimination, which is expensive to prove. My body just had Enough of the STRESS. I'm so much happier now, but financially it's tough. Love Dave Ramsey + watch lots of frugal YT channels!! Blessings ❤
Years ago, I worked in Atlantic City in the casinos as a security guard before i went into law enforcement. I saw more heartache working there. People aren't thinking the ODDS ARE AGAINST YOU.
I agree! The last time I went into a casino with friends was about 25 years ago. Beforehand I gave myself a budget of $200 to lose, then no more. I lost the $200! Then I did NOT lose any more! Back then I was married with a lot of money, but I was still disciplined. Peace & blessings! ❤️🙏✝️
When i go into a casino, (reluctantly) to be sociable, I immediantly lose my $20. Hey, when you gamble, you lose. Probability is probability, after all. Then, I would watch my friends lose, or WIN! their money. That is the casino. Not fun. IMHO.
I too worked at the casinos in Atlantic city at the Playboy/Trump casino. Yes it was sad seeing people gamble their mortgage money. I was taught to live within my means, but I still had some really hard times.
I grew up poor my parents didn't know how to read. Because of it we didn't even have food stamps 😂. I eat beans and rice for lunch and dinner for 17 years. I am 37 now i never gone to college because I never borrow money. Just last year because of youtube I learn about HYS and 401k and Roth. I took a second job just to max them. I have no debt
@@JohnSmith-un9jm You would be surprised there are people out there that can't or struggle to read. Most assistant programs are design in a way that makes it impossible for those that truly need to apply without help. Those without family to help research and fill out the forms likely can't access the system they beyond not being advertise about what programs are out there they also make the forms difficult on top of the need to show up those that struggle are the ones less likely to have the transportation to get to where they need to be interviewed by the people that decide. Government programs are known to denied most everyone on first try they make people jump through hoops people with disabilities can't access on own. They aren't going to help people through the process they want to deny as many as possible. Only those in the know that have good education can figure it out or those that been on it for many years
My mother passed away 3 years ago without a penny in her account (actually with overdraft fees) she passed at the age of 63 collecting 1 year of social security. I use my mother's plight to work on getting a dignified retirement , I love your life story and very appreciative of you sharing it with us,
@@sergiojasso9998 My gorgeous, talented artist sister quit her job to care for our cancer stricken mother, bankrupted herself, gave her beloved Australian Shepard to a family at a dog park and committed suicide with one dollar in her purse after using a $5 bill to pay the $4 entrance fee to a state park where she ended her life.
And your mom's death at 63 is why government and their flunky celebrity financial advisors want people to hold til 70 to get social security, they know most don't get that far, most people in the 1930s didn't get to 65, which is why they came up with that number then when SS started.
Get a job! I am working and I’m pretty old but it’s great income and I’m not penalized by ss for earning. Walmarts pays well and there’s one by all of us. They hire handicapped, disabled, etc. They will have you answer the phone or other sit down work.
Number one thing you need to do is, track every penny you send, for a couple of months. You many find that you spend money on non-essential and never even noticed. Now the first thing I do is, put the amount that is over what I need for the essentials, in a safe that I keep way top of the closet. I need a stool to reach it which is not close by. I hate all that work since the safe is heavy due to being made for in case of fire. You can bet I think more than twice about getting up there to get cash out. I'm 77 so I get less money, because a dollar then was worth a lot more than a dollar now, so the pay was much less.
@@Sheila2024-x8w I agree with you. I worked at our local WM while waiting a few month for SS to start. I really enjoyed being a cashier. I used to work really early in the morning because I'm a rare person that need little sleep. Knew the regulars and became friends with the manager, that was years ago and we still joke when we run into each other there.
Health problems really change your life. I'm 61 and I was recently hired to work 6 hrs . a day 3 days a week. I've already been downsized to 2 days a week. I don't have any other income. Ageism is real. I live alone also. God help all of us! 🕊️🕊️🕊️🕊️
You must plan way ahead , we started saving/ investing when we got married 45 yrs ago , ten or twenty dollars a check. I lost my wife 4 yrs ago. I still save every month and I am well past 65yrs old.
I appreciate your transparency and honesty. A lot of UA-camrs come across like they’ve done everything right. It’s refreshing to hear someone admit that they made mistakes. Thank you!
I agree. I love the way you (eldergal) make lemonade for all of us and yourself too, out of your lemons. Your honesty and zest spark my hope. Thank you!
Yes thank you about reminding us to spend less than we have or earn, because I don’t think there is a single person that has not fallen for overspending and ending up in debt. 😮
The only debt I have ever carried is a mortgage and car both were paid off early but was still able to put money in a 401k and Roth IRA and regular savings. At the age of 70 I am able to put $450 of my $1,272 Social Security in to savings every month. I don't have a work pension worked retail. So yes some people are able to save
You are a really strong woman.. Even though you are alone, without a family or income, you were able to overcome the big problems in your life by yourself.. You studied two branches of university and you still have great ambition and this channel is the best evidence of that.. Good luck to you always
I saw poverty as a kid growing up the the poorest parts of London. I was determined not to carry poverty into old age. I planned from a young woman for my old age. I did, and I’m glad.
@@troywilliams8659True story…when I was a kid my brothers friend was being raised by his High School aged sister…it was just the two of them…sometimes all they had to eat was ketchup sandwiches.
Finally a “normal” person instead of these high-achievers whose videos say “have $2million” and all other stuff. That’s great for some people, but so many more people need to know her experiences!
Like you I made a lot of mistakes when I was younger and don't own my own home any more which is my biggest financial regret. Most of my private pension will go on rent when I'm 66 next year. Yes you're right finances should be taught at school, not everyone's parents are good with money. Great video eldergal
There are only so many hours in a school day & so many days in a school year. parents don't support year round school. where are schools suppose to get the money from to pay for more teachers when tax payers want lower taxes? there is already a teacher shortage in this country.
when I was in high school in the 60s, we had home economics cooking, sewing, shop, art, mechanics, swimming classes. I also remember a basic class that taught how to keep a checkbook, etc. What happened to all of that today? 🤗
I had to learn the lesson very early on to live below my means. I made decent (not big) money in a profession I loved. Was able to pay my small house off early. Never any credit card debt. At 52, someone txting while driving rear ended me going 65- I was stopped, waiting to turn left. My income was zero for 6 years. I had to stay with my company through LTD mediation. I now have SSDI. Im left with 850.00 per month after they take out insurance. I’ve been through my savings and retirement- that all went to medical bills. I’m 66, and with no family left. Letting you all know that sometimes we do all the right things and can still end up this way. I have no idea how long I can hang on. Even if I sold my house, making a tidy profit, income (not assets) is the focus. I can’t rent a dumpy apartment or buy something else. I start each day fresh, and try not to let it over worry me. I don’t know what I would do without my dog…just hanging on by my fingernails. Gotta say, it’s not a pleasant feeling.
So sorry to read about this Beth! I know that even when people do all the right things, life takes a turn. Please don't let yourself worry too much about the future; just takes things day by day. Take care!
I grew up with depression era grandparents and a mother born during the depression. I never learned much about money but the principles of living I learned carried me far. One such is don't have a rent/mortgage more than 1/4 of your gross income. I haven't had a car payment in 20 years (I save and buy inexpensive cars that I keep for at least 10 years). My vacations have been simple camping, visiting family etc. I bought a modest condo that I could afford. I am beyond grateful that I did all that especially when I see how many people are struggling 😕
I've been poor all of my life and I wouldn't change a thing. Being poor makes you grateful for anything that comes your way and builds a great character. Look at all of these people who like to buy new cars, great homes, etc. Most are in debt and it's all about image. Most would not help anyone in need it's all me, me, me. I wouldn't change what I've lived and I'm 66. I think that we are heading towards a new Great Depression and those who have learned to live on less are those who know how to survive.
Thanks for your comment, personofearth. I get what you're saying. Live is certainly less complicated with less money. However, I do think it's possible to be grateful even with more. Appreciate you watching!
@@eldergal You are welcome dear and you are also right but struggling first really builds character I think. You're doing a fine job and I get where you are coming from.
@@personofearth5076 me too. Not really ever had any money. Because of it I am humble and grateful. I don’t do any of the “keeping up with the Jones” business. Almost everything I own is thrifted or found. I can get 4 meals out of a chicken, etc.
@@personofearth5076 I'm two years older, and was poor in my 20s while working my way thru college on $3.85/hr. Which taught me that I didn't want to continue to be poor into my middle-old age, so we became regular savers. Economic markers don't point toward a depression, but if one comes having some savings will make life a whole lot easier.
As a teenager I saw my mom budget and watch every penny after she divorced. I learned from this but still got myself in credit card debt when I first moved out on my own. I was paying the minimum payment and could never get ahead. When I finally was able to pay everything off, I swore I'd never do that again and thankfully haven't. I did go through a time when I had a very stressful job and spent everything I had leftover after bills were paid on "retail therapy". Learned from that too! You gave some very good tips here. I shared with my kids as they grew up the money mistakes I've made so hopefully they won't make the same mistakes.
It's so true what you said, I used to have twice the income I have now, but spent twice as much so I was just as poor. I am on a low income now, but I spend my money wisely and I am more grateful and content with what I've got. Top priorities are my cat and my house
Good advice. Hope everyone takes it to heart. Parents need to educate their children the value of managing their income. Born during the depression I saw my parents budgeting. Grateful I did the same thing.
You are very wise. Im 65 & have a very small income.Something you brought up about " its easier to save 1/2 your income if you make more money" Im tired of others telling us to save, when we live paycheck to paycheck.
This reminds me of my days as an on-site property manager for Section-8 properties for people aged 62 and older. I learned very early what can happen if we aren't good stewards of our finances. Great video!❤
When I got divorced 20 yrs ago i had nothing. I found the Dave Ramsey program and it change my life. Thank You for making this video lots of people need to hear about this ✌️
Solid advice often comes from those who have personally made the needless mistakes they want others to avoid. I'm 63 living in a rural community - and still working in the big town 20 miles away. I expect to work until I am 70, then I'll evaluate my situation. I had some awful financial misadventures ten years ago that I'm still recovering from. I live in a small prairie ranch house and one thing I will add to your excellent suggestions is if you own an older neglected home like I do, is to make one of your goals to be getting your house in good repair before you retire - because maybe after you retire you will never have the money to replace a roof or repair a foundation, or any other really big ticket repairs.
I use a credit card for everything I buy. It gives me 4% cash back on groceries, 2% on take outs and automated charges and 1% on everything else. I negotiated with the bank so I don't pay annual fee which is $120/year. The full balance is paid from my chequing account as a pre-authorized payment. I never had an outstanding balance in my life time and I'm going to be 71 in 2 months. I'm single and retired 5.5 years ago. My only income is my pension. I came to Canada from a socialist country when I was 34 with a 5 year old child. It was not easy but I survived. Life taught me everything. Good luck to you in paying off your debt and saving enough so you feel comfortable financially.
Thank God you and your child were able to escape a Socialist country! Too many in the US are clueless when it comes to economic policies and how it affects the average citizen. Even a few left-wing news outlets like CNN and Washington Post are denouncing Kamala’s plan to have a federal ban on “price-gouging” on food suppliers and grocery stores. Their margin is only about 3% profit, so this ridiculous socialist policy of price fixing will drive many companies out of business! Which will in turn drive up prices more and greatly reduce availability! Soviet-style bread lines anyone?! Most Americans have no memory that Venezuela used to be a very prosperous and beautiful country… until Socialism destroyed it! Peace & blessings! 🕊️🙏✝️
We use credit cards for everything too. Then we pay the entire balance every month. We have so much fun using the points for travel and free stuff. One time we took a family vacation to Asia and the reward points paid for our flights and hotels except for $210, so we could say we took the entire trip for that amount. You have to read the fine print because some cards have a better deal than others.
If I had been wiser/smarter when younger, I could be wealthy in my senior years rather than having anxiety issues about unexpected experiences such as needing a new A/C.
My Gosh" I was married at 18, my husband left me with a baby and Toddler when I was age 21. He moved to another Country so I raised my children by myself and never married again. I'm now 77 and live comfortably in my own home. I've always lived on one single income and struggled all my life paying off my Mortgage on a modest income but I had a very strong determination to get ahead with no help from anyone but I must admitt it took me many years to teach myself how to manage my money and always plan ahead.
@@eldergal Hello Lovely lady" Yes life is a constant learning challenge. I understand you.. I'm also an estranged Mother. Havent seen my Son for 14years but same as you just get on with our lives. Take good care lovely strong caring lady❤
@@eldergal she over came everyone's challengers. To be a home owner. Makes retirement, so much easier and better. I too, a single mom. Raised in son myself. Never married again. My son was 7. Now 27. We overcame everyone's challenges. We made it. I did it by extreme work. Work a lot when you are young. Always invest in property when young, especially.
I feel your pain. I’m one of those who can’t manage her money well. I’m just starting to work on it now, but it’s very stressful always worrying about paying bills and not being able to buy many things you want. I’m going to take your advice about putting away money each month, 5%, can’t afford 10% right now. Thanks for sharing your story and for your good advice.
I've been so poor I have dug through the couch cushions for change. I've been to the food bank a handful of times. I am blessed to have two jobs now 🙏☺️
Vote for change. Every other modern nation has had universal healthcare for the past 50 years. All the work and experimentation has already been done. Just pick a better system! Every senior citizen will need healthcare. That’s a fact. It’s ridiculous to have a healthcare system that is based on the profits of insurance companies.
Only get sick if you have great heath care. I have had a chronic illness most of my adult life (69 today) Always saved my money as I would NOT be able to work in the near future , HAD to quit at 60 due to my heath! I have plenty of Money to live past 150! Don't buy garbage you do not need and stay out of debt! Yes I always had GREAT Heath insurance! She is so right ,live under your means!!!
@@fdllicks You enjoying that new heath care plan that Trump promised in two weeks,six years ago--Or maybe that CONCEPT of a plan will work out better for You!
@@larryhall7998 i have really enjoyed the Biden-Harris plan they had 4 yrs to make. The government isnt even allowed to bargain for drug prices with the Democrats in control.
Excellent advice Elder gal. No one teaches us about financial health. Luckily I retired early from 2 companies. Took their pensions. Now have 2 government pensions on top of those because I'm over 65. Still working full time. All helps if you're alone, no husband or family. My family won't speak to me. I've learned to take care of myself, be positive, and keep trucking along. Super important to keep active physically so you can keep going. ❤Always enjoy your wisdom.🫂🫂
ABW = Always be working! “Stay at home mom? = work nights and weekends; Thinking about retiring early? = ignore the temptation and make more cash and claim SS at 70. Convert time into income!
Some high schools today do offer financial literacy classes. Sadly, many of the high school students don’t pay attention to their teacher. They just keep their faces glued to their cell phones, which the teacher cannot take away from the student during class.
I have heard that! I used to teach community college and we were able to have students put their phone in a basket in the middle of the table and not use it during class.
I can honestly say being old and broke must be awful. Quality of life includes financial wellbeing. To relax and enjoy meals out and enjoy my car etc. l made terrible choices but now at 65 l realise l also made good choices.
…and if you get a dog or cat, expect that you will need a vet to give care. My dogs insulin is $72 per month. That hospital bill of 4 nights in a row was $7000.
@@JeanStAubin-nl9uo it’s a nightmare because there’s also diabetic dog food and follow up visits. I also have to buy the syringes for her insulin. It’s more than I ever imagined. I do love my little dog so, I’m vested for the long haul.
The Veterinary industry has become obscenely predatory. They prey off people's love for their animals and it has become a big corporate heartless machine. I have one dog and when I told my Vet I was considering getting another one as a companion for him, she was blunt and honest, she told me " don't! Vet care has become too expensive, he has you as his companion, you are all he needs ". I was surprised she was so truthful.
@@catabrat…put your dog on a TOTALLY carnivore diet (think beef & innards like heart & liver)-cheaper than the vet visits & meds…check blood sugar and watch it level out…the “special diet foods” are probably loaded with carby garbage designed to keep your vet and pet insulin providers in the $$$$
Best way to start an “emergency” fund is to pay next month’s bills with this month’s paychecks. Takes a bit to get there but once you do, it feels so good knowing the bills are paid “this” month and next month is taken care of. If income suddenly stops you have at least 30 days to fix things instead of THAT day.
All excellent financial points Allison! I would add all things of an addictive nature, retail therapy, and inflation controlled by the government also keeps people poor. Inflation reduces your purchasing power to pay bills so your income dollars pay for less of your bills each month which also go up. Life stress also plays a role in the way people react to upsetting events which cause them to make decisions they normally wouldn't. Thanks for the great advise and have a wonderful week..
My high school offered a class called Personal Finance, which provided instruction on such things as budgeting, writing checks and entering items into your check register, discussions on types of insurance (life, home, auto), types of loans (personal, home mortgage, auto loans), etc. I quickly registered for this course as part of my curriculum. As far as credit cards go, I have a credit card that gives me 2 percent back on all my purchases, so I use it for everything and pay the total amount due at the end of each month.
My kids’ school also offered classes like that. They took them and are all college grads with no debt. We live in a semi rural area, lots of things are more traditional.
You'd need to make a good chunk of money to be richer. Once you make enough that you lose all your benefits you become more poor than you were before. It's hard to amass an emergency fund when you have credit card debt.
Yes! In college, 1972, my friend and I were in her old Beetle, got low on gas, we only had 75 cents between us….so we put 75 cents worth of gas into her gas tank…..drove for a few days on that!
Hi Alison, Great advice. I was brought up very poor and my family spend money hand over fist. Having an emergency fund is very important to me. I travel in my van because rents are so high in Australia. I do house and pet sits which really helps me save a little. I have had a few expenses on the van, but my fund has not fallen lower than what it was when I started this life style. Having this fund makes me feel a bit more secure financially so I don't have to worry about paying my bills. Being poor is very stressful so I do have to live frugally to achieve this. Love your channel by the way.🌺
Forgive for the intrusion, but have you thought about starting a UA-cam chanel. Traveling around Australia and frugal living might attract some people.
Thanks for sharing about your van lifestyle Kirbygal! Reading this makes me want to be on the road again myself! Sounds like you have good money sense - kudos!
Yes, bad decisions will follow you all your life and good decisions will benefit you when you are older. The most important one being who you choose as a spouse. The most important decision you can make and many people make it poorly. Divorce devastates finances.
Yes my daughter she works part time and gets disability. She lost her son 16 years ago and his anniversary was July 31 so needless to say she took her whole check and went out there and put it in the machine and went home broke they got to be like 95° her air conditioner wasn’t working. My son had to help her out but her two air conditioners, so I’m about done. My husband passed away before my grandson. She has a help herself now there’s nobody here to help her. She has to put on her big boots. I do appreciate your video. I wish that my daughter would listen to it. She hadn’t gambled for seven months and then she, lost it❤
Thanks for sharing Sharon! It sounds like your daughter was triggered by the anniversary. If she was abstinent from gambling for 7 months, that is a good sign that she can find a way to break free. Don't lose hope. Take care!
The last point is really important. Something I observed from others is when their income is high, they tend to upgrade their lifestyle even though they can't afford it. Like many financially literate people would say, if you can't buy 5 or 10 times of that one item you want, you can't afford it. And not a lot of people want to hear that. They will upgrade their lifestyle because they believe they could afford it.
Financial literacy is everywhere, in books, the YT. It's available. But it won't save a person who won't think long-term. Most folks who don't save don't think long-term. They think monthly payments. They think credit card limits and credit scores. Paying in full for any purchase seems like a pipe dream, because saving before buying isn't their nature. An internal force is what separates savers and nonsavers.
Good point about how people think differently! However, financial literacy was not everywhere when I was growing up. It has been plentiful in the last 20 years or so. Thanks for your comment!
I've urged single women to start saving money. Don't rely on Social Security alone. Actively saving money puts people in a focused, mature mode, where they practice judgment & self-control.
SS was and is not meant to provide all your income in retirement. Nowadays, instead of the pension our parents had to add to their retirement income, many employers offer investment-saving retirement plans. .
@@sactopyrshep yes. But a difference is that pensions were steady and guaranteed, for the most part. Investments MUST be monitored and tended and can be lost if bad choices are made.
Every adult in the US needs to start saving in their own account as soon as legally possible. They also need an emergency fund. We never know what life will bring us and many happily married women end up poor in a turn of events. I have a galpal that when she married and each time she had a child she added to the emergency fund. It really caused her to plan her children as she felt she could not afford them if she lost her husband for some reason.
Your video is honest and amazing! I am in my 40 and doing my best to not to be poor when retired. My friend spends everything and has bunch of debts. I keep talking to her to get out of that cycle, pay debts and start investing or she will end up poor. Keep working on your channel! Love it!
thank you! you inspired me to try to live more frugally. I've noticed how technology makes spending money mindless these days, with apps that save your payment info and allow purchases with just a tap. not to mention online shopping being available 24 hours a day, versus back in the day when stores closed (and didn't contain every item in the world). I see it the most with young people and food delivery. The pictures and sales are designed to be enticing, ping you around the times you normally order, suggest what they know you will buy...AI is changing everything, and we are more susceptible to advertising than ever.
My money issues & problems with family are such a drain. It keeps me from being happy now and causes anxiety. I never will have to worry about getting over weight as I can't buy much food anymore. One good thing. It'd be nice if Social Security could get a decent COLA increase. This year 2025 it will only be 2.6 per cent & probably won't cover the upped medicare costs & upped rent/food/utilities.
I know what you mean, heaven! The COLA increases are pathetic; as you note, it doesn't even cover the increased costs. So many seniors are struggling with this. Thanks for your comment!
Im a disabled senior living in low income housing. Im grateful for it being available. I buget every dollar. I was able to have a container garden and growing lots of food. Back to a budget, I have sinking funds and use the envelope system. It works very well for me. I do everything I can to stay on budget and be frugal. Its POSSIBLE to save money. Right now im faced with a 3k dental bill. So far im staying on top of it. I wandering how you can have a UA-cam channel that generats money from your apartment. I was told I couldn't make money out of my apartment??? Good advice thank you.
Thanks for your comment Melanie! Actually where I live it's only an issue if I make approx 50k a year or more. But, I am planning to move in the near future in any case. Thanks for watching!
The one thing the schools should teach and work into their lesson plans every year is budgeting. And how to figure out interest rates. Compounding interest. But, no. They teach stupid word problems about trains and candy bars. It's like the powers that be are purposely keeping us ignorant and poor.
You make a good point. However, parents are ultimately responsible for their children. Parents need to make sure they are learning or choosing those courses in high school.
Everyone should read “The Creature From Jekyll Island”. It’s about how the FED wants us all in debt to stay indentured servants to the corrupt system which is run by psychopaths
A few of my friends are financially stable and a few are not. The ones who have financial problems are the immature friends in my group. Not capable of long term discipline or planning is planning to fail.
@@donnadrewery1337 No elder in America should have to subsist on that little income! There is such a thing as Supplemental Security Income which will raise it to about $1200 which is still subsisting but more doable. The Federal Poverty Level for a single person is $1255 per month.
I should also tell you there is a caveat of SSI which is that you are not allowed to have more than $2000 in assets each month, other than your home if you own one and one vehicle. I asked a worker at the DHHS "How can I save money for major auto repairs or other emergencies if I can only have $2000 in my possession?" She flat out told me to do what I had to do- save my money but keep it hidden without telling anyone. I hope this info helps you some. 🤗
My social security is $1,272 a month I am able to put $450 into savings each month. I have a paid for mortgage pay all my bills monthly including house and car insurance $87.00 of that savings is towards real estate taxes once a year whatever is left I divide into 4 or 5 weeks depending how many Wednesday's in a month get paid 3rd Wednesday of month. That in how I budget. I do have a small 401k and Roth IRA but no job pension worked retail
I learned early in life when I was 16..I learned frugality and budgeting early in life..self taught. I always keep 12 months in n savings…utilities, insurance, taxes etc.
Problem is, with inflation you can’t really budget anymore. You just have to go without. You don’t know how much the prices will rise by next week, or even tomorrow. 😮 Everything has gone up, and wages remain the same. We’re all being driven to the streets, so I’d say stock up on food now, cause it could cost double or more tomorrow. :(
I've been saying this for years, they should teach financial classes/or money budget handling in schools starting @ age 7, also economic basics, teaching kids how to cook & clean, so important especially in this day & age, great video, TY for posting!
I so agree Emilia! They used to have home economics classes that did teach cooking, but not sure if those exist anymore. I have heard from some viewers that they did get a budget class in high school, but I don't think that's everywhere. Appreciate you watching!
Allison, you are a smart cookie and a thriving Baby Boomer! Your channel is a great service to the world. I believe you are inspired by the Holy Spirit which is showing up in the world now. Thank you for sharing yourself!
@@eldergal Love to you from another elder orphan. Now I have a new sister in you! When I win the lottery I will remember you. All things are possible with God🙏🏻
@@Contessa998 I am finding so many strangers with love beaming from their faces and the kindness to stop and talk with good cheer in their hearts. The amount of spiritual content that is popping up on yt is amazing! But I caution people to pray for guidance from the Holy Spirit before watching the videos, especially the ones that do not have a name or face attached to the channel. They often have beautiful images and music to go with the words. There are many of them that have similar formats and messages. But they also use artificial voice translation of script. They sound wise but I am suspicious of subliminal messages embedded in the audio. I choose to avoid them. Sweet Blessings to you!🕊️
I've had several unexpected expenses the last couple of months. Prices of items have sure gone up...Thank you for the common sense video. Blessings to you.
I learned to manage money on my own. I looked at my W2 and said where did all the money go! I put a notepad in my pocket and wrote every time I bought something. In just a few weeks I saw that the money went for buying junk. Cut out the junk and you will have money! I retired at 62 with a 401k and live on less than $20k a year and that is around 20% of my SS check. Have a great weekend!
Thank you for caring enough for your fellow humans to share your story! I believe you will be greatly blessed for this; you seem to have truly changed - I read a book by a pastor titled "IT's NOT WHERE YOU START, BUT WHERE YOU FINISH" and I know on this new path that you are on, you will finish richer than you started. May God bless you & keep you is my prayer, and again, thanks for your honesty❤❤
Hello Allison. Hope you are doing well. You definitely picked a tough problem for people to tackle today. I have several brief thoughts about this topic. 1st point: Math is easy. Everyone knows how to add and subtract. Budgets and math are basically the same thing. Math=Budget. This is the easiest discipline to master. 2nd point: Two party book keeping is much more complicated than single party book keeping. Multiple reasons why this is true. This discipline involves a moderate or high level of difficulty depending on the parties involved. 3rd point: Spending money wisely is probably the hardest discipline to master because it seems to require a higher degree of spiritual strength. That's because it usually involves resisting temptation. And we all know that the inward and outward origins of temptation are never good. Living without luxury items is not an easy thing to do, especially when you have a credit card in your hand. 4th point: There is one more class they should teach in school. That would be, Assertion Training. People need to learn how to, Just Say No or, I'm sorry but no thank you. Before the age of credit cards, people had to muster up the courage and humility to politely decline every invitation from friends and associates to dine out. Sometimes people just can't afford to do that all the time. Such was the case before the introduction of the credit card. Thank you for this lesson today. I really appreciate it very much. Take care always, Allison.
No lies detected. This is a great video. So much common sense. I Was not a person who was naturally good with money but had 2 bad husbands & 6 children who depended on me so I had to develop these skills and guardrails. I love a good spreadsheet and do out a budget for the upcoming year. You have to plan out where each dollar is going or it will be gone with the wind.
I could live like a king on 750 a month. I haven't had any steady income in a few years. I'm disabled and can't work, but I'm unable to get disability. I own a small house so I live rent-free but it needs all kinds of repairs. The water pipes broke in the winter of 2019, and I haven't had running water since, and I have to use rainwater as my water source. I do get some welfare , 290 a month in food stamps, and my electric bill is fixed at 10 a month. But I still have to pay my internet, car insurance, and property taxes, which adds up to about 100 a month, and I struggle every month . Just hearing you say 750 a month makes me dream about how good I could be living . I could be saving 500 a month and be back on my feet in no time
@Teffi_Club I'm not that old, 53 years. My property taxes aren't that much, only about 300 a year . My house isn't worth much, but it's a roof over my head. I'm grateful to have it
My dad told me over and over always make sure to have enough set back to pay for a new furnace in case in the dead of winter your furnace quits and can't be fixed.
A new roof would be even better. We have a small house and because old roofs need to be removed first, it will be 24k. Got another estimate, close to same cost. Just a simple roofline, not high up and just a n inverted V shape. Costs for home maintenance have gone crazy.
I quit working in May of 2020 at the age of 65 my furnace and air conditioning is 6 years old my roof is 11 I think those are the two major expenses in a home
This is very good advice, but sometimes it is challenged by old habits that are hard to break. I think an examination of helpful vs hurtful habits is the first step. Firstly since spending occurs daily, even the smallest adjustment to our routine can save significant amounts over time. Also, sometimes being less of a stickler to a budget helps because I'm not concerned about spending, I'm concerned about NOT spending. However, I do track every penny spent in a log (on simple folder paper), whether it is cash, gift cards, credit card or any reward cash. So I do know what I spend, I just don't live by a strict budget. Also, I like to evaluate my purchases after a month when I reconcile credit card statements so I can make better choices next time. Credit cards are tools for my convenience, as a convenient form of payment that earns rewards. I know I have to record that credit card spending in my log, and evaluate it a month later when the credit card bill comes so there is no incentive to screw up. This is what works for me and I've been doing that for about 40 years..
I'm a similar age to you and instead of sticking us in Home Economics where we learned how to cook and sew and the boys in shop where they learned how to build things, they should have actually taught us Economics...how to balance a checkbook (something we had back then), interest rates, how to budget, etc. None of that was taught to us and I grew up with a mother who has routinely refinanced my parents' home (about every 10-15 years) to pay off credit card debt. She's 84 now and still owes over $100K on a home they purchased for $13K in 1962. So much of what you said resonated with me.
Ah yes, the good old days. Yes, had to do "home ec", in spite of our mother already had taught us cooking and sewing (she made all our clothes). I remember our classroom had one of the very first microwave ovens! It was magic! Anyway, home ec was a waste of time for me, but I made up for it later by getting my BS in Engineering.
@@DoctorSmartyPants I also learned how to sew at home but the cooking thing not so much...probably because my mother never really made anything complicated so there wasn't much to teach 😉
You and I are about the same age. My parents didn’t teach me anything about money. I believe they assumed I would get married and my husband would handle the money, so I didn’t need to know anything about it. It was a very sexist time. And, put women in a very vulnerable situation. When I got married, I turned every paycheck over to my husband. It never occurred to me to do anything other than that. I was in my late thirties and going through a divorce before I ever started to learn about handling money or having an independent financial life.
I do this too but only at Christmas. I buy myself $20 worth of cheap tickets 😂😂 I never win more than a few dollars but I don’t really care it’s Christmas 😂🎉
Inflation seems to do that, creating a dysfunctional relationship with money. What is happening to me right now? Other people will tell me it's my fault which means that they are blaming me for inflation. Blaming me for poor planning in my life related to inflation. What 18-year-old kid when they graduate? High school 40 years ago knows about inflation. That is like saying that an 18-year-old kid in 24 knows about what inflation is and how to plan for the future. So what? They have placed on our society right now. Is kids who graduate high school are supposed to have a job very well? Paid and a 401K by the time they graduate high school.
It all makes sense but I think sometimes spending money is like gambling in that it is done to deal with anxiety or to otherwise escape from problems for a bit and gives people a little high. And not earning enough certainly makes it hard. Glad your channel is doing well!
Its been three years since I retired, and while inflation has made it challenging to maintain my lifestyle and even worse when I lived in the city, relocating to the countryside has helped to manage better, its lonely, as most of my friends and family are still in their routines but It's been easier to stretch my savings and hopefully, I won't outlive it
I’m nearing retirement myself, and I had similar concerns. I started investing much later than most, and just relying on ETF compounding wasn’t cutting it for me. After working with a financial advisor, I managed to restructure my investments and am now on track to retire with around $4 million. If I hadn’t sought advice, I doubt I’d be as confident in my plan right now.
I’m trying to figure out the best approach for my portfolio. How did you find your advisor? I feel like I need that kind of guidance
I usually steer clear of recommending specific people because financial needs are so personal. But I can say that working with Emily Ava Milligan has made a world of difference for me. I noticed her strategies are tailored to fit personal goals and make sense for different needs. It might be worth exploring to see if her approach resonates with you
Thanks for that. I did a quick search and found her page. I was able to email so I sent over a few questions to get more info. Appreciate you sharing
Thanks for sharing this, Hanan! Many people have similar concerns. Take care!
Here's a tip in honor of my dad, who gave me much throughout his life: love being #1, and also showing me how to handle money well. Thanks for your candor. I hope the people who need this advice see it.
Wow, Greg! So very very kind of you! Glad your dad put you on the right path! Many thanks!!
this just put a smile on my face. I love generous people coz I enjoy giving too. ❤😂🎉
A lifetime tip MORE IS LESS< AND LESS IS MORE.
Love this.
Way to go, Greg. Super Good Deed.
I have a roof over my head, food in my fridge, a way to keep myself warm, a machine that brings me entertainment and most importantly a door to keep undesirables away, what else could I possibly need?
You need a dog.
@@dougmiller2937
LOL!
Er...more money?
@@animal79thecat so people try to take it away?
@@dougmiller2937 I like birds
I agree with you that being "just" poor is way way better than being "very" poor. Been there, done that!
🤣🤣🤣🤣
I can relate. I'm nearly 74 and living on $712 SS a month. After getting out of a terrible marriage, I learned how to handle my finances. My EX spent everything we made and I couldn't get it under control. Thankfully, I learned the Dave Ramsey plan and dug myself out of my hole. Debt-free, mortage-free, and I live below my means.
Your SS is only $712 yet blame your ex. Why don't you earn the average American SS check at $1900?
1900 is not the average SS. More like 1600.
@@StephanieJoRountree I certainly understand. People don’t realize that once taxes and Medicare and any supplemental are all taken out, there isn’t much left. I also understand having to leave the ex who always said “budgets don’t work”, “I don’t know, I needed some stuff”, or had to buy an expensive “hemi truck” because there was a sales girl at the showroom with big boobs. My ex made sure I would never benefit from any of his retirement because I had the audacity to leave him. I live on my own retirement and that’s fine with me.
how do you do that?
can you buy food and not pay rent?
I'm 74 in a couple of months. On low SS only. Still have a mortgage as I refinanced, but much better than paying rent. I support homeless animals, which I wasn't counting on. Very familiar with food banks+ pet food banks, and energy assistance. Had to quit working several years ago bc of extreme age discrimination, which is expensive to prove. My body just had Enough of the STRESS. I'm so much happier now, but financially it's tough. Love Dave Ramsey + watch lots of frugal YT channels!! Blessings ❤
Years ago, I worked in Atlantic City in the casinos as a security guard before i went into law enforcement. I saw more heartache working there. People aren't thinking the ODDS ARE AGAINST YOU.
I agree! The last time I went into a casino with friends was about 25 years ago. Beforehand I gave myself a budget of $200 to lose, then no more. I lost the $200! Then I did NOT lose any more! Back then I was married with a lot of money, but I was still disciplined. Peace & blessings! ❤️🙏✝️
Casinos don't build elaborate facilities so people can 'win money'
When i go into a casino, (reluctantly) to be sociable, I immediantly lose my $20. Hey, when you gamble, you lose. Probability is probability, after all. Then, I would watch my friends lose, or WIN! their money. That is the casino. Not fun. IMHO.
I know it all too well PT! You've probably seen the worst of it! Thanks for sharing!
I too worked at the casinos in Atlantic city at the Playboy/Trump casino. Yes it was sad seeing people gamble their mortgage money. I was taught to live within my means, but I still had some really hard times.
I grew up poor my parents didn't know how to read. Because of it we didn't even have food stamps 😂. I eat beans and rice for lunch and dinner for 17 years. I am 37 now i never gone to college because I never borrow money. Just last year because of youtube I learn about HYS and 401k and Roth. I took a second job just to max them. I have no debt
That's great Frederick!
Full of crap
@@JohnSmith-un9jm You would be surprised there are people out there that can't or struggle to read. Most assistant programs are design in a way that makes it impossible for those that truly need to apply without help. Those without family to help research and fill out the forms likely can't access the system they beyond not being advertise about what programs are out there they also make the forms difficult on top of the need to show up those that struggle are the ones less likely to have the transportation to get to where they need to be interviewed by the people that decide. Government programs are known to denied most everyone on first try they make people jump through hoops people with disabilities can't access on own. They aren't going to help people through the process they want to deny as many as possible. Only those in the know that have good education can figure it out or those that been on it for many years
What is HYS? And 401k? Are they investment accounts?
You can go to college on a scholarship. I did. Or go to a less expensive state school.
My mother passed away 3 years ago without a penny in her account (actually with overdraft fees) she passed at the age of 63 collecting 1 year of social security. I use my mother's plight to work on getting a dignified retirement , I love your life story and very appreciative of you sharing it with us,
Thanks for sharing this Sergio! Sorry about your mother. So glad you are working on financial health, though. Thanks for watching!
Be a govt flunky ifpension. pension.
@@sergiojasso9998 My gorgeous, talented artist sister quit her job to care for our cancer stricken mother, bankrupted herself, gave her beloved Australian Shepard to a family at a dog park and committed suicide with one dollar in her purse after using a $5 bill to pay the $4 entrance fee to a state park where she ended her life.
Sending ❤ to you, and so sorry to hear about your mother.
And your mom's death at 63 is why government and their flunky celebrity financial advisors want people to hold til 70 to get social security, they know most don't get that far, most people in the 1930s didn't get to 65, which is why they came up with that number then when SS started.
I live only on social security . It's not a good feeling.
Get a job! I am working and I’m pretty old but it’s great income and I’m not penalized by ss for earning. Walmarts pays well and there’s one by all of us. They hire handicapped, disabled, etc. They will have you answer the phone or other sit down work.
Number one thing you need to do is, track every penny you send, for a couple of months. You many find that you spend money on non-essential and never even noticed. Now the first thing I do is, put the amount that is over what I need for the essentials, in a safe that I keep way top of the closet. I need a stool to reach it which is not close by. I hate all that work since the safe is heavy due to being made for in case of fire. You can bet I think more than twice about getting up there to get cash out. I'm 77 so I get less money, because a dollar then was worth a lot more than a dollar now, so the pay was much less.
@@Sheila2024-x8w I agree with you. I worked at our local WM while waiting a few month for SS to start. I really enjoyed being a cashier. I used to work really early in the morning because I'm a rare person that need little sleep. Knew the regulars and became friends with the manager, that was years ago and we still joke when we run into each other there.
I took consumer math in school ONLY because i had learned disabilities. I also had a grandfather who taught me to save money. Bless him. I am 62.
That's great that you learned how to deal with money! Thanks for sharing, Margie!
Health problems really change your life. I'm 61 and I was recently hired to work 6 hrs . a day 3 days a week. I've already been downsized to 2 days a week. I don't have any other income. Ageism
is real. I live alone also. God help all of us! 🕊️🕊️🕊️🕊️
Thanks for sharing this, Linda! Ageism is indeed real!
You must plan way ahead , we started saving/ investing when we got married 45 yrs ago , ten or twenty dollars a check. I lost my wife 4 yrs ago. I still save every month and I am well past 65yrs old.
I appreciate your transparency and honesty. A lot of UA-camrs come across like they’ve done everything right. It’s refreshing to hear someone admit that they made mistakes. Thank you!
I appreciate you saying that! Thanks so much!
I agree. I love the way you (eldergal) make lemonade for all of us and yourself too, out of your lemons. Your honesty and zest spark my hope. Thank you!
Yes thank you about reminding us to spend less than we have or earn, because I don’t think there is a single person that has not fallen for overspending and ending up in debt. 😮
Thanks for your comment Jim!
Many, many people don’t overspend or end up in debt.
The only debt I have ever carried is a mortgage and car both were paid off early but was still able to put money in a 401k and Roth IRA and regular savings. At the age of 70 I am able to put $450 of my $1,272 Social Security in to savings every month. I don't have a work pension worked retail. So yes some people are able to save
You are a really strong woman.. Even though you are alone, without a family or income, you were able to overcome the big problems in your life by yourself.. You studied two branches of university and you still have great ambition and this channel is the best evidence of that.. Good luck to you always
Appreciate your kind words so much, Rola, and your support!
Never too late to learn even in your senior years. You can live modestly but well. I do.
I used to be a spendthrift but was encouraged to be a minimalist. Now I have much more money.
I'm working my way to a minimalist life. It's not easy, but I'm pushing through it.😊
I have no mortgage but have insurance and property taxes
I saw poverty as a kid growing up the the poorest parts of London. I was determined not to carry poverty into old age. I planned from a young woman for my old age. I did, and I’m glad.
I was so poor growing up I had to eat the strap on the bologna for a side dish.
If you’re a senior in some places your property taxes are fixed or at a lower rate.
@@troywilliams8659True story…when I was a kid my brothers friend was being raised by his High School aged sister…it was just the two of them…sometimes all they had to eat was ketchup sandwiches.
@@sallyprzybil2404 yeah I got mine reduced already
Wise words. I’m a big fan of this channel and I hope it does well. I love how open she is.
Thanks so much for your comment FaeDruid!
Finally a “normal” person instead of these high-achievers whose videos say “have $2million” and all other stuff. That’s great for some people, but so many more people need to know her experiences!
Me too!
Me too.
Like you I made a lot of mistakes when I was younger and don't own my own home any more which is my biggest financial regret. Most of my private pension will go on rent when I'm 66 next year. Yes you're right finances should be taught at school, not everyone's parents are good with money. Great video eldergal
yes, high rent..me too. Love to you ❤
Thanks for sharing this, Florence!
There are only so many hours in a school day & so many days in a school year. parents don't support year round school. where are schools suppose to get the money from to pay for more teachers when tax payers want lower taxes? there is already a teacher shortage in this country.
when I was in high school in the 60s, we had home economics cooking, sewing, shop, art, mechanics, swimming classes. I also remember a basic class that taught how to keep a checkbook, etc. What happened to all of that today? 🤗
@@sandy-introwhat advice would you give to a 30 or 40 years old self?
I had to learn the lesson very early on to live below my means. I made decent (not big) money in a profession I loved. Was able to pay my small house off early. Never any credit card debt. At 52, someone txting while driving rear ended me going 65- I was stopped, waiting to turn left. My income was zero for 6 years. I had to stay with my company through LTD mediation. I now have SSDI. Im left with 850.00 per month after they take out insurance. I’ve been through my savings and retirement- that all went to medical bills. I’m 66, and with no family left. Letting you all know that sometimes we do all the right things and can still end up this way. I have no idea how long I can hang on. Even if I sold my house, making a tidy profit, income (not assets) is the focus. I can’t rent a dumpy apartment or buy something else. I start each day fresh, and try not to let it over worry me. I don’t know what I would do without my dog…just hanging on by my fingernails. Gotta say, it’s not a pleasant feeling.
So sorry to read about this Beth! I know that even when people do all the right things, life takes a turn. Please don't let yourself worry too much about the future; just takes things day by day. Take care!
Stop drinking sure helped my fiances Lol
I saw a bottle of Vodka at the grocery store (Walmart) was $47.00! I’m sure glad I don’t drink!
@@sallyprzybil2404 Expensive!!
I need to quit…..really quit.
@@Keekonuts if I can do it anyone can
I grew up with depression era grandparents and a mother born during the depression. I never learned much about money but the principles of living I learned carried me far. One such is don't have a rent/mortgage more than 1/4 of your gross income. I haven't had a car payment in 20 years (I save and buy inexpensive cars that I keep for at least 10 years). My vacations have been simple camping, visiting family etc. I bought a modest condo that I could afford. I am beyond grateful that I did all that especially when I see how many people are struggling 😕
It's wonderful that you have been able to do that, Debra!
I've been poor all of my life and I wouldn't change a thing. Being poor makes you grateful for anything that comes your way and builds a great character. Look at all of these people who like to buy new cars, great homes, etc. Most are in debt and it's all about image. Most would not help anyone in need it's all me, me, me. I wouldn't change what I've lived and I'm 66. I think that we are heading towards a new Great Depression and those who have learned to live on less are those who know how to survive.
Thanks for your comment, personofearth. I get what you're saying. Live is certainly less complicated with less money. However, I do think it's possible to be grateful even with more. Appreciate you watching!
@@eldergal You are welcome dear and you are also right but struggling first really builds character I think. You're doing a fine job and I get where you are coming from.
@@personofearth5076 me too. Not really ever had any money. Because of it I am humble and grateful. I don’t do any of the “keeping up with the Jones” business. Almost everything I own is thrifted or found. I can get 4 meals out of a chicken, etc.
You don’t quite realise what true financial wealth is it seems.. but that’s not unusual
@@personofearth5076 I'm two years older, and was poor in my 20s while working my way thru college on $3.85/hr. Which taught me that I didn't want to continue to be poor into my middle-old age, so we became regular savers. Economic markers don't point toward a depression, but if one comes having some savings will make life a whole lot easier.
As a teenager I saw my mom budget and watch every penny after she divorced. I learned from this but still got myself in credit card debt when I first moved out on my own. I was paying the minimum payment and could never get ahead. When I finally was able to pay everything off, I swore I'd never do that again and thankfully haven't. I did go through a time when I had a very stressful job and spent everything I had leftover after bills were paid on "retail therapy". Learned from that too! You gave some very good tips here. I shared with my kids as they grew up the money mistakes I've made so hopefully they won't make the same mistakes.
Thanks for sharing this, Allie! So glad you have shared your experiences with your kids; you've done them a great service.
I will just add that I think your values are of your own creation and satisfaction. Don't let other people dictate your values to you.
It's so true what you said, I used to have twice the income I have now, but spent twice as much so I was just as poor. I am on a low income now, but I spend my money wisely and I am more grateful and content with what I've got. Top priorities are my cat and my house
Good advice. Hope everyone takes it to heart. Parents need to educate their children the value of managing their income. Born during the depression I saw my parents budgeting. Grateful I did the same thing.
Thanks Claire!
You are very wise. Im 65 & have a very small income.Something you brought up about " its easier to save 1/2 your income if you make more money" Im tired of others telling us to save, when we live paycheck to paycheck.
I absolutely agree! It's hard to save anything when you're just getting by. Thanks for your comment!
Save as best you can even though it is easier to save half of your income more easily when you have more income.
Save your money!
Agree 100%!!! My dad always said that high school should have classes about money, budgeting, skills for every day living.
This is no accident and is not provided on purpose. Government wants pliable consumers who will spend money and keep the economy going.
Yep and minor home repairs which is a useful skill even if you rent or live in a flat.
True and cooking as its a lost art. Cooking from scratch can save money and health. I'm in my 60's so I grew up cooking my own food.
@@patricedixon2634 Me too!
@@chrispnw2547 Now, I understand from my grandchildren that high school I went to is teaching classes on this .
This reminds me of my days as an on-site property manager for Section-8 properties for people aged 62 and older. I learned very early what can happen if we aren't good stewards of our finances. Great video!❤
When I got divorced 20 yrs ago i had nothing. I found the Dave Ramsey program and it change my life. Thank You for making this video lots of people need to hear about this ✌️
I hope that YT will continue to grow for you and be a blessing to your viewers. Good luck !!
How kind of you, Mark! Hopefully it will do as you say. Thanks for watching!
I appreciate your brutal honesty!
I appreciate that, mysticaltyger! Thanks much!
Solid advice often comes from those who have personally made the needless mistakes they want others to avoid. I'm 63 living in a rural community - and still working in the big town 20 miles away. I expect to work until I am 70, then I'll evaluate my situation. I had some awful financial misadventures ten years ago that I'm still recovering from. I live in a small prairie ranch house and one thing I will add to your excellent suggestions is if you own an older neglected home like I do, is to make one of your goals to be getting your house in good repair before you retire - because maybe after you retire you will never have the money to replace a roof or repair a foundation, or any other really big ticket repairs.
Thanks for sharing this, Thomas! Appreciate you watching!
I use a credit card for everything I buy. It gives me 4% cash back on groceries, 2% on take outs and automated charges and 1% on everything else. I negotiated with the bank so I don't pay annual fee which is $120/year. The full balance is paid from my chequing account as a pre-authorized payment. I never had an outstanding balance in my life time and I'm going to be 71 in 2 months. I'm single and retired 5.5 years ago. My only income is my pension. I came to Canada from a socialist country when I was 34 with a 5 year old child. It was not easy but I survived. Life taught me everything. Good luck to you in paying off your debt and saving enough so you feel comfortable financially.
Thank God you and your child were able to escape a Socialist country! Too many in the US are clueless when it comes to economic policies and how it affects the average citizen. Even a few left-wing news outlets like CNN and Washington Post are denouncing Kamala’s plan to have a federal ban on “price-gouging” on food suppliers and grocery stores. Their margin is only about 3% profit, so this ridiculous socialist policy of price fixing will drive many companies out of business! Which will in turn drive up prices more and greatly reduce availability! Soviet-style bread lines anyone?! Most Americans have no memory that Venezuela used to be a very prosperous and beautiful country… until Socialism destroyed it! Peace & blessings! 🕊️🙏✝️
We use credit cards for everything too. Then we pay the entire balance every month. We have so much fun using the points for travel and free stuff. One time we took a family vacation to Asia and the reward points paid for our flights and hotels except for $210, so we could say we took the entire trip for that amount. You have to read the fine print because some cards have a better deal than others.
Thanks for sharing this alicjap! It's wonderful that you have learned to be in control of your finances! Appreciate you watching!
So you went from a socialist country to a socialist country.
If I had been wiser/smarter when younger, I could be wealthy in my senior years rather than having anxiety issues about unexpected experiences such as needing a new A/C.
I hear you on that, Susan! Thanks for watching!
My Gosh" I was married at 18, my husband left me with a baby and Toddler when I was age 21. He moved to another Country so I raised my children by myself and never married again. I'm now 77 and live comfortably in my own home. I've always lived on one single income and struggled all my life paying off my Mortgage on a modest income but I had a very strong determination to get ahead with no help from anyone but I must admitt it took me many years to teach myself how to manage my money and always plan ahead.
🥰
Glad you have been able to overcome your challenges, Mee! Thanks for sharing this!
@@eldergal Hello Lovely lady" Yes life is a constant learning challenge. I understand you.. I'm also an estranged Mother. Havent seen my Son for 14years but same as you just get on with our lives. Take good care lovely strong caring lady❤
Well done 👏 ❤
@@eldergal she over came everyone's challengers. To be a home owner. Makes retirement, so much easier and better. I too, a single mom. Raised in son myself. Never married again. My son was 7. Now 27. We overcame everyone's challenges. We made it. I did it by extreme work. Work a lot when you are young. Always invest in property when young, especially.
I feel your pain. I’m one of those who can’t manage her money well. I’m just starting to work on it now, but it’s very stressful always worrying about paying bills and not being able to buy many things you want. I’m going to take your advice about putting away money each month, 5%, can’t afford 10% right now. Thanks for sharing your story and for your good advice.
That's a great plan Jules! Any amount is good to start with.
I've been so poor I have dug through the couch cushions for change. I've been to the food bank a handful of times. I am blessed to have two jobs now 🙏☺️
Best perspective
Dont get sick. Dont ever get sick.
Vote for change. Every other modern nation has had universal healthcare for the past 50 years. All the work and experimentation has already been done. Just pick a better system! Every senior citizen will need healthcare. That’s a fact. It’s ridiculous to have a healthcare system that is based on the profits of insurance companies.
Only get sick if you have great heath care. I have had a chronic illness most of my adult life (69 today) Always saved my money as I would NOT be able to work in the near future , HAD to quit at 60 due to my heath! I have plenty of Money to live past 150! Don't buy garbage you do not need and stay out of debt! Yes I always had GREAT Heath insurance! She is so right ,live under your means!!!
Unless you are illegal. Then, its free
@@fdllicks You enjoying that new heath care plan that Trump promised in two weeks,six years ago--Or maybe that CONCEPT of a plan will work out better for You!
@@larryhall7998 i have really enjoyed the Biden-Harris plan they had 4 yrs to make. The government isnt even allowed to bargain for drug prices with the Democrats in control.
Always love your honesty and vulnerability with us. I relate to you very much. ❤
Thanks for watching, Sandy, and for your kind words!
Excellent advice Elder gal. No one teaches us about financial health. Luckily I retired early from 2 companies. Took their pensions. Now have 2 government pensions on top of those because I'm over 65. Still working full time. All helps if you're alone, no husband or family. My family won't speak to me. I've learned to take care of myself, be positive, and keep trucking along. Super important to keep active physically so you can keep going. ❤Always enjoy your wisdom.🫂🫂
You probably enjoy what you are doing and have a few pleasant coworkers.
Thanks for sharing this Lindy! Seems like you have a good perspective on health & well-being - kudos! Appreciate you watching!
When it comes to accumulating money it is a lot easier to not spend than it is to earn it from a salary.
That is so true, Dennis! Thanks for the basic wisdom here.
Preach.
ABW = Always be working! “Stay at home mom? = work nights and weekends; Thinking about retiring early? = ignore the temptation and make more cash and claim SS at 70. Convert time into income!
Some high schools today do offer financial literacy classes. Sadly, many of the high school students don’t pay attention to their teacher. They just keep their faces glued to their cell phones, which the teacher cannot take away from the student during class.
I have heard that! I used to teach community college and we were able to have students put their phone in a basket in the middle of the table and not use it during class.
I can honestly say being old and broke must be awful. Quality of life includes financial wellbeing. To relax and enjoy meals out and enjoy my car etc. l made terrible choices but now at 65 l realise l also made good choices.
Yes, it's very difficult to be poor.I grew up poor. No Family.
…and if you get a dog or cat, expect that you will need a vet to give care. My dogs insulin is $72 per month. That hospital bill of 4 nights in a row was $7000.
Thank you for letting me know. I've never had a dog but I wanted to get one.
So true 😢
@@JeanStAubin-nl9uo it’s a nightmare because there’s also diabetic dog food and follow up visits. I also have to buy the syringes for her insulin. It’s more than I ever imagined. I do love my little dog so, I’m vested for the long haul.
The Veterinary industry has become obscenely predatory. They prey off people's love for their animals and it has become a big corporate heartless machine. I have one dog and when I told my Vet I was considering getting another one as a companion for him, she was blunt and honest, she told me " don't! Vet care has become too expensive, he has you as his companion, you are all he needs ". I was surprised she was so truthful.
@@catabrat…put your dog on a TOTALLY carnivore diet (think beef & innards like heart & liver)-cheaper than the vet visits & meds…check blood sugar and watch it level out…the “special diet foods” are probably loaded with carby garbage designed to keep your vet and pet insulin providers in the $$$$
Best way to start an “emergency” fund is to pay next month’s bills with this month’s paychecks. Takes a bit to get there but once you do, it feels so good knowing the bills are paid “this” month and next month is taken care of. If income suddenly stops you have at least 30 days to fix things instead of THAT day.
Good idea! Thanks for sharing this, soundmind!
All excellent financial points Allison! I would add all things of an addictive nature, retail therapy, and inflation controlled by the government also keeps people poor. Inflation reduces your purchasing power to pay bills so your income dollars pay for less of your bills each month which also go up. Life stress also plays a role in the way people react to upsetting events which cause them to make decisions they normally wouldn't. Thanks for the great advise and have a wonderful week..
Thanks for your insightful comment, Sue! Wise words.
My high school offered a class called Personal Finance, which provided instruction on such things as budgeting, writing checks and entering items into your check register, discussions on types of insurance (life, home, auto), types of loans (personal, home mortgage, auto loans), etc. I quickly registered for this course as part of my curriculum. As far as credit cards go, I have a credit card that gives me 2 percent back on all my purchases, so I use it for everything and pay the total amount due at the end of each month.
That's wonderful that your high school offered such a class! Sounds like you are on the right track. Thanks for sharing this!
My kids’ school also offered classes like that. They took them and are all college grads with no debt. We live in a semi rural area, lots of things are more traditional.
You'd need to make a good chunk of money to be richer. Once you make enough that you lose all your benefits you become more poor than you were before. It's hard to amass an emergency fund when you have credit card debt.
I hear you on this, ecm! I'm in that transition phase now, where I am having to pay more because I make more. Thanks for your comment!
$300 in early 1970s was a monthly house mortgage payment AND a monthly car payment AND gasoline for that car and maybe even a dinner date out.
Yes. In 1973 my husband and my house payment was $100. a month for a cute 2 bedroom brick home, on a 1/2 acre.
Yes! In college, 1972, my friend and I were in her old Beetle, got low on gas, we only had 75 cents between us….so we put 75 cents worth of gas into her gas tank…..drove for a few days on that!
Those days are long gone never to return.
@@barbaraparker6996
As was my parents a 3/2 in Dallas on 1/3 acre well landscaped subdivision.
Sigh.
@@sallyprzybil2404
Sigh.
I just spent $52. to fill up today.
You are so wise! I'm glad I signed up for this channel. Thank you.
So glad you found me, Jean! Appreciate you watching!
Hi Alison, Great advice. I was brought up very poor and my family spend money hand over fist. Having an emergency fund is very important to me. I travel in my van because rents are so high in Australia. I do house and pet sits which really helps me save a little. I have had a few expenses on the van, but my fund has not fallen lower than what it was when I started this life style. Having this fund makes me feel a bit more secure financially so I don't have to worry about paying my bills. Being poor is very stressful so I do have to live frugally to achieve this. Love your channel by the way.🌺
Forgive for the intrusion, but have you thought about starting a UA-cam chanel. Traveling around Australia and frugal living might attract some people.
@@Teffi_Club Thanks for the suggestion. Yes I have thought about it, but there are already a lot out there on this subject.
@@Kirbygal55From an older point of view would be interesting to me. There are too many young whipper snappers making luxury videos. I turn them off
Thanks for sharing about your van lifestyle Kirbygal! Reading this makes me want to be on the road again myself! Sounds like you have good money sense - kudos!
I agree with Teffi! You should start a channel - there's always people wanting to view this type of content!
Yes, bad decisions will follow you all your life and good decisions will benefit you when you are older. The most important one being who you choose as a spouse. The most important decision you can make and many people make it poorly. Divorce devastates finances.
How true! I went through 2 divorces, so I know what you mean. Thanks for sharing, minimax!
Yes my daughter she works part time and gets disability. She lost her son 16 years ago and his anniversary was July 31 so needless to say she took her whole check and went out there and put it in the machine and went home broke they got to be like 95° her air conditioner wasn’t working. My son had to help her out but her two air conditioners, so I’m about done. My husband passed away before my grandson. She has a help herself now there’s nobody here to help her. She has to put on her big boots. I do appreciate your video. I wish that my daughter would listen to it. She hadn’t gambled for seven months and then she, lost it❤
Thanks for sharing Sharon! It sounds like your daughter was triggered by the anniversary. If she was abstinent from gambling for 7 months, that is a good sign that she can find a way to break free. Don't lose hope. Take care!
I was taught to pay yourself first. Once you get paid put away money for you even if its $20
So true - thanks Vanessa!
Great reminders and it is never too late to learn how to manage money
Absolutely right, glee! Thanks for watching!
The last point is really important. Something I observed from others is when their income is high, they tend to upgrade their lifestyle even though they can't afford it. Like many financially literate people would say, if you can't buy 5 or 10 times of that one item you want, you can't afford it. And not a lot of people want to hear that. They will upgrade their lifestyle because they believe they could afford it.
Yes, indeed, that's true. Thanks for your comment Gintonga!
Financial literacy is everywhere, in books, the YT. It's available. But it won't save a person who won't think long-term. Most folks who don't save don't think long-term. They think monthly payments. They think credit card limits and credit scores. Paying in full for any purchase seems like a pipe dream, because saving before buying isn't their nature.
An internal force is what separates savers and nonsavers.
Good point about how people think differently! However, financial literacy was not everywhere when I was growing up. It has been plentiful in the last 20 years or so. Thanks for your comment!
My car is going to the shop tomorrow. I can't begin to tell you how upset I am. I paid this car off in three years. July 2 now look at this crap.
Wise advice taken. Thank you elder gal
Thanks for watching alozano!
I've urged single women to start saving money. Don't rely on Social Security alone. Actively saving money puts people in a focused, mature mode, where they practice judgment & self-control.
That's great - you are so right!
I would say urging single AND married men AND women to do that is the best idea.
SS was and is not meant to provide all your income in retirement. Nowadays, instead of the pension our parents had to add to their retirement income, many employers offer investment-saving retirement plans.
.
@@sactopyrshep yes. But a difference is that pensions were steady and guaranteed, for the most part. Investments MUST be monitored and tended and can be lost if bad choices are made.
Every adult in the US needs to start saving in their own account as soon as legally possible. They also need an emergency fund. We never know what life will bring us and many happily married women end up poor in a turn of events. I have a galpal that when she married and each time she had a child she added to the emergency fund. It really caused her to plan her children as she felt she could not afford them if she lost her husband for some reason.
Your video is honest and amazing! I am in my 40 and doing my best to not to be poor when retired. My friend spends everything and has bunch of debts. I keep talking to her to get out of that cycle, pay debts and start investing or she will end up poor. Keep working on your channel! Love it!
Thanks so much Natalia! Keep encouraging your friend to fix her finances before it's too late. Appreciate you watching!
thank you! you inspired me to try to live more frugally. I've noticed how technology makes spending money mindless these days, with apps that save your payment info and allow purchases with just a tap. not to mention online shopping being available 24 hours a day, versus back in the day when stores closed (and didn't contain every item in the world). I see it the most with young people and food delivery. The pictures and sales are designed to be enticing, ping you around the times you normally order, suggest what they know you will buy...AI is changing everything, and we are more susceptible to advertising than ever.
Thanks for your comment! Yes, it is too easy to purchase online nowadays!
My money issues & problems with family are such a drain. It keeps me from being happy now and causes anxiety. I never will have to worry about getting over weight as I can't buy much food anymore. One good thing. It'd be nice if Social Security could get a decent COLA increase. This year 2025 it will only be 2.6 per cent & probably won't cover the upped medicare costs & upped rent/food/utilities.
I know what you mean, heaven! The COLA increases are pathetic; as you note, it doesn't even cover the increased costs. So many seniors are struggling with this. Thanks for your comment!
Im a disabled senior living in low income housing. Im grateful for it being available. I buget every dollar. I was able to have a container garden and growing lots of food. Back to a budget, I have sinking funds and use the envelope system. It works very well for me. I do everything I can to stay on budget and be frugal. Its POSSIBLE to save money. Right now im faced with a 3k dental bill. So far im staying on top of it. I wandering how you can have a UA-cam channel that generats money from your apartment. I was told I couldn't make money out of my apartment??? Good advice thank you.
Thanks for your comment Melanie! Actually where I live it's only an issue if I make approx 50k a year or more. But, I am planning to move in the near future in any case. Thanks for watching!
I'm always afraid of dental bills+getting sick.
I hear you on that!
At least you learned from your mistakes and that's better than alot of people, some people don't ever learn or change.
Thanks Diana!
The one thing the schools should teach and work into their lesson plans every year is budgeting. And how to figure out interest rates. Compounding interest. But, no. They teach stupid word problems about trains and candy bars. It's like the powers that be are purposely keeping us ignorant and poor.
You correctly stated the power that be.
Yes, seems they like us stupid to control us better
You make a good point. However, parents are ultimately responsible for their children. Parents need to make sure they are learning or choosing those courses in high school.
Everyone should read “The Creature From Jekyll Island”. It’s about how the FED wants us all in debt to stay indentured servants to the corrupt system which is run by psychopaths
I hear you on this, kimr! Thanks!
Knowing the difference between a need and a want. It was the first thing when I started building my budget .
Absolutely! Thanks for watching Brian!
You have this wonderful energy! Look at the donations. Yay for you….you are blessed. I kinda got the chills. 😊😎😀
Thanks Contessa! Appreciate your supportive words!
A few of my friends are financially stable and a few are not. The ones who have financial problems are the immature friends in my group. Not capable of long term discipline or planning is planning to fail.
No way I can live off half of 936……that’s not even enough
@@donnadrewery1337 No elder in America should have to subsist on that little income! There is such a thing as Supplemental Security Income which will raise it to about $1200 which is still subsisting but more doable.
The Federal Poverty Level for a single person is $1255 per month.
I should also tell you there is a caveat of SSI which is that you are not allowed to have more than $2000 in assets each month, other than your home if you own one and one vehicle.
I asked a worker at the DHHS "How can I save money for major auto repairs or other emergencies if I can only have $2000 in my possession?"
She flat out told me to do what I had to do- save my money but keep it hidden without telling anyone. I hope this info helps you some. 🤗
Of course not! That's why I noted it wasn't feasible unless someone had a higher income.
@@eldergal Yes! And you repeated it at least twice.
My social security is $1,272 a month I am able to put $450 into savings each month. I have a paid for mortgage pay all my bills monthly including house and car insurance $87.00 of that savings is towards real estate taxes once a year whatever is left I divide into 4 or 5 weeks depending how many Wednesday's in a month get paid 3rd Wednesday of month. That in how I budget. I do have a small 401k and Roth IRA but no job pension worked retail
I learned early in life when I was 16..I learned frugality and budgeting early in life..self taught. I always keep 12 months in n savings…utilities, insurance, taxes etc.
That's great! You're ahead of the game.
Thanks for helping me find the button lol. I know multiple people that need to watch this video so thank you for sharing your experiences.
So kind of you, Sean! Appreciate the support very much! Thanks!
Problem is, with inflation you can’t really budget anymore. You just have to go without. You don’t know how much the prices will rise by next week, or even tomorrow. 😮 Everything has gone up, and wages remain the same. We’re all being driven to the streets, so I’d say stock up on food now, cause it could cost double or more tomorrow. :(
and it's only going to get worse and worse if the Marxist wins
I've been saying this for years, they should teach financial classes/or money budget handling in schools starting @ age 7, also economic basics, teaching kids how to cook & clean, so important especially in this day & age, great video, TY for posting!
I so agree Emilia! They used to have home economics classes that did teach cooking, but not sure if those exist anymore. I have heard from some viewers that they did get a budget class in high school, but I don't think that's everywhere. Appreciate you watching!
Best advice every. Will take effort, but very worthwhile
Allison, you are a smart cookie and a thriving Baby Boomer!
Your channel is a great service to the world. I believe you are inspired by the Holy Spirit which is showing up in the world now.
Thank you for sharing yourself!
Thank you so much! Very kind words AngelBaby!
@@eldergal Love to you from another elder orphan. Now I have a new sister in you! When I win the lottery I will remember you.
All things are possible with God🙏🏻
@@AngelBaby11117
What do u mean by the Holy Spirit is showing up in the world now?
@@Contessa998 I am finding so many strangers with love beaming from their faces and the kindness to stop and talk with good cheer in their hearts. The amount of spiritual content that is popping up on yt is amazing! But I caution people to pray for guidance from the Holy Spirit before watching the videos, especially the ones that do not have a name or face attached to the channel. They often have beautiful images and music to go with the words. There are many of them that have similar formats and messages. But they also use artificial voice translation of script. They sound wise but I am suspicious of subliminal messages embedded in the audio. I choose to avoid them. Sweet Blessings to you!🕊️
I've had several unexpected expenses the last couple of months. Prices of items have sure gone up...Thank you for the common sense video. Blessings to you.
Thanks so much for watching Gail!
I learned to manage money on my own. I looked at my W2 and said where did all the money go! I put a notepad in my pocket and wrote every time I bought something. In just a few weeks I saw that the money went for buying junk. Cut out the junk and you will have money! I retired at 62 with a 401k and live on less than $20k a year and that is around 20% of my SS check. Have a great weekend!
That's great Steve! Using a notepad to keep track of expenses really helps people see the reality of their spending. Thanks for watching!
IF YOU CAN ...
work the 10 yrs before you retire, to receive more SSI $
Thank you for caring enough for your fellow humans to share your story! I believe you will be greatly blessed for this; you seem to have truly changed - I read a book by a pastor titled "IT's NOT WHERE YOU START, BUT WHERE YOU FINISH" and I know on this new path that you are on, you will finish richer than you started. May God bless you & keep you is my prayer, and again, thanks for your honesty❤❤
Thanks for your kind words, Juanita! It is indeed more important where we finish! Bless you too!
Hello Allison. Hope you are doing well. You definitely picked a tough problem for people to tackle today. I have several brief thoughts about this topic. 1st point: Math is easy. Everyone knows how to add and subtract. Budgets and math are basically the same thing. Math=Budget. This is the easiest discipline to master. 2nd point: Two party book keeping is much more complicated than single party book keeping. Multiple reasons why this is true. This discipline involves a moderate or high level of difficulty depending on the parties involved. 3rd point: Spending money wisely is probably the hardest discipline to master because it seems to require a higher degree of spiritual strength. That's because it usually involves resisting temptation. And we all know that the inward and outward origins of temptation are never good. Living without luxury items is not an easy thing to do, especially when you have a credit card in your hand. 4th point: There is one more class they should teach in school. That would be, Assertion Training. People need to learn how to, Just Say No or, I'm sorry but no thank you. Before the age of credit cards, people had to muster up the courage and humility to politely decline every invitation from friends and associates to dine out. Sometimes people just can't afford to do that all the time. Such was the case before the introduction of the credit card. Thank you for this lesson today. I really appreciate it very much. Take care always, Allison.
Thanks John for your common sense here! Yes, before easily-available credit, people just couldn't pay for some things and would have to wait.
@@eldergalYou are right about that, Allison.
No lies detected. This is a great video. So much common sense. I Was not a person who was naturally good with money but had 2 bad husbands & 6 children who depended on me so I had to develop these skills and guardrails. I love a good spreadsheet and do out a budget for the upcoming year. You have to plan out where each dollar is going or it will be gone with the wind.
Thanks for sharing this, Linda! Glad you developed good money skills!
I could live like a king on 750 a month. I haven't had any steady income in a few years. I'm disabled and can't work, but I'm unable to get disability. I own a small house so I live rent-free but it needs all kinds of repairs. The water pipes broke in the winter of 2019, and I haven't had running water since, and I have to use rainwater as my water source. I do get some welfare , 290 a month in food stamps, and my electric bill is fixed at 10 a month. But I still have to pay my internet, car insurance, and property taxes, which adds up to about 100 a month, and I struggle every month . Just hearing you say 750 a month makes me dream about how good I could be living . I could be saving 500 a month and be back on my feet in no time
Thanks for sharing this Kurt! Glad you own your house so at least you don't have to worry about rent. Take care!
Could you negotiate property taxes? Older folks have subsidies.
@Teffi_Club I'm not that old, 53 years. My property taxes aren't that much, only about 300 a year . My house isn't worth much, but it's a roof over my head. I'm grateful to have it
Please go to your tax appraisal office and show them the house needs repairs and not as valued, it will lower your property tax significantly.
No, you will get your house condemned for not having basic services and be kicked out of it. Extremely bad idea
My dad told me over and over always make sure to have enough set back to pay for a new furnace in case in the dead of winter your furnace quits and can't be fixed.
A new roof would be even better. We have a small house and because old roofs need to be removed first, it will be 24k. Got another estimate, close to same cost. Just a simple roofline, not high up and just a n inverted V shape. Costs for home maintenance have gone crazy.
@@danskdna8550 that's outrageous isn't it?
@@danskdna8550 Please get at least 3 more estimates. Roof should not be over $10,000.
@danskdna8550 wow., that's alot of money .
I quit working in May of 2020 at the age of 65 my furnace and air conditioning is 6 years old my roof is 11 I think those are the two major expenses in a home
This is very good advice, but sometimes it is challenged by old habits that are hard to break. I think an examination of helpful vs hurtful habits is the first step. Firstly since spending occurs daily, even the smallest adjustment to our routine can save significant amounts over time.
Also, sometimes being less of a stickler to a budget helps because I'm not concerned about spending, I'm concerned about NOT spending. However, I do track every penny spent in a log (on simple folder paper), whether it is cash, gift cards, credit card or any reward cash. So I do know what I spend, I just don't live by a strict budget. Also, I like to evaluate my purchases after a month when I reconcile credit card statements so I can make better choices next time. Credit cards are tools for my convenience, as a convenient form of payment that earns rewards. I know I have to record that credit card spending in my log, and evaluate it a month later when the credit card bill comes so there is no incentive to screw up. This is what works for me and I've been doing that for about 40 years..
Thanks for sharing this! Everyone needs a system that will work for them - it sounds like yours works for you.
I love your podcasts! We are "kindred spirits".
So enjoy your down-to- earth presentations. Thank you for your honesty 😊
Thanks so much Linda! Glad you found my channel.
I'm a similar age to you and instead of sticking us in Home Economics where we learned how to cook and sew and the boys in shop where they learned how to build things, they should have actually taught us Economics...how to balance a checkbook (something we had back then), interest rates, how to budget, etc. None of that was taught to us and I grew up with a mother who has routinely refinanced my parents' home (about every 10-15 years) to pay off credit card debt. She's 84 now and still owes over $100K on a home they purchased for $13K in 1962. So much of what you said resonated with me.
Ah yes, the good old days. Yes, had to do "home ec", in spite of our mother already had taught us cooking and sewing (she made all our clothes). I remember our classroom had one of the very first microwave ovens! It was magic! Anyway, home ec was a waste of time for me, but I made up for it later by getting my BS in Engineering.
Thanks for sharing this! This happens a lot. Take care!
@@DoctorSmartyPants I also learned how to sew at home but the cooking thing not so much...probably because my mother never really made anything complicated so there wasn't much to teach 😉
You and I are about the same age. My parents didn’t teach me anything about money. I believe they assumed I would get married and my husband would handle the money, so I didn’t need to know anything about it. It was a very sexist time. And, put women in a very vulnerable situation. When I got married, I turned every paycheck over to my husband. It never occurred to me to do anything other than that. I was in my late thirties and going through a divorce before I ever started to learn about handling money or having an independent financial life.
Thanks for sharing this kathaqua! So many women have a similar experience.
How about chronic savers?
There’s that too!
I'm 48 years old, unemployed, never married, and I live in a shelter (sometimes I sleep outside)
I buy scratch offs all the time. And I barely win. And I need to stop this video it's really helping me. Thank u so much for sharing
Thanks for sharing that chocolategal! Hope you can quit the scratch offs. Take care!
I like the word ‘broke’. Poor is a state of mind.
It's like having too much month at the end of the money
Gambling is crazy. My idea of gambling is buying 3-4 lottery tickets for $2 each per year. Too hard to get money. Can't afford to lose it.
Very wise of you! Thanks for sharing Randall!
I do this too but only at Christmas. I buy myself $20 worth of cheap tickets 😂😂 I never win more than a few dollars but I don’t really care it’s Christmas 😂🎉
Inflation seems to do that, creating a dysfunctional relationship with money.
What is happening to me right now? Other people will tell me it's my fault which means that they are blaming me for inflation. Blaming me for poor planning in my life related to inflation. What 18-year-old kid when they graduate? High school 40 years ago knows about inflation. That is like saying that an 18-year-old kid in 24 knows about what inflation is and how to plan for the future.
So what? They have placed on our society right now. Is kids who graduate high school are supposed to have a job very well? Paid and a 401K by the time they graduate high school.
It all makes sense but I think sometimes spending money is like gambling in that it is done to deal with anxiety or to otherwise escape from problems for a bit and gives people a little high. And not earning enough certainly makes it hard. Glad your channel is doing well!
Thanks for watching!