I’m 77, retired for 15 years, and the BEST advice I can give is, don’t smoke! I can’t believe how tough life is for so many people my age. Your money advice is spot on, as usual.
I am a broke retired boomer who ended up having to help my elderly father whose health took a 180 a couple of years ago. I had to file bankruptcy and after it is discharged I won’t have any debts. Not my plan but I will be happy to be debt free for the first time in my adult life. And my dad is doing better now, thank goodness.
ADVICE for the young(er)... Save as much as you can, when & wherever possible. Then invest! Never buy an expensive, new, car! OK if Others think you're cheap! So what? Don't get shamed & bullied into donations & participation in events & causes unless you want to! (Offices are the worse... they're always coming around asking for donations for the gift, cake, and card, for the girl in Accounting's third marriage in 7 years, or the Boss's ex-wife'step-brother who is celebrating his retirement, etc). Don't donate if you don't want to!!!)) Oh sorry, you said one advice....
@@odessajackson4551 nope, he doesn’t live with me nor do I live with him. He is in the same town and disabled. He had a brain tumor then a rare cancer and two surgeries last year. I helped him with living expenses on top of my own.
Great advice! I learned budgeting late in life. I'm 46 paying off all my non-mortgage debt. Was at $115k in June 2020, just under $45k now. My goal is to be debt free, including mortgage in 10 to 15 years if my health is good enough. Keep sharing the great advice!
The problem for me was being a single mom and struggling to survive. There was no money to save when you can barely stay afloat. I’m 49 now and trying to play catch up
I'm turning 54 next month. I am a single mother of three adult children, one who is disabled and lives with me. I am in the same boat. I am just now getting out of debt and thinking about saving, when I should already have a large trust fund set up for my oldest.
Especially when you get abandoned with kids. No alimony in my state. He left when I was pregnant with our second child. He has a million dollar house in CA with his computer job. I had our two disabled kids and barely scrape by with 35k per year. He remarried and doesn't even acknowledge our kids. Life sucks sometimes.
@@frithar yes I get it, I worked my regular job and delivered pizza on my days off just to make sure we had groceries. Investing was out of the question
This is why I'm 30 and haven't had kids yet. I'm getting financially secure and then having children. My mom went through similar things and I learned from her. my heart goes out to you.
I'm 69 and live on SS alone, 27,000 a year minus 2200 for Medicare B. Zero debt. No pets. Good health. I think I could live very comfortably on 30,000 but right now I live a simple life.
I was debt free and mortgage paid off by 40 and I work 30 hours a week at the most but before that I worked 6 days a week. But I will never fully retire and don’t want to either, you have to stay active some. I always wanted to work at a movie theater that’s old man goals making 12.00 hr😂
I'm a 64 year old baby boomer and I agree with your assessment. I believe I made every financial mistake possible and I'm happy to see SOME of the younger generation not make the same mistakes. We were taught any financial literacy back then, we were just taught to survive and I have lot of financial regrets. Thank you for your channel - I'm still learning.
@@gBalldevelopmentllc we didn’t have internet and investing options back then. Don’t be hard on your self. We grew up in the best times and we know how to make due.
Our parents never talked to us about money. I babysat for my money as a teenager. Spent it on eyeliner and records. It was the 60s/70s. We lived in the moment. I had to teach myself how to budget after a divorce and becoming a single mom. Those were hard years. But I learned a lot. I'm 70 now and am debt free with a small but nice home. Very grateful! I've taught my daughters how to manage their money. They are investing in their retirement even though it's hard for them to imagine being my age. But they have seen the struggle and don't want to be there. Teach your children everything you can. Your grandkids too. I think our parents wanted to shield us from their money issues. But they had them.
@ me too. My single mom raised 8 kids on welfare after her divorce from my father. He was 20 something and married her when she was 13 years old. She had me at 20 years old and I was her 8th child! She didn’t have time to teach us anything but to be good human beings!
Less is more, more is less. The more you are contented with small, simple things, you will have a happy life than having to want more, living life in debt, you get less satisfied, no peace of mind and living you're life in misery. Wealthy, financial smart people ask how much, not how much monthly.
I missed being classified as a boomer by a couple years but feel to be in the same boat as I have retired early. Having actually lived it, I can totally agree with Austin. Saving and investing, taking care of your body and having activities/hobbies is important. I would also say that not getting weighed down by too many material possessions is important too but that's a theme Austin covers too. Although I never had that much, I'm now trying to unload the collection of crap I've amassed over the years.
We were debt free and mortgage free by 50 years old. I watched people around me live beyond their means. We also have a 12 month of expenses emergency fund, defined benefits pensions which we took at 55 and will get our British state pension at 67. We don't drink, smoke eat processed food and we exercise daily. We're on the cusp of gen x/boomers and didn't want to make the mistakes of those around us.
I didn’t pay close attention, but just started a small pension and mortgage in my 30s. Now 59. Mortgage almost gone, pension grown a bit, but inheritance at the age of 59 has changed my financial landscape completely. Plus so easy now to go online and set up isas, make extra pension payments, increase work pension contributions, and watch RUclipsrs sharing their ideas
Information and access was not as widespread as it is today. If you didn't have family, friends who talk or even know about building wealth you'd likely not have made any progress. I only learned something due to youtube, and that was in my early 40s. Prior to that the prevailing thought was that only people with money invest, and you don't invest unless you have money to lose.
When it comes to discussing generations and their financial choices, it's important to remember that contexts change: if you came of age in the Fifties or Sixties, investing in the stock market was simply not a big part of the zeitgeist. A lot of baby boomers had parents who had experienced the Great Depression and didn't trust the stock market as a long-term investment strategy for the average (non-rich) person. If you grew up in the relatively prosperous postwar period, there was an emphasis on buying a home, getting a steady job (usually with pension benefits), and raising a family. More counter-cultural type people were often focused on self-actualization or anti-war or women's/gay liberation movements; assuring one's future financial security wasn't a top priority; it was easy to assume that everything would work out money-wise since there were strong unions, cheaper housing and healthcare costs ,and free education, and a just more positive outlook about the future ("It's a Great Big Beautiful Tomorrow," that famous Disneyland song from the "Carousel of Progress" wasn't just a fantasy: people believed it). My point is that whatever most boomers did or didn't do, it all made sense to them at the time. In hindsight it's obvious the stock market would have been a great place to invest one's money to build wealth. Tomorrow's hindsight (looking back at, say, the next twenty years from some future time) might show that it in the end, it wasn't. Boomers, like everyone else, worked with what they knew at the time and did the best they could. Young people today are living in much more challenging circumstances and there's a strong "you're on your own/nobody's coming to save you" cultural shift, that is only growing stronger as the evidence builds that the government has other priorities than the well-being of its citizens. Hence the clear need to start early and invest wisely. Fifty or sixty years ago, or whenever boomers might have started thinking about their financial futures and some far-off retirement, this was simply not a common belief. Thought-provoking topic!
SO true, the world was different back then even if it doesn't feel long ago. Another thought -many boomers may have lost trust in the market after the 2008 crash, because anyone trying to retire at that time got the short end of the stick. They saw what can happen even if you do things the right way. We can HOPE that we get to retire at a time when the market is in an upswing, but in truth we never really know. We can certainly plan, save, and invest, but the fact is its not guaranteed. In the span of human history, these recent generations that have had the privilege to retire are a miniscule percentage of humans in history. In truth most people in existence never get to retire. I think the most important investment is that to your health. If you have to work to survive when you are older, it will be easier if you are in decent health.
Boomer here and I'd like to add that when my employer introduced the 401k they did NOT inform us that the 401k would ultimately replace the pensions they were providing. They should have sold it as a replacement and urgently warned us that we'd better get on board, but I'm sure that they knew that would push talent to jump ship. During my career the shift was from employers looking out for emplyees' future to employees needing to self educate and be very strategic about choices around preparing for retirement. No one alerted us to this shift, it just happened as employers slithered their way out of the expensive pension business in order to grow their margins.😢 As I prepared to retire I noticed that my employer was doing the same with medical insurance; I expect that in the end they will supply no more than a group discount on premiums and that employees will pay 100%. It's sickening and troubling to see how things have devolved for workers.
Very well said. People behave according to the circumstances they are in at that time. Later on in life it may seem that better choice could have been made by a person. But at that moment whatever a person feels best he/she can manage they take that action. So we cannot generalize
Thank you. My parents and grandparents both had pensions and social security to live on. Now we are having that safety net pulled out from under us. I get tired of the finger wagging from some of the younger generations. You all have no idea what the stock market/ economy /government will be like when you retire either.
7:20 Doing everything you can to save for the future, but the government might say one day: You're rich enough, you don't qualify for social security. Of course that is not a bad thing if you have accumulated enough money but still it is not fair to people who have accumulated it. And there has to be a certain balance here as well, you have to remember that a tomorrow is not promised to you.
Zero chance that happens. What they will eventually might do is bring down the top and bring up the bottom as far as dispersion. Its supposed to be an anti poverty measure, but they've been gaming the CPI so long, median checks aren't enough to keep someone out of poverty if they don't have anything else. Most do, but the bottom doesn't, so you have Seniors trying to get by on 1500 a month, which is impossible today without heavy subsidies
Saving for assisted living and/or long term care is where most of us have uncertainties. My mother-in-law spent $300,000 of her savings in her last two years of life. Luckily, she did not need AL/LTC until she was 94.
I am a "not broke" boomer, age 66. I still work full time (by choice) and because I am healthy due to following a pretty much mediteranean diet and consistenly engaging in vigorous workouts my entire adult life. In four years, at age 70, I give myself the option to stop working when I will collect deferred SS and live "off my stash". I've got hobbies which are fitness, cycling, and Adavanced Alpine skiing. The reason it has taken me longer to reach this financial level is that I basically went BROKE at age 37 by trying to earn a living as a realtor for about 5 years, then had to reinvent myself. There are TWO bad mistakes I made: 1. I deluded myself into believing I would financially succeed as a realtor. I should have "bailed out" MUCH SOONER! I should have gone into the field WITH A BUSINESS PLAN and a STOP POINT. 2. I never really tracked my expenses in detail until around 2010. ALWAYS KNOW WHERE YOUR MONEY IS GOING, PEPS! How can you manage what you do not monitor? Peace!
I am retired and save a fourth of my pension because I don´t rely to much on the system. I don´t want to end up in the street and I want to be able to afford help if I need it. Exercise I am forced to because when you get older you get pains and aches here and there, so to prevent it to get worse, you have to do exercise to manage. Greetings from Sweden.
I wish I knew how long it would take to pay off debt. I wish the bank didn't over lend us money. I wish my mindset was the big credit that was offered was not a compliment, not a good thing, it is just a reflection of credit worthiness. The cards should be called Debt cards...people may think twice about the " great offers"its debt people and it's a monkey on your back that is challenging to pay off!! From a boomer who learned late...
Advice: Stash some money "off the books". One serious accident or health condition can wipe you out financially. Help from the government isn't likely as they go by what your income and assets were over the last two years. Even if you can't work now, tough luck. So you need a nest egg that NO ONE knows about to carry over the two years. True, being off the books means it won't grow. So you have to add a bit to it on a regular basis to maintain it's buying power. A friend of mine was in the ICU for thirteen months @ 1,000,000 a month. Government wouldn't do anything until all assets were depleted. And he was stuck with most of the bill after that because of the two year rule.
I was lucky and knew the rules early. I lived frugally and invested. At 68 my husband and I are very comfortable. Only regret is I could have been more aggressive in investing but who can say? I also used my dad as an example: I asked "What would Dad do" and then did the opposite. 😊
Problem is there is so much to pay for when you are young. Rent or Mortgage, ( repayment/rent is higher than it ever was ) transport, health care , student loans , children ( if you can afford to have them ) and I agree with with what you say regarding investment in retirement but life makes it difficult to do so , boomer or Gen X , it doesn't matter.
I bought real estate & invested it in the stock market after I sold it at a high price & after I paid the capital gains tax. I still have money from selling another small condo 2 yrs. ago that’s what I’m using for my groceries, insurance, travel…so i only withdraw from my investment account to help pay off my Credit cards with high balances. I’m 67 now so I think I’ll be ok if I continue to track my expenses & not buy things I don’t need.
Boomer here getting ready to retire. Debt free including mortgage, 401K , investments and a pension from a previous employer. We can live off social security and the pension and not have to touch savings or retirement funds until the RMD kicks in. #grateful.
Many people chosen field of employment stopped offering pensions. A 401K just doesn't measure up to getting a lifelong pension although most don't offer COLA increases.
I did not have any financial education going into adulthood, but somehow I am managing to be retired at 69 living mostly on Social Security. I have a bit of money squirreled away that is managed by a professional company and I also receive a very small retirement check from a short teaching career. I've tried to learn about money, frugality and have moved to a more affordable state to retire in. Also, I am in good health and have made exercise and nutrition an important part of my life for decades. But, I wish I had done things differently in my 20s, 30s and 40s. It wasn't until my 50s that I started to have a clue. Marriage and divorce should be better understood from the financial perspective before going into it. I had no clue and was derailed twice. I don't worry a lot about money because I live a simple, but very happy life. But, I am by no means worry free! If I hadn't started in my 50s to take control of my finances, I would have plenty to worry about. So, my advice to young people would be to stay financially independent even if married, start as early as possible to save and learn to be content with less.
Boomer here: Austin is right. If I had started investing in my 20s instead of my 30s, I would be a millionaire retiree. Instead I’m just making it with inflation which is another concern for boomer retirees 💰
I’m 64 still working. I had to take 3 months leave to take care of my 95 yr mother. Thank god I had my savings to pay my living bills till I get back to work. I only have my mortgage as dept and will not retire till that’s paid off and my house is fixed. So I will do this in 3 more years. I only depend on my self.
I love your videos, Augustin! Thank you for the time you put into them--great pictures, clear explanations, your flair--I love it all. And it's all information I need to get my financial life in order. Keep them coming!
No Boomers are 60+. I'll be 60 this year and am a Gen X. I was born in 1965...the first year of Gen X, not the last year of Boomers. My sister has a check from her daughter since her daughter is buying her house, a 401k, and social security. Her husband has limited social security. Guess who pays the bills? No debt. Huge savings. Good health. Building a fruit farm.
73, financially comfortable. Never wanted kids, neither did late husband. We lived a frugal life, saved, debt-free, mortgage-free home by age 38. Invested in stock market for a few years, but decided real estate suited our abilities better. Not having kids was the biggest factor I attribute to our climb out of impoverished childhoods.
I am 62 recently retired, advice save money and invest in an index fund. Also careful not to spend your hard earned money on trendy items like clothes, restaurants, and cars just keep up with the Jones. 😀
I’m a boomer and I’m probably retiring next year. I’ve saved enough to buy a small townhome in a cute medieval town in France 🇫🇷 that costs much less than living in the USA. I plan to move there eventually when my parents pass and I can ship my pets. 😊
I already missed out on investing my 20s and 30s. I don't understand investing at the time. My parents didn't understand it either and they are dealing with the consequences now. I decided to look into what it takes to be able to retire and realized that I need to invest today in order to retire tomorrow. I might have missed out on those prime, wealth building years, but I am doing what I can now. Having some amount of money in retirement will be better than nothing. Having to work in my 70s and still not be able to pay the bills will be soul crushing.
My mistake was withdrawing from my retirement savings in order to support my ex-husband‘s medical school plans. Needless to say, “He took the money and ran!”
You only pay taxes on Social Security up to 8085%. Most people don’t have to pay much on it. And many many states have done away with taxes on Social Security.
I’ve helped many coworkers look over their 401k’s, and I can’t count how many times the contributions were sitting in the 401k’s money market account, rather than being invested in the available funds. Huge mistake
As a Black Gen Xer... I've been preparing for retirement since the Reagan Administration. My grandfather, my dad and I saw this coming. Especially my grandfather, he told me about the Great Depression.... we knew it would only be a matter of time.
Quality of life in the United States as well as other developed countries like Canada is getting so bad, you know you made it if you're living in your own home and don't have much debt if any, that's how low we've sunken, as long as you're not homeless and living out of your car you've made it. Smh. Makes me wish I was born in 1955 so I could buy a house for a song and a dance.
@@vikiwhite2330 You're not fooling anyone. I know you won't research it because you probably have enough trouble just using a mouse, but adjusted for inflation, housing in the United States has NEVER been this expensive. You can Google a chart of single family home prices (national median) even if you don't adjust for inflation it's still at record high. So yeah you could get a house in 1950 or 1960 for a song and a dance compared to what they cost today and considering people make way less today again adjusted for inflation real wages are actually DOWN.
I wonder if the same older people who said to just skip coffee outside and work mowing lawns a summer to buy a house are the same now struggling to retire.
You have to understand that 401 plans came out in the 80s. Companies still used pension then if you were lucky. There was no internet then, so investing wasn’t the thing. So you younger ones need to learn about how times were before you label people.
SS basically "brings you to the poverty line". If you can defer to age 70, it can be a bit more helpful. Most peps are impatient or fear they will miss out if they die sooner rather than later. The way I look at it is: If I drop dead at 69.5, SO WHAT! I'M DEAD!!
Both of my parents worked hard throughout their entire lives… yet they are struggling financially as they are hitting retirement age. It scared me into not repeating their mistakes and learning financial literacy. :/
Augustin: I wish you would address relationships. I think it plays an ENORMOUS role in savings and financial health but I've never seen you address it in a whole video.
This is a good list. I would add don't let a failure scare you off. For example, if you invest in something and it goes south don't panic. Analyze what led you astray and how to avoid or detect this in the future.
We are products of our environment. There was no internet when us boomers were young. We weren’t allowed to ask about money, it was considered rude and taboo. They didn’t teach us about domestic finances in school. WTF? I snapped out of it and got my shit together and took care of business. Yay me! Remember kids, you’re all you got ❤
I did not think of my future financially speaking in my younger years. Now, 64, remarried. I’m good with my money now, but a little late. Thankful for a husband that supports me. Our only debt is our mortgage, and planning on paying it off early. When he retires we need to locate to an area that’s more affordable. We’re in Las Vegas, a fun place to be, but expensive. We bought our home in 2011, when housing was low. Now, you can’t get a one bedroom apartment for what our monthly mortgage is. We were very lucky. So grateful. 💖
I started tax deferred work account in like 1992 at about 35. I would have started an Ira earlier. I would have opened a Roth Ira when they started since I wasn’t paying so much in taxes. You don’t have to be a genius to make the money. You don’t need to make a lot of money, just live below your means. You just need to choose good funds and let the companies do automatic draws every month. Dollar cost averaging. I never hear that anymore.
My regrets are spending the most when I earned the most and cashing out 401Ks when I thought I needed it instead of understanding compound interest. Now I earn less and live on almost 1/2 of what I earn. My advise would be to automate savings/investing no matter how small and don't touch it!
I started life insurance 10 years ago when I was 24 and now I want to start investing in the market. I recommend starting with a small amount as I did. No matter what situation. I was always able to pay my amount every month for 10 years. :)
My advice is to start now rather than waiting on your first "real" job to invest. Austin is right... it's not how much. It's how long. Time is on your side! Contribute the max to a 401k to get your employer's contribution. Start a Roth. My husband and I just retired. We are comfortable, but only because we contributed the IRS max allowed for a 401k for many years. We started catch up contributions when we turned 50. We are now 69 and 70. We do have a financial advisor and a CPA who help us make investment and withdrawal decisions. Austin is also right about taking care of your physical (and mental) health! Have something outside of your work that you really enjoy...maybe even a side gig that brings in extra money.
I'm only 32, BUT I'm disabled and on SS Disability. That small ONCE A MONTH check is not enough. Plus, disability and SS do NOT pay for all medical needs, I am at the mercy of my state medicaid to decide if my mobility aids and equipment are "medically necessary". Please, if you can, get other (better) streams of income.
@@jonathancoleman6482 can't drive due to my disability. Not just "a little" disabled, only got half a leg, weak lower spine due to birth defect, and need a full time care giver (my lovely partner). I am however doing youtube and twitch RN and I sell my photography prints.
Augustine, you had way too much fun saying "broke boomer", its not funny. We did not have access to invest in our 20's nor the information like you do now. Lots of unexpected things happen in life, divorce, medical crisis, sick kids, sick parents etc, which can derail your plans.
The key life skill is to avoid financial problems so that you don't later have to solve them. Don't take on debt, except for reasonable education and house debt. Never borrow for a car. Never pay interest on credit cards. Save 10 - 20% of your income and invest it in quality stocks, probably index funds. Don't trade much.
When I was living on the street, it didn’t matter who you are or what color you are and what religion you practice everybody was equality worthiness, then we become successful which comes with more social norms! And preduce😮
ADVICE for the young(er)... Save as much as you can, when & wherever possible. Then invest! Never buy an expensive, new, car! OK if Others think you're cheap! So what? Don't get shamed & bullied into donations & participation in events & causes unless you want to! (Offices are the worse... they're always coming around asking for donations for the gift, cake, and card, for the girl in Accounting's third marriage in 7 years, or the Boss's ex-wife'step-brother who is celebrating his retirement, etc). Don't donate if you don't want to!!!)) Oh sorry, you said one advice....
My parents are broke boomers with health issues that need to retire but can't because they can't afford it. Im a mellenial, and that will not be me. My husband at i gripe about social security a lot because we max out contributions every year, knowing full well the odds we see that money are slim. We are planning as if they won't be available when we retire
I'm not I'm not a very good investor but I put money into my 401k and I saved money and I made some money when the company was sold so I have 15 years of supplemental income for my social security so I'm doing very well plus I live below my means I'm very frugal pragmatic and I don't I don't waste anything I don't take long vacations only day trips you do the best that you can and then you can sleep like a baby and that's what I did I was 10 years for positive Frugal before I retired and I put money in my 401k I'm the last of Baby Boomers and I'm doing fantastic
its simple ... live on less than you make , invest the difference , youll be fine ..... this same "if only id known" story has been told by most people retiring 50 years ago , most people today retiring , and will be the same 50 years from now for most GEN Z retirees whining when theyre old and broke ... because most americans are horrible with money as a default setting ... its not how much you make , its how much you keep
I feel lost now that I'm 39 years old and jobless. With $425,000 saved for an early retirement at age 50, $10,000 in an HSA, and a property that could yield an extra $200,000, what opportunities do I have for passive income?
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
I've stuck with the popularly ‘’Zareen Grace Church” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Zareen after inputting her full name on the web, she seems highly professional with over a decades of experience
Austin,I love you and your videos . But your advice to stay fit and take care of your health...ehmm...it is easier to some people. It is easier for you ,30y old male, then for single mom with full time job. And no, it is not excuse, but fact.
I’m 77, retired for 15 years, and the BEST advice I can give is, don’t smoke! I can’t believe how tough life is for so many people my age. Your money advice is spot on, as usual.
I’m 25 heavily preparing for retirement
The earlier I begin investing the easier it will be
I am a broke retired boomer who ended up having to help my elderly father whose health took a 180 a couple of years ago. I had to file bankruptcy and after it is discharged I won’t have any debts. Not my plan but I will be happy to be debt free for the first time in my adult life. And my dad is doing better now, thank goodness.
ADVICE for the young(er)...
Save as much as you can, when & wherever possible. Then invest!
Never buy an expensive, new, car!
OK if Others think you're cheap! So what?
Don't get shamed & bullied into donations & participation in events & causes unless you want to! (Offices are the worse... they're always coming around asking for donations for the gift, cake, and card, for the girl in Accounting's third marriage in 7 years, or the Boss's ex-wife'step-brother who is celebrating his retirement, etc). Don't donate if you don't want to!!!)) Oh sorry, you said one advice....
🤲🏿
Typical... broke ..to move back into parents house to so call take care of or take advantage of aging parents.. wtf
@@odessajackson4551 nope, he doesn’t live with me nor do I live with him. He is in the same town and disabled. He had a brain tumor then a rare cancer and two surgeries last year. I helped him with living expenses on top of my own.
@@odessajackson4551well I see old and alone in your future with that attitude.
Great advice! I learned budgeting late in life. I'm 46 paying off all my non-mortgage debt. Was at $115k in June 2020, just under $45k now. My goal is to be debt free, including mortgage in 10 to 15 years if my health is good enough. Keep sharing the great advice!
53 with 30 k in debt 💸 but mortgage free
The problem for me was being a single mom and struggling to survive. There was no money to save when you can barely stay afloat. I’m 49 now and trying to play catch up
@@andreabellini6796 you can do it! 💪
I'm turning 54 next month. I am a single mother of three adult children, one who is disabled and lives with me. I am in the same boat. I am just now getting out of debt and thinking about saving, when I should already have a large trust fund set up for my oldest.
Especially when you get abandoned with kids. No alimony in my state. He left when I was pregnant with our second child. He has a million dollar house in CA with his computer job. I had our two disabled kids and barely scrape by with 35k per year. He remarried and doesn't even acknowledge our kids.
Life sucks sometimes.
@@frithar yes I get it, I worked my regular job and delivered pizza on my days off just to make sure we had groceries. Investing was out of the question
This is why I'm 30 and haven't had kids yet. I'm getting financially secure and then having children. My mom went through similar things and I learned from her. my heart goes out to you.
I’m gen x and my advice is choose your life partner carefully. The wrong person can ruin you financially.
I'm 69 and live on SS alone, 27,000 a year minus 2200 for Medicare B. Zero debt. No pets. Good health. I think I could live very comfortably on 30,000 but right now I live a simple life.
WOW 😯
No life, either.
I'm younger but same situation. Happy with the simple life.
I retired at 57 years old. It's been 5 years of happiness despite some recent health challenges. I'm grateful.
Ditto
I was debt free and mortgage paid off by 40 and I work 30 hours a week at the most but before that I worked 6 days a week. But I will never fully retire and don’t want to either, you have to stay active some. I always wanted to work at a movie theater that’s old man goals making 12.00 hr😂
I'm a 64 year old baby boomer and I agree with your assessment. I believe I made every financial mistake possible and I'm happy to see SOME of the younger generation not make the same mistakes. We were taught any financial literacy back then, we were just taught to survive and I have lot of financial regrets. Thank you for your channel - I'm still learning.
@@gBalldevelopmentllc we didn’t have internet and investing options back then. Don’t be hard on your self. We grew up in the best times and we know how to make due.
@ thank you! And we had the best music!!
@ Yes! I was gonna add that!♥️
Our parents never talked to us about money. I babysat for my money as a teenager. Spent it on eyeliner and records. It was the 60s/70s. We lived in the moment. I had to teach myself how to budget after a divorce and becoming a single mom. Those were hard years. But I learned a lot. I'm 70 now and am debt free with a small but nice home. Very grateful! I've taught my daughters how to manage their money. They are investing in their retirement even though it's hard for them to imagine being my age. But they have seen the struggle and don't want to be there. Teach your children everything you can. Your grandkids too. I think our parents wanted to shield us from their money issues. But they had them.
@ me too. My single mom raised 8 kids on welfare after her divorce from my father. He was 20 something and married her when she was 13 years old. She had me at 20 years old and I was her 8th child! She didn’t have time to teach us anything but to be good human beings!
I am going to star in a documentary called, “The Gen X’er who blew all her money and didn’t realize it until she was 55.” It will be a nail biter.
Thanks for that 😅I needed the giggle
What did you waste it on? Monthly nail salons and plastic surgery?
@ Those things and more. Mostly, living beyond my means.
Less is more, more is less. The more you are contented with small, simple things, you will have a happy life than having to want more, living life in debt, you get less satisfied, no peace of mind and living you're life in misery.
Wealthy, financial smart people ask how much, not how much monthly.
My 67 year old mother’s social security is $900 a month. Nobody can live on that so she still works and so does my step dad
Yeah the "new" retirement is alot of seniors who have part-time jobs or side hustles to supplement their social security.
your best bet is to not get divorced or have kids... pretty simple.
Or go through three job loses over the course of our 38 year marriage.😩
I missed being classified as a boomer by a couple years but feel to be in the same boat as I have retired early. Having actually lived it, I can totally agree with Austin. Saving and investing, taking care of your body and having activities/hobbies is important. I would also say that not getting weighed down by too many material possessions is important too but that's a theme Austin covers too. Although I never had that much, I'm now trying to unload the collection of crap I've amassed over the years.
“Still in my mama’s belly in the ‘70s, and I was born in the ‘90s.” That must be the longest human gestation period in history. 😉
My mama always called me "Unique."
Technically half of him was in his mama's belly; women are born with all their eggs so the Agustin egg was somewhere in there waiting!
As an unfertilized egg.
We were debt free and mortgage free by 50 years old. I watched people around me live beyond their means. We also have a 12 month of expenses emergency fund, defined benefits pensions which we took at 55 and will get our British state pension at 67. We don't drink, smoke eat processed food and we exercise daily. We're on the cusp of gen x/boomers and didn't want to make the mistakes of those around us.
I didn’t pay close attention, but just started a small pension and mortgage in my 30s. Now 59. Mortgage almost gone, pension grown a bit, but inheritance at the age of 59 has changed my financial landscape completely. Plus so easy now to go online and set up isas, make extra pension payments, increase work pension contributions, and watch RUclipsrs sharing their ideas
🍪 good for you
Hello Jane. Good to see your comment here. I watch every single one of your videos. Diane
I cant believe anyone would rely on the government to take care of them 🤦🏼♀️
Information and access was not as widespread as it is today. If you didn't have family, friends who talk or even know about building wealth you'd likely not have made any progress.
I only learned something due to youtube, and that was in my early 40s. Prior to that the prevailing thought was that only people with money invest, and you don't invest unless you have money to lose.
I imagine a video title 20 years from now being "Top Regrets of GenX and Millennials Who Can't Retire"
Gen x-er here. Thankfully I have some time left to stock up on my funds.
We have access to RUclips and have been investing for years :)
@@carterdawsonn ditto. I just checked my portfolio and all looks good.
@@carterdawsonnthat’s a biggie on many topics. Access to information! You’re so right.
Very important topic! Thank you for addressing this crisis!!
When it comes to discussing generations and their financial choices, it's important to remember that contexts change: if you came of age in the Fifties or Sixties, investing in the stock market was simply not a big part of the zeitgeist. A lot of baby boomers had parents who had experienced the Great Depression and didn't trust the stock market as a long-term investment strategy for the average (non-rich) person. If you grew up in the relatively prosperous postwar period, there was an emphasis on buying a home, getting a steady job (usually with pension benefits), and raising a family. More counter-cultural type people were often focused on self-actualization or anti-war or women's/gay liberation movements; assuring one's future financial security wasn't a top priority; it was easy to assume that everything would work out money-wise since there were strong unions, cheaper housing and healthcare costs ,and free education, and a just more positive outlook about the future ("It's a Great Big Beautiful Tomorrow," that famous Disneyland song from the "Carousel of Progress" wasn't just a fantasy: people believed it). My point is that whatever most boomers did or didn't do, it all made sense to them at the time. In hindsight it's obvious the stock market would have been a great place to invest one's money to build wealth. Tomorrow's hindsight (looking back at, say, the next twenty years from some future time) might show that it in the end, it wasn't. Boomers, like everyone else, worked with what they knew at the time and did the best they could. Young people today are living in much more challenging circumstances and there's a strong "you're on your own/nobody's coming to save you" cultural shift, that is only growing stronger as the evidence builds that the government has other priorities than the well-being of its citizens. Hence the clear need to start early and invest wisely. Fifty or sixty years ago, or whenever boomers might have started thinking about their financial futures and some far-off retirement, this was simply not a common belief. Thought-provoking topic!
SO true, the world was different back then even if it doesn't feel long ago. Another thought -many boomers may have lost trust in the market after the 2008 crash, because anyone trying to retire at that time got the short end of the stick. They saw what can happen even if you do things the right way. We can HOPE that we get to retire at a time when the market is in an upswing, but in truth we never really know. We can certainly plan, save, and invest, but the fact is its not guaranteed. In the span of human history, these recent generations that have had the privilege to retire are a miniscule percentage of humans in history. In truth most people in existence never get to retire. I think the most important investment is that to your health. If you have to work to survive when you are older, it will be easier if you are in decent health.
Boomer here and I'd like to add that when my employer introduced the 401k they did NOT inform us that the 401k would ultimately replace the pensions they were providing. They should have sold it as a replacement and urgently warned us that we'd better get on board, but I'm sure that they knew that would push talent to jump ship. During my career the shift was from employers looking out for emplyees' future to employees needing to self educate and be very strategic about choices around preparing for retirement. No one alerted us to this shift, it just happened as employers slithered their way out of the expensive pension business in order to grow their margins.😢 As I prepared to retire I noticed that my employer was doing the same with medical insurance; I expect that in the end they will supply no more than a group discount on premiums and that employees will pay 100%. It's sickening and troubling to see how things have devolved for workers.
Very well said. People behave according to the circumstances they are in at that time. Later on in life it may seem that better choice could have been made by a person. But at that moment whatever a person feels best he/she can manage they take that action. So we cannot generalize
@@mamajudesays6912 Well said!
Thank you. My parents and grandparents both had pensions and social security to live on. Now we are having that safety net pulled out from under us. I get tired of the finger wagging from some of the younger generations. You all have no idea what the stock market/ economy /government will be like when you retire either.
7:20 Doing everything you can to save for the future, but the government might say one day: You're rich enough, you don't qualify for social security. Of course that is not a bad thing if you have accumulated enough money but still it is not fair to people who have accumulated it. And there has to be a certain balance here as well, you have to remember that a tomorrow is not promised to you.
Zero chance that happens. What they will eventually might do is bring down the top and bring up the bottom as far as dispersion. Its supposed to be an anti poverty measure, but they've been gaming the CPI so long, median checks aren't enough to keep someone out of poverty if they don't have anything else. Most do, but the bottom doesn't, so you have Seniors trying to get by on 1500 a month, which is impossible today without heavy subsidies
Saving for assisted living and/or long term care is where most of us have uncertainties. My mother-in-law spent $300,000 of her savings in her last two years of life. Luckily, she did not need AL/LTC until she was 94.
I am a "not broke" boomer, age 66. I still work full time (by choice) and because I am healthy due to following a pretty much mediteranean diet and consistenly engaging in vigorous workouts my entire adult life. In four years, at age 70, I give myself the option to stop working when I will collect deferred SS and live "off my stash". I've got hobbies which are fitness, cycling, and Adavanced Alpine skiing. The reason it has taken me longer to reach this financial level is that I basically went BROKE at age 37 by trying to earn a living as a realtor for about 5 years, then had to reinvent myself. There are TWO bad mistakes I made: 1. I deluded myself into believing I would financially succeed as a realtor. I should have "bailed out" MUCH SOONER! I should have gone into the field WITH A BUSINESS PLAN and a STOP POINT. 2. I never really tracked my expenses in detail until around 2010. ALWAYS KNOW WHERE YOUR MONEY IS GOING, PEPS! How can you manage what you do not monitor? Peace!
I am retired and save a fourth of my pension because I don´t rely to much on the system. I don´t want to end up in the street and I want to be able to afford help if I need it. Exercise I am forced to because when you get older you get pains and aches
here and there, so to prevent it to get worse, you have to do exercise to manage. Greetings from Sweden.
I wish I knew how long it would take to pay off debt. I wish the bank didn't over lend us money. I wish my mindset was the big credit that was offered was not a compliment, not a good thing, it is just a reflection of credit worthiness. The cards should be called Debt cards...people may think twice about the " great offers"its debt people and it's a monkey on your back that is challenging to pay off!! From a boomer who learned late...
Advice: Stash some money "off the books". One serious accident or health condition can wipe you out financially. Help from the government isn't likely as they go by what your income and assets were over the last two years. Even if you can't work now, tough luck. So you need a nest egg that NO ONE knows about to carry over the two years. True, being off the books means it won't grow. So you have to add a bit to it on a regular basis to maintain it's buying power. A friend of mine was in the ICU for thirteen months @ 1,000,000 a month. Government wouldn't do anything until all assets were depleted. And he was stuck with most of the bill after that because of the two year rule.
I hope people read this. This is imperative advice
I was lucky and knew the rules early. I lived frugally and invested. At 68 my husband and I are very comfortable. Only regret is I could have been more aggressive in investing but who can say? I also used my dad as an example: I asked "What would Dad do" and then did the opposite. 😊
Problem is there is so much to pay for when you are young. Rent or Mortgage, ( repayment/rent is higher than it ever was ) transport, health care , student loans , children ( if you can afford to have them ) and I agree with with what you say regarding investment in retirement but life makes it difficult to do so , boomer or Gen X , it doesn't matter.
Younger people. Invest!!
Listen to Austin.😊
I bought real estate & invested it in the stock market after I sold it at a high price & after I paid the capital gains tax. I still have money from selling another small condo 2 yrs. ago that’s what I’m using for my groceries, insurance, travel…so i only withdraw from my investment account to help pay off my Credit cards with high balances.
I’m 67 now so I think I’ll be ok if I continue to track my expenses & not buy things I don’t need.
Boomer here getting ready to retire. Debt free including mortgage, 401K , investments and a pension from a previous employer. We can live off social security and the pension and not have to touch savings or retirement funds until the RMD kicks in. #grateful.
Many people chosen field of employment stopped offering pensions. A 401K just doesn't measure up to getting a lifelong pension although most don't offer COLA increases.
I did not have any financial education going into adulthood, but somehow I am managing to be retired at 69 living mostly on Social Security. I have a bit of money squirreled away that is managed by a professional company and I also receive a very small retirement check from a short teaching career. I've tried to learn about money, frugality and have moved to a more affordable state to retire in. Also, I am in good health and have made exercise and nutrition an important part of my life for decades. But, I wish I had done things differently in my 20s, 30s and 40s. It wasn't until my 50s that I started to have a clue. Marriage and divorce should be better understood from the financial perspective before going into it. I had no clue and was derailed twice. I don't worry a lot about money because I live a simple, but very happy life. But, I am by no means worry free! If I hadn't started in my 50s to take control of my finances, I would have plenty to worry about. So, my advice to young people would be to stay financially independent even if married, start as early as possible to save and learn to be content with less.
Too many get educated on finances far too late. I'm not a boomer but wish I invested and saved sooner.
Boomer here: Austin is right. If I had started investing in my 20s instead of my 30s, I would be a millionaire retiree. Instead I’m just making it with inflation which is another concern for boomer retirees 💰
I’m 64 still working. I had to take 3 months leave to take care of my 95 yr mother. Thank god I had my savings to pay my living bills till I get back to work. I only have my mortgage as dept and will not retire till that’s paid off and my house is fixed. So I will do this in 3 more years. I only depend on my self.
Wish you the best
I love your videos, Augustin! Thank you for the time you put into them--great pictures, clear explanations, your flair--I love it all. And it's all information I need to get my financial life in order. Keep them coming!
Thanks for watching! I spend sooo much time making them! Editing takes FOREVER!
No Boomers are 60+. I'll be 60 this year and am a Gen X. I was born in 1965...the first year of Gen X, not the last year of Boomers. My sister has a check from her daughter since her daughter is buying her house, a 401k, and social security. Her husband has limited social security. Guess who pays the bills? No debt. Huge savings. Good health. Building a fruit farm.
I'm going to be 53 this year. I think about retire all the time. I think I'm screwed.
73, financially comfortable. Never wanted kids, neither did late husband. We lived a frugal life, saved, debt-free, mortgage-free home by age 38. Invested in stock market for a few years, but decided real estate suited our abilities better. Not having kids was the biggest factor I attribute to our climb out of impoverished childhoods.
I am 62 recently retired, advice save money and invest in an index fund. Also careful not to spend your hard earned money on trendy items like clothes, restaurants, and cars just keep up with the Jones. 😀
I’m a boomer and I’m probably retiring next year. I’ve saved enough to buy a small townhome in a cute medieval town in France 🇫🇷 that costs much less than living in the USA. I plan to move there eventually when my parents pass and I can ship my pets. 😊
Did it cost a lot? Is it expensive to live there? Tell me more!😊
@@PattiHartley-o4s
I saw a documentary several years ago wherein the medieval homes in France could be bought for $1.00. They were hell holes. 🤔
I love when you speak Spanish is music to my ears😂
Gracias!
I'm 65 and my primary health concerns are completely genetic.
I already missed out on investing my 20s and 30s. I don't understand investing at the time. My parents didn't understand it either and they are dealing with the consequences now. I decided to look into what it takes to be able to retire and realized that I need to invest today in order to retire tomorrow.
I might have missed out on those prime, wealth building years, but I am doing what I can now. Having some amount of money in retirement will be better than nothing. Having to work in my 70s and still not be able to pay the bills will be soul crushing.
My mistake was withdrawing from my retirement savings in order to support my ex-husband‘s medical school plans. Needless to say, “He took the money and ran!”
You only pay taxes on Social Security up to 8085%. Most people don’t have to pay much on it. And many many states have done away with taxes on Social Security.
True. If most of your other income is from Roths, then you can go tax free!
I’ve helped many coworkers look over their 401k’s, and I can’t count how many times the contributions were sitting in the 401k’s money market account, rather than being invested in the available funds. Huge mistake
As a Black Gen Xer... I've been preparing for retirement since the Reagan Administration. My grandfather, my dad and I saw this coming. Especially my grandfather, he told me about the Great Depression.... we knew it would only be a matter of time.
I think I will stick around long enough to watch you get old!
Quality of life in the United States as well as other developed countries like Canada is getting so bad, you know you made it if you're living in your own home and don't have much debt if any, that's how low we've sunken, as long as you're not homeless and living out of your car you've made it. Smh. Makes me wish I was born in 1955 so I could buy a house for a song and a dance.
It was never easy
A house was $35,000 but my pay was $2.10 per hour. Things were never easy. Get some perspective please.
@@vikiwhite2330 You're not fooling anyone. I know you won't research it because you probably have enough trouble just using a mouse, but adjusted for inflation, housing in the United States has NEVER been this expensive. You can Google a chart of single family home prices (national median) even if you don't adjust for inflation it's still at record high. So yeah you could get a house in 1950 or 1960 for a song and a dance compared to what they cost today and considering people make way less today again adjusted for inflation real wages are actually DOWN.
@@justacinnamonbun8658Wells said, and the truth. That precious comment was rude. 😔
I wonder if the same older people who said to just skip coffee outside and work mowing lawns a summer to buy a house are the same now struggling to retire.
No they aren’t. They are the ones that teach the younger folk the importance of working hard.
You have to understand that 401 plans came out in the 80s. Companies still used pension then if you were lucky. There was no internet then, so investing wasn’t the thing. So you younger ones need to learn about how times were before you label people.
@@Dreamer-by4nkRoth IRAs were not even created at the time many of us were in our prime financial growth times.
SS was never intended to be a stand-alone retirement plan. Never. 🇺🇸
And if we got that money instead and invested it, it would bring us WAYYY bigger returns!
Exactly. It was designed to be at most 30% or so of your retirement. The rest is from investments.
SS basically "brings you to the poverty line". If you can defer to age 70, it can be a bit more helpful. Most peps are impatient or fear they will miss out if they die sooner rather than later. The way I look at it is: If I drop dead at 69.5, SO WHAT! I'M DEAD!!
I'm broke and LOVE IT!
Both of my parents worked hard throughout their entire lives… yet they are struggling financially as they are hitting retirement age. It scared me into not repeating their mistakes and learning financial literacy. :/
My advice to _younger live below your income
Augustin: I wish you would address relationships. I think it plays an ENORMOUS role in savings and financial health but I've never seen you address it in a whole video.
I saw that money lesson video too. Was a great video. You don't want to end up like them.
This is a good list. I would add don't let a failure scare you off. For example, if you invest in something and it goes south don't panic. Analyze what led you astray and how to avoid or detect this in the future.
We are products of our environment. There was no internet when us boomers were young. We weren’t allowed to ask about money, it was considered rude and taboo. They didn’t teach us about domestic finances in school. WTF? I snapped out of it and got my shit together and took care of business. Yay me! Remember kids, you’re all you got ❤
I love this pasiva advices ❤
I did not think of my future financially speaking in my younger years. Now, 64, remarried. I’m good with my money now, but a little late. Thankful for a husband that supports me. Our only debt is our mortgage, and planning on paying it off early. When he retires we need to locate to an area that’s more affordable. We’re in Las Vegas, a fun place to be, but expensive. We bought our home in 2011, when housing was low. Now, you can’t get a one bedroom apartment for what our monthly mortgage is. We were very lucky. So grateful. 💖
I started tax deferred work account in like 1992 at about 35. I would have started an Ira earlier. I would have opened a Roth Ira when they started since I wasn’t paying so much in taxes. You don’t have to be a genius to make the money. You don’t need to make a lot of money, just live below your means. You just need to choose good funds and let the companies do automatic draws every month. Dollar cost averaging. I never hear that anymore.
My regrets are spending the most when I earned the most and cashing out 401Ks when I thought I needed it instead of understanding compound interest. Now I earn less and live on almost 1/2 of what I earn. My advise would be to automate savings/investing no matter how small and don't touch it!
I started life insurance 10 years ago when I was 24 and now I want to start investing in the market. I recommend starting with a small amount as I did. No matter what situation. I was always able to pay my amount every month for 10 years. :)
for a boomer to be broke and renting they must have continually made some serious mistakes, they've had it easier than anyone
Passive income is pretty sweet. Just have to figure it out.
My advice is to start now rather than waiting on your first "real" job to invest. Austin is right... it's not how much. It's how long. Time is on your side! Contribute the max to a 401k to get your employer's contribution. Start a Roth. My husband and I just retired. We are comfortable, but only because we contributed the IRS max allowed for a 401k for many years. We started catch up contributions when we turned 50. We are now 69 and 70. We do have a financial advisor and a CPA who help us make investment and withdrawal decisions. Austin is also right about taking care of your physical (and mental) health! Have something outside of your work that you really enjoy...maybe even a side gig that brings in extra money.
I tell my kids all the time. I guess I will have to open a Roth for them
Austin’s advice was to not invest in a Roth IRA. Index funds are the way to go for long term. 😊
@@debbiewalker8713 i don't think he said that. Roth IRA is the vehicle, index funds is what you invest it in.
@@debbiewalker8713 Roth IRA or 401K is just the form of ownership, not an investment per se...
Oh no! I am in trouble 😂
In life, you have to choose the pain of discipline or the pain of regret. Which of the two is a lot more painful?
Invest in gold & real estate too
I met a person like that and did not feel sorry for him what so ever.
The dirty dude walking with a back pack is searching for a way out , the shopping cart people are gone; they are all in to the street
I'm only 32, BUT I'm disabled and on SS Disability. That small ONCE A MONTH check is not enough. Plus, disability and SS do NOT pay for all medical needs, I am at the mercy of my state medicaid to decide if my mobility aids and equipment are "medically necessary". Please, if you can, get other (better) streams of income.
Do uber
@@jonathancoleman6482 can't drive due to my disability. Not just "a little" disabled, only got half a leg, weak lower spine due to birth defect, and need a full time care giver (my lovely partner). I am however doing youtube and twitch RN and I sell my photography prints.
@@jonathancoleman6482 Uber is good for Uber. Uber sucks for its drivers. They keep too much of the fare and YOU LOSE MONEY for the most part!
Augustine, you had way too much fun saying "broke boomer", its not funny. We did not have access to invest in our 20's nor the information like you do now. Lots of unexpected things happen in life, divorce, medical crisis, sick kids, sick parents etc, which can derail your plans.
The key life skill is to avoid financial problems so that you don't later have to solve them. Don't take on debt, except for reasonable education and house debt. Never borrow for a car. Never pay interest on credit cards. Save 10 - 20% of your income and invest it in quality stocks, probably index funds. Don't trade much.
When I was living on the street, it didn’t matter who you are or what color you are and what religion you practice everybody was equality worthiness, then we become successful which comes with more social norms! And preduce😮
ADVICE for the young(er)...
Save as much as you can, when & wherever possible. Then invest!
Never buy an expensive, new, car!
OK if Others think you're cheap! So what?
Don't get shamed & bullied into donations & participation in events & causes unless you want to! (Offices are the worse... they're always coming around asking for donations for the gift, cake, and card, for the girl in Accounting's third marriage in 7 years, or the Boss's ex-wife'step-brother who is celebrating his retirement, etc). Don't donate if you don't want to!!!)) Oh sorry, you said one advice....
Don't have kids.
My parents are broke boomers with health issues that need to retire but can't because they can't afford it.
Im a mellenial, and that will not be me. My husband at i gripe about social security a lot because we max out contributions every year, knowing full well the odds we see that money are slim. We are planning as if they won't be available when we retire
Don't play dice out behind liquor stores... you'll lose money.
I'm not I'm not a very good investor but I put money into my 401k and I saved money and I made some money when the company was sold so I have 15 years of supplemental income for my social security so I'm doing very well plus I live below my means I'm very frugal pragmatic and I don't I don't waste anything I don't take long vacations only day trips you do the best that you can and then you can sleep like a baby and that's what I did I was 10 years for positive Frugal before I retired and I put money in my 401k I'm the last of Baby Boomers and I'm doing fantastic
Damn, I'm 74 and we're doing great financially. Sorry.
My life long hobbies is god,,, bible ,,jesus,,, enjoy creation,,,
My advice to the younger generation is to save and invest right now.
Fantastic advice about health. I am 28 yrs old and am in bad shape. Humbly speaking, I have good genetics but I must stop abusing my body!
its simple ... live on less than you make , invest the difference , youll be fine ..... this same "if only id known" story has been told by most people retiring 50 years ago , most people today retiring , and will be the same 50 years from now for most GEN Z retirees whining when theyre old and broke ... because most americans are horrible with money as a default setting ... its not how much you make , its how much you keep
We "boomers" look a lot better than your depictions of us. Stop the ageism! Other than this, your advice is spot on.
Maybe. But there are a lot of us Boomers who are drinking too much, eating fatty foods, and not exercising enough. And it shows!
"old" isn't a four letter word. Not everyone gets the privilege of being "old"
Stay far away from credit cards!
Stay single!
OK, that's a looooooooooooong gestation.....
Boomer generation is aging out. The alpha generation is having troubles of their own….already…
I wonder what'll be the long term effects with screens with Gen Alpha. I feel very bad for them as they were all born with a tablet in their hand.
@@ElAgustin
I’m hearing disturbing things from teachers on RUclips saying Alpha generation CANT READ!! 😡😡😡
I love you 😍😊😍😁😊
I love you, too!
I feel lost now that I'm 39 years old and jobless. With $425,000 saved for an early retirement at age 50, $10,000 in an HSA, and a property that could yield an extra $200,000, what opportunities do I have for passive income?
The Great Unretirement could start in 2025. 🤔
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
Please how can I reach this expert, I need someone to help me manage my portfolio
I've stuck with the popularly ‘’Zareen Grace Church” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Zareen after inputting her full name on the web, she seems highly professional with over a decades of experience
Austin,I love you and your videos . But your advice to stay fit and take care of your health...ehmm...it is easier to some people. It is easier for you ,30y old male, then for single mom with full time job. And no, it is not excuse, but fact.
So you were in your mother’s belly for two years?😁🤣
❤❤❤