Great job !! It is doable. Had similar trajectory it sounds like. Took me 16 years to hit that first million. That led to early retirement. Keep it up and get out as soon as you can.
1. Never too late to start, shift your mindset 2. Take inventory of your situation 3. Know your numbers 4. Commit to 30 day spending audit 5. Keep more of your own money 6. Give your money a job 7. Earn more money 8. Plan to work longer 9. Improve you physical and mental health 10. Prepare for when things go wrong
At the end of 2008 I was 45, had very little saved, and then I got laid off. For two years I picked up online gigs and then I began a home business. Then I got rehired and kept right on going with the gig work and home business. Three income streams. Today my home business makes me nearly as much as my "real" job allowing me to drastically increase my retirement contributions. Now 61 and a net worth of about 1.2 million. Added a fourth income stream with a Fidelity investment account focused on dividend stocks. Wish I had been this serious in my 20s and 30s but I should be alright.
That's an incredible journey. Congrats on building up to four income streams and achieving a 7-figure net worth. It’s amazing how having a profitable side business can completely change the trajectory of your retirement savings.
Noone shoyld have to work more than 30 or 40 years of their life...thats it u start working at 18 then 48 or 58 is when you shold not have to work...67 is absolutly absurd...the fact that my house is paid off but i still pay taxes and can still lose it is also ridiculous.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Agree with everything on your list Tom except number 8 and working till 70. The whole starting early is to avoid having to work so late in life and to enjoy retirement. I don't want to be one of those guys who paid into SS their whole life and didn't collect a dime cause they passed away too early. I subscribed Tom and saved this video. Great info.
@@Westcoastguy I completely agree! My other video, “6 Reasons To Retire As Soon As Possible” touches on exactly what you mentioned. I’m happy you enjoyed this one and thank you for subscribing!
That mind set shift is the most important factor. It took me a long time but I can now go to the mall and not buy a thing when in the past I would buy a bunch of clothes and stuff I did not need and charge up my credit cards.
100% Mindset is everything. That's awesome to hear how far you’ve come in shifting your mindset around spending. Congrats on sticking to your goals. That kind of discipline will pay off in so many ways!
If you’re 40, you need to put aside like $3000 a month minimum. I started late. I’m putting like $3000 to $6000 into investments every month. $200, $300 even $1000 isn’t gonna do much. Find a dividend reinvestment calculator. You can get to a million in 14 years if you’re aggressive and smart (diversify).
One of the really big things I think is important to note when you start cutting back on expenses, is to do it slowly. Most people are going to have a hard time completely stopping a habit like getting coffee or eating out. If you try to just cut it completely, it's very likely you'll end up breaking. Give yourself time to adjust slowly.
@@joshcal7370 That’s spot on! Gradual changes are much easier to stick with. It all comes down to finding that balance and making sustainable adjustments.
Some great advice. Just a few things that ive found may cause issues which don't have any control of.. 1- Interest rates. The UK for almost 10 years has less than 0.5% paying on tax free ISA's so you could gain nothing on investments even if large 2- Inflation is always chipping away at your money and its impossible to beat for the public in my opinion. 3- Changes in law or taxation made by governments mean overnight a large amount could suddenly be wiped from certain things for example: inheritance, pensions, healthcare etc..
Are you thinking of cash ISAs? Investment ISAs are just a tax exemption. They pay you nothing, in fact you often pay to use them, but your investments accrue whatever dividends and growth the individual investments achieve. Cash ISAs aren't investments, they're just a savings account and not worth having for people who aren't incredibly wealthy.
Thank you, i think the majority is building their financial wealth at 20 from 0. This leads to the scenario beeing 35-45 without significal investments (maybe a house which is not paid off).
I’m 52 hoping to end the rat race by 60 with above $1M. I know money is a liability to be exchanged for assets with real value like real estate (properties for rent) stocks (dividends) bonds (interest) But, what is it with bitcoin? I hear a lot about it and I'd love to diversify my portfolio.
Cutting expenses is great, but what you invest in after being debt free moves the needle. Index funds/paper securities for skinny survive FI, specialized investing in what you know for better.
Yea, you nailed it. Cutting expenses is a fantastic milestone, but it's only half the battle. Becoming an informed and disciplined investor is where the game really changes and long-term growth happens!
What would you recommend if I’m 52 and am now finally completely debt free except for fixed $2000 monthly expenses. I have about $2500 extra from income each month. I opened a ROTH this year and fund it max. I went from being a carefree careless spender to now being overly frugal it gives me anxiety.
@@lyndapham4022 First off, huge congrats on becoming debt free-that’s an amazing achievement! It’s understandable to feel some anxiety now that you’re in a different financial mindset. One suggestion is to start by getting a clear idea of what you’ll need at your ideal retirement age. Knowing that target number can really help relieve some of the stress, as you’ll be able to track your progress and see that you’re on the right path. Without that range, it’s hard to know if you’re on track, and you could be worrying unnecessarily if you’re doing better than you think!
Fantastic video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
I'd like to know your opinion. I've been investing in my 7 year old son for the past year now. My wife and I were talking the other day, and she said it would be good for him to use the money to open a business one day when I give it to him. I told her it would be smarter for him to buy his house straight out so that he doesn't have a mortgage payment. She thought paying for a house in full was a stupid idea when he can open a business and pay for the house with the money he makes from his business. I said with a paid for a house he can still eventually open a business and not have to stress out over making enough money to make his house payment. What is your take on these two opposing opinions?
You don't have to go all-in on one or the other. A big deposit for a house will keep the interest rate low and his housing situation secure. Having some money towards a business means that they get a leg up but they will also have to invest their own time and money so they will value the business more and have more work experience before they go solo. I'd recommend giving the money over in two payments too. You don't want to be relying on an income from a new business when you're buying a house. It's easier to buy a house while they're in salaried employment.
Here in the UK I know of someone who paid into a private pension and they get no more than someone who never paid into a private pension and are on benefits. So what's the point years of going without? They could have to pay for care for a sick family member at a rate of £1000 per week from their savings, taking away inheritance from their children and money from his wife who still has to lead a life.
I started at 40 but it wasn’t much of a choice. Started early and through lay offs I pretty much had to use my 401ks. Currently saving 18 percent of my pay each week. Trying to catch up.
@@bernie6355 Take a break or time off if you can. Explore hobbies. Shift focus to activities that excite you. Connect with like-minded people. Finding purpose outside of work can make a big difference. Wish you the best.
The mane problem for me is to HOW make money. All these side hustles just don’t work, it’s being 3 years that I’m trying so hard. The second problem is that I live in Europe and here we don’t have 10% investment possibilities, it’s maximum 2-3%.
I started at $0 in July 2020 at the age of 44. Alimonyband child support prior to then drained me of my income. But four years later I'm already up to $262k due to im apparently pretty good at investing
@@JOESUBA122 I hear you, but if you think about it, you’ve still got 12 years until 65 or even 17 until 70. That’s plenty of time to make real progress if you take action, stay consistent, and focus. You’d be amazed at how much can change in just a few years with the right approach!
Good luck Joe. I’m in the same boat and am now addicted to financial audit videos. It’s not too late for people like us. I’m saving & investing for the worst scenario but will be very thankful if life throws me some lucky opportunities along the way. ❤
@@lyndapham4022 thank you! And i to am addicted to finance in stock videos🤣🤣🤦🏿 i really started in jan of this year with a Roth IRA! I was doing good but lost my job last week! And this time i have emergency money! Videos like this really do help! I had some money at one time but never knew what to do with it! 💐💐
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
How do we invest if our government is occupied by Israel and Jews are sending all of our money to Ukraine and Israel all the while inflating the U.S. dollar to Weimar Germany conditions? What’s your solution for that?
Fantastic video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
I’m 30 (31 exactly lol) and I feel like I need these types of videos to further engrain an investor’s mindset.
Mindset is everything
I had next to nothing saved at 40 years old and then found a company with a great match and became a 401k millionaire after 13 years.
Congrats, that's amazing! Your journey is proof it's absolutely possible to make it happen.
13 years is quick!
Great Job taking advantage of the match. So many people do not understand how much that adds up. Keep making that $$$
Great job !! It is doable. Had similar trajectory it sounds like. Took me 16 years to hit that first million. That led to early retirement. Keep it up and get out as soon as you can.
@@Bob-yh7ir Our company has a 12% match so that helped a lot.
1. Never too late to start, shift your mindset
2. Take inventory of your situation
3. Know your numbers
4. Commit to 30 day spending audit
5. Keep more of your own money
6. Give your money a job
7. Earn more money
8. Plan to work longer
9. Improve you physical and mental health
10. Prepare for when things go wrong
At the end of 2008 I was 45, had very little saved, and then I got laid off. For two years I picked up online gigs and then I began a home business. Then I got rehired and kept right on going with the gig work and home business. Three income streams. Today my home business makes me nearly as much as my "real" job allowing me to drastically increase my retirement contributions. Now 61 and a net worth of about 1.2 million. Added a fourth income stream with a Fidelity investment account focused on dividend stocks. Wish I had been this serious in my 20s and 30s but I should be alright.
That's an incredible journey. Congrats on building up to four income streams and achieving a 7-figure net worth. It’s amazing how having a profitable side business can completely change the trajectory of your retirement savings.
Noone shoyld have to work more than 30 or 40 years of their life...thats it u start working at 18 then 48 or 58 is when you shold not have to work...67 is absolutly absurd...the fact that my house is paid off but i still pay taxes and can still lose it is also ridiculous.
They don’t talk about that part though, the fact that you don’t really “own” anything. But I agree, you can’t work your whole life and not enjoy it!
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Agree with everything on your list Tom except number 8 and working till 70. The whole starting early is to avoid having to work so late in life and to enjoy retirement. I don't want to be one of those guys who paid into SS their whole life and didn't collect a dime cause they passed away too early. I subscribed Tom and saved this video. Great info.
@@Westcoastguy I completely agree! My other video, “6 Reasons To Retire As Soon As Possible” touches on exactly what you mentioned. I’m happy you enjoyed this one and thank you for subscribing!
@@TomPoltersdorf No problem.
WTF no one should have to work till they’re 70.
70 today. It'll go up again to 75 soon
If you’re enjoy what you’re doing, you are not working.
That mind set shift is the most important factor. It took me a long time but I can now go to the mall and not buy a thing when in the past I would buy a bunch of clothes and stuff I did not need and charge up my credit cards.
100% Mindset is everything. That's awesome to hear how far you’ve come in shifting your mindset around spending. Congrats on sticking to your goals. That kind of discipline will pay off in so many ways!
Keep it up man! The people will come! This is a great video
Thank you I appreciate the kind words!
Live poor now and live rich later. Lift style creep is a pain in the a$$.
If you’re 40, you need to put aside like $3000 a month minimum. I started late. I’m putting like $3000 to $6000 into investments every month.
$200, $300 even $1000 isn’t gonna do much.
Find a dividend reinvestment calculator. You can get to a million in 14 years if you’re aggressive and smart (diversify).
who makes that much intodays economy tho?
😂😂😂😂
One of the really big things I think is important to note when you start cutting back on expenses, is to do it slowly. Most people are going to have a hard time completely stopping a habit like getting coffee or eating out. If you try to just cut it completely, it's very likely you'll end up breaking. Give yourself time to adjust slowly.
@@joshcal7370 That’s spot on! Gradual changes are much easier to stick with. It all comes down to finding that balance and making sustainable adjustments.
Wait until you’re 50 plus and have this realization , or set money aside and lose it because of something you can’t control.
Some great advice. Just a few things that ive found may cause issues which don't have any control of..
1- Interest rates. The UK for almost 10 years has less than 0.5% paying on tax free ISA's so you could gain nothing on investments even if large
2- Inflation is always chipping away at your money and its impossible to beat for the public in my opinion.
3- Changes in law or taxation made by governments mean overnight a large amount could suddenly be wiped from certain things for example: inheritance, pensions, healthcare etc..
Are you thinking of cash ISAs? Investment ISAs are just a tax exemption. They pay you nothing, in fact you often pay to use them, but your investments accrue whatever dividends and growth the individual investments achieve. Cash ISAs aren't investments, they're just a savings account and not worth having for people who aren't incredibly wealthy.
Great video, I’m sharing this with my wife ❤
@@Steven-Thompson Glad you liked it. Thank you!
Thank you, i think the majority is building their financial wealth at 20 from 0.
This leads to the scenario beeing 35-45 without significal investments (maybe a house which is not paid off).
I'm 34 with 120 in my investment account! 😅 Growing a little every day
@@sakidickerson Keep going 👊
I’m 52 hoping to end the rat race by 60 with above $1M. I know money is a liability to be exchanged for assets with real value like real estate (properties for rent) stocks (dividends) bonds (interest) But, what is it with bitcoin? I hear a lot about it and I'd love to diversify my portfolio.
We retire at 75/80 now.
"The traditional retirement age of 65 is outdated"
...no...
Cutting expenses is great, but what you invest in after being debt free moves the needle. Index funds/paper securities for skinny survive FI, specialized investing in what you know for better.
Yea, you nailed it. Cutting expenses is a fantastic milestone, but it's only half the battle. Becoming an informed and disciplined investor is where the game really changes and long-term growth happens!
What would you recommend if I’m 52 and am now finally completely debt free except for fixed $2000 monthly expenses. I have about $2500 extra from income each month. I opened a ROTH this year and fund it max. I went from being a carefree careless spender to now being overly frugal it gives me anxiety.
@@lyndapham4022 First off, huge congrats on becoming debt free-that’s an amazing achievement! It’s understandable to feel some anxiety now that you’re in a different financial mindset. One suggestion is to start by getting a clear idea of what you’ll need at your ideal retirement age. Knowing that target number can really help relieve some of the stress, as you’ll be able to track your progress and see that you’re on the right path.
Without that range, it’s hard to know if you’re on track, and you could be worrying unnecessarily if you’re doing better than you think!
Fantastic video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
I'd like to know your opinion. I've been investing in my 7 year old son for the past year now. My wife and I were talking the other day, and she said it would be good for him to use the money to open a business one day when I give it to him. I told her it would be smarter for him to buy his house straight out so that he doesn't have a mortgage payment. She thought paying for a house in full was a stupid idea when he can open a business and pay for the house with the money he makes from his business. I said with a paid for a house he can still eventually open a business and not have to stress out over making enough money to make his house payment. What is your take on these two opposing opinions?
You don't have to go all-in on one or the other. A big deposit for a house will keep the interest rate low and his housing situation secure. Having some money towards a business means that they get a leg up but they will also have to invest their own time and money so they will value the business more and have more work experience before they go solo. I'd recommend giving the money over in two payments too. You don't want to be relying on an income from a new business when you're buying a house. It's easier to buy a house while they're in salaried employment.
Does this advice apply in a crumbling economic society?
Here in the UK I know of someone who paid into a private pension and they get no more than someone who never paid into a private pension and are on benefits. So what's the point years of going without?
They could have to pay for care for a sick family member at a rate of £1000 per week from their savings, taking away inheritance from their children and money from his wife who still has to lead a life.
I started saving into my pension at 22 but I think I selected the
Worst fund i possibly could have.
How the hell do we save there’s inflation and everything is expensive
That's exactly the thought I had. I feel like I get a raise and everything cost more and my dollar is worth less
I started at 40 but it wasn’t much of a choice. Started early and through lay offs I pretty much had to use my 401ks. Currently saving 18 percent of my pay each week. Trying to catch up.
Starting over is tough, but saving 18% now is impressive. Every step forward counts. Keep it up 💪
@@TomPoltersdorfthanks
Thank you for the video.
Well I didn't start investing early and I'm 39 ... yeah ,so this video is very interesting to me :D
@@deltapi8859 glad to hear. I hope it was helpful and thanks for watching!
Iv worked since i was 15, im 34 now with my own business, theres no way im working past 60 💀
@@FeelMyBicepp Owning a business gives you a great opportunity to build toward that goal.
The best thing I ever did was read financial books. THE LITTLE BOOK of common sense investing is all you need 🎉
Yes I agree. That's a great recommendation for simplifying investing.
@@TomPoltersdorf great video!
I am almost 64. My company has driven passion out of me. How do i reenergize?
@@bernie6355 Take a break or time off if you can. Explore hobbies. Shift focus to activities that excite you. Connect with like-minded people. Finding purpose outside of work can make a big difference. Wish you the best.
Great video. New Subscriber as of today.
@@punisher6659 I appreciate it thank you
Amazing video
@@bushbomb21b9 thank you!
Great video! Got a new sub:)
Thanks for the sub!
The mane problem for me is to HOW make money. All these side hustles just don’t work, it’s being 3 years that I’m trying so hard. The second problem is that I live in Europe and here we don’t have 10% investment possibilities, it’s maximum 2-3%.
@@CassyExploring My payday routine video should help with this. It’ll be released shortly.
I am 39 I am starting.
@@sezarkurd4843 Awesome. Starting now is better than never. Every step forward counts 👊
This is great info
Glad to hear!
I started at $0 in July 2020 at the age of 44. Alimonyband child support prior to then drained me of my income. But four years later I'm already up to $262k due to im apparently pretty good at investing
@@MrTedTederson Incredible turnaround. Keep up the great work.
You lost me at "plan to work longer" 😅
I am just starting now and i am 53🤦🏿
@@JOESUBA122 I hear you, but if you think about it, you’ve still got 12 years until 65 or even 17 until 70. That’s plenty of time to make real progress if you take action, stay consistent, and focus. You’d be amazed at how much can change in just a few years with the right approach!
@@TomPoltersdorf thank you 🦾🦾
Good luck Joe. I’m in the same boat and am now addicted to financial audit videos. It’s not too late for people like us. I’m saving & investing for the worst scenario but will be very thankful if life throws me some lucky opportunities along the way. ❤
@@lyndapham4022 thank you! And i to am addicted to finance in stock videos🤣🤣🤦🏿 i really started in jan of this year with a Roth IRA! I was doing good but lost my job last week! And this time i have emergency money! Videos like this really do help! I had some money at one time but never knew what to do with it! 💐💐
Joe, same here as 53 and learning how to invest properly.
Glad to live in Germany now 😂😂😂
Come to India. ❤❤
how old are you Tom?
Work till you die got it
And remember to put away lots of money each month for your non existing retirement!
Yeah, it's ridiculous how you have to live broke all our life to save money for a future when you might be dead...
Eat The Trees by Lynda Runyon.
When i was 20 i made 100..300 EUR a month
Buy physical gold for pension and digital gold for grid trading.
I've been doing all of this for years. I just thought it's common sense? But nope! Ive help others with their monies too. But they've started at 50.
It’s great that you've been on top of it and even helped others. Well done!
what if we are 40 and only bring home 2600 a month. :(
@@stevenbeland5398 My next video should help you with this.
That's OK. You won't be able to retire until you're 70 anyway.
Almost zero start investing at 20s it just make no sense at all people just can’t realistically do that 😂
Uk Government raiding pensions AGAIN. Well not me!!
I started early then 2008 came....
32 and have $100 going into my 401k a week including the company’s match hope that’s enough 😂
@@Terrapin92 Keep it up!
Isn't the average lifespan around 77?
Is it s thing that if you give financial advice with a shelf in the background, you seem more credible?
My men who earns 8000 a month.
I WILL BECOME A MILLIONARE THRU GAMBLING AT VEGAS.
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
Can I k now m ore of this ?
I used Crypto, I invested about $20k & I had around $450k in two years
😂😂😂😂 70 😢😢😢😢😢😢
Stack bitcoin like a madman. It’s the only option left that can not only catch up but shoot past every other investment.
I would rather stack Jordan rookie cards.
@@foodchaser716 HFSP
Extremely high risk. That’s not an investment but a gamble
@@jonm.678 The Jordan rookies or the Bitcoin?
GOLD
How do we invest if our government is occupied by Israel and Jews are sending all of our money to Ukraine and Israel all the while inflating the U.S. dollar to Weimar Germany conditions? What’s your solution for that?
Investment is rigged
I don’t save, I invest.
😮 dont worry about a finance system. The world as we know it ends. Money wont matter here soon.
Fantastic video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires