This comment section has become more like a white board for tragic life events! Any way you could create a Q & A LiVE webinar or video!??? I would be willing to talk about how day trading saved me from financial ruin!!
John Lee based on all the comments, I think you “touched” a nerve, that’s why a webinar may be your next step, perhaps before you start coaching!! You may not need the money, but coaches usually earn $100 to $200 per hour, and you can offer the service remotely!!!
Andrei Jikh don’t know what you mean by “ o.k boomer”??? Sounds like your trivializing the enormous PAIN that comes across on some of these tragic stories! Perhaps, the only thing that concerns you are the NUMBER OF VIEWS you get? Perhaps one day, you might find yourself in their shoes...I wonder if numbers would matter so much then...enjoy your moment in the sun, cause it never stays sunny forever...Robert from daytradingwiththelight
Great advice. I was 45, worse than broke ( $275,000) in debt, no job, no income, no savings, no credit and two teenagers. Went to work on first job I could find. Side gigs at night and weekends. Spent almost nothing. Went through bankruptcy and mortgage modification. Started 401 k and auto deduct from my paycheck to a savings account. 10 years later and my balance sheet i plus about 25k and climbing. The way to the mountain top begins with the first step
Well... Was married 29 years when my mom got sick ( schizophrenia and then cancer ) then got divorce papers served. 10 years looking after her and trying to work as a carpenter as time permitted. basically 10 years and no wage hardly. But God has blessed me, that is for sure. I am 64y.o.ReSingled guy and work as a Remodeling Contractor and there is always plenty of work because everything is falling apart or people want room additions or new kitchens or bathrooms etc... I keep it simple by only having one work truck stocked with tools and one small trailer, small yard barn and a computer. Keep debt free in personal and business. I rent a small commercial lot and park my Home a cargo trailer custom built into a rv 8x8x30 and I use a campervan for travels. One can start over with nothing and grown better by being self employed, You can never be fired, and there is no limit on your income.
Thank you for sharing! Being self employed especially with skilled labor will definitely get you far. Your skill and expertise will always be in demand
@Catherine Hazur And yes I am a born again Christian :) walking in the faith daily. I think that all of us go through seasons and changes as we age and figuring out ways to adjust is interesting. I was youtubing and ran into vanlife videos and got the idea for rv`s/campers/van`s etc.. Most were doing the minimalist thing by choice and I found myself forced into the minimalist, HaHa :) but it is all working out.
@@AndreiJikh Well Thank you, and we all kind of have to figure life out as we live through the journey. Fine something that is of interest to you and that you enjoy then go be the best you that you can be at that work.
Dude this is one of the best videos I've ever seen and finished till the end. I'm gonna take your advice I'm 53 and in the same issue . Wish me luck here I come. 👍
I'm just 47 and already getting concerned. Plan on working hard from now on and investing, getting rid of beer, cigarettes and all that so I'll be okay later on.
He is 50 and only has 15 working years left? I'm 63 and still working as a sound tech. I carry 8 and ten foot ladders around construction sites all day. One's health is the best investment a person can make!
Absolutely good health physically and mentally are more important than money. People in other parts of the world live past a 100 and are still working. Most Americans eat poorly and have all kinds of health issues way before their time. I study the longevity experts and believe it's the key to living long and happy.
Even if you can't do hard, physical work, you can still work. I'm 67 and work online. with SS & what I make, I can live pretty well and save a bit. If I wanted to work harder, I could do a lot better, but I like taking it easy.
Most finance or investing RUclips channels are either flashy but the content is bad or not flashy but the content is valuable. With this dude you get both. Great advice/tips Andrei!
Thank you! I try to spice it up and make it polished looking but between the research that I do for each video and the editing, I just can't post more than twice a week without having ANY kind of life haha
Well done brother.. you will be taken care of. Decide each day to be in the mind of abundance and care.. declare that your mind and spirit are so full of the aforementioned that there is zero room for fear, anxiety or uncertainty. Also wish peace upon anyone who you have a resentment or ill feeling toward.. no matter who or what the reason. Try this for 14 days. It will work and you will build momentum in the direction of peaceful ascension.
This is one thing I've promised my sons they would never have to do, and I intend to keep that promise, no matter what I need to do to do it. Not criticizing you, but I refuse to bankrupt my children.
I'm 53 this July and work Midnight's as a security guard. No chance to save money. I'm about 10000 in debt. Life sucks but I just never surrender and take it one day at a time.
I did the expense cutting exercise. It's amazing! I'm fortunate, I will have a pension but it won't be what I'm used to so while I still have what I'm used to, I'm training myself to see how little I can manage on without downsizing. The difference between "used to" and taking charge of what I spend is a lot. It helps that my house and car are paid for. I made damn sure of that as soon as I could. (The house is nice but not in an expensive area and my car is 20 years old, I look after it and it runs just fine.) Debt unless it's to actually build a business is DEADLY. When running errands, I pay cash only. Be careful of those Amazon like accounts..... Oh, I WALK for my groceries. Don't drive unless you really and truly cannot avoid it. I make a game out of how many days my car stays in the garage. Side hustle, I play the piano and am learning to tune pianos. There is a demand and it pays well.
Great advice!! Divorce wiped me clean at age 40, I knew I was in trouble so I implemented some of the same tactics given in this video,I had a good paying civil service job took a 2nd job to pay child and spousal support as well as some small bill's, cut down on expenses saved and invested every penny I could,I worked hard and lived modestly, stayed tired and depressed from starting over but now I'm 55 in good health, retired in 2019 with a modest amount in savings and receiving around 60k a year in retirement payouts.
I would add that we need to invest in our future and built from scratch if we take in consideration that the entire scientific community has been warning us for more than 40 years while companies and gov knew and spread propaganda. Now we know, we've destroy the ecosystem of an entire planet in a century. A financial crash is imminent. And top it all, all those variables could lead to global collapse and (more) wars. The best thig to do would be to find other poeple, get together, buy some land with water and seeds, be self sufficient and stay away from that mess. If war breack (we're 2 min from midnight on the doomsday clock) get to a safety zone, depending on the continent you live in it will vary. South argentina, iceland, new zealand, switzerland... or some remote island (but with enough ground over the sea as the sea will rise, and away from the extreme heat / cold variations we'll get. Best of luck to everyone get together, form a different type of society
@@AndreiJikh I second that! Delivery and compassion is everything. The recession and divorce hit hard. I'm in the same boat, less 2 years off age, debt, daughter's tuition and son is a freshman in high school. I'm completely stressed out! What's positive is I'm a good teacher and a people person. I'm trying to figure out how to monetize that. I'll keep watching and just subscribed.
I cashed out instead of investing in stocks, bond, or IRA. Instead, I bought properties when it crashed in 2008 and have owned four properties in Washington DC area on good credit score. The home value has doubled and mortgage is covered by the renters plus some side cash. Recent Amazon HQ2 has increased 22% on property value and will probably hit higher in 2020. I've gotten my realestate license 4 years ago and am preparing to retire at mid 40's. Just invest something your familiar with and refrain from splurging. Assist on what your living on now and subtract commuting cost and add for home heating or cooling for a month. Multiply that by 12 and that's what you need to live off on annual basis. Consider down sizing. As I sell my properties which include the one I live on, I plan to go full time RV as I have done RV extensively in the past.
Crazy reading this realising how many people are in their later years and unfortunate not where they deserve to be financially!! I wish you all the best
I had to start over at 40 but i'm back on track. Go look at your social security statement online so you know what you have, unless you didn't pay into social security you should have something. Then you only have to save the difference between social security and your expected expenses. You don't need a million dollars to retire.
The only problem with that is that if he leaves California, and say moves to Texas or Arizona. He could potentially save as much as $15k to $20k a year in rent, taxes, utilities etc. the only caveat is that his $50k a year will probably drop to $30k a year. Then he will have to leave his kid behind as well as everyone he knows, not that easy. Just has to try other avenues of cranking up his income.
Strictly from a standpoint of being a sentient being, get out of California. It has nothing to do with the topic. Just get out. Remember, you're known by the company you keep. In his case, that would be Californians. The average of which is comparable to a rock in their ability and/or desire to help you stay alive.
robert dunlap if I wasn’t living in California I wouldn’t be earning $300k a year. So it’s all relative to whatever ones career is. I’m very fortunate, I guess.
So true. Years ago i wanted to move to texas. I went for a month to some friend's house and i was looking for work. I found work literally for less than half of what i was making in cali. Not able to put up with the heat and humidity either.
Thank you Andrei for this video. This message is not being put out enough. Many videos and blogs are geared toward the young 20 somethings with college debt but I feel 50+ folks are the forgotten generation. I have got to hype up the emergency fund. Not everyone can do the 3 months living expenses right now but have something. I had $1000 set up for emergencies and this fund got wiped out twice in three years by plumbing disasters and car mishaps. Before, I would go off to the bank and get a signature of home equity loan. The hustle is on to bring the emergency fund up to 4 months living expenses. Thanks again. Andrei!
Its the hippies that never saved. You should start saving by the time you start working its sad the education in America since the 50's. Dave Ramsey has saved me.
Nice video. I am 51 and just got over a serious illness,,lost everything and starting all over again, but with my own business called Marty's Garden,,going sweet too!
Seeing this same thing happen to my step-dad in 2008 made me so much more cautious as a young kid in college back then. It was eye opening to see what a recession can do to people that prepared their whole lives.
I'm in my early 60's and the toughest retirement hurdles are health care.. and Property tax. States have taken the liberty to become your new landlord.
This might be one of the best/most useful videos on YT (and I have been a Dave Ramsey fan from WAY back). Everyone needs to see this. The advice is great, but the video also gives hope to people with similar circumstances. Thanks, Andrei.
Thank you Curt, this video reminded me just how "personal", personal finance can be. I recommended the viewer NOT do what I do, because the time scales and goals are now significantly different. Hope it's applicable either way :D
You are right about being a caregiver as a side job I do it nights on the weekends to subsidize my retirement and I also I’m starting my own mental health clinic. It was due to the side hustle that I could save up enough money to do this. Suggest starting your own business something you enjoy and something that people need.
Yaelra R. Look in the Yellow Pages under home health or elder care for a company to work for. Don’t need a special license but you will need a background check cannot have any drugs or theft in your background. Pay sucks it’s between 10 and $12 an hour if you work for yourself you can do better but you have to go through the state agency and get licensed it’s paperwork and a three month wait but the same background check you get as a caregiver
Lots of people in America have this big problem. I am 66. At 50 I started my own Hvac business. Finally made money. Bought rentals and saved a lot of cash. I have enough to retire comfortably. I also live in Sacramento. Have wife and child. The best answer is Make More Money bro. From Sactown
@@eleven903 as u know u need a contractors licence, which I had. I was older than most . Started at ahe 35. 10 years in the trade working for others was very poor. They make sure of that. Out of desperation I relocated to Sacramento to start over. Again worked for other contractors. Now I am around 50 and broke. Sound real familiar? U can start an at home business for nothing. Just pay the yellow page adver monthly as u go. It was a gamble that paid off. I still had no retirement funds, so I saved like crazy. The real truth is everyone of us has to decide to make better decisions in our lives to win at the end. I finally realize that when I reach my mid-30s that's just about all if I can do it anyone can do it believe me from Sacramento
Hi Robert. I'm living in Sactown currently. Just turned 59 and trying to figure things out. Currently, things don't look so good in terms of retirement. I'm doing my best to make up for lost time and bad decisions. Will probably have to work until the day I die, but trying to remain optimistic.
*The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy*
That's correct the right choice of investment has always been a big problem for me because picking up the wrong investment will leave a big scar in the future.
Thanks for good advice. The funniest thing you said was your Dad is 53 years old and can still do push up and handstands. Wait until you are 53, you will realize how YOUNG 53 is!!
A Mills being old is all in the mind. When you believe that you are 50 years old then your body will act like such. But at 50 with young men mentality and body will perceive the same.
I see it from both sides. I'm 57 and I do about 300 push-ups a week (900 last week, thanks to binge-watching over the holidays). But I remember thinking how old and decrepit people in their 50s seemed when I was younger.
Yeah, it's not old at all. It's actually middle-aged. I have some cousins that age and they have a lot of energy and still run around as if they were in their twenties or thirties. He still has much to learn.
Good stuff here, thank you, I will be 50 in January and I will be forced to retire at the age of 57. I too am worried that I will not have enough Money saved up, so I am looking at starting a lawn mowing business
@ swisstrader - If you actually have marketable job skills. Not that simple for many older Americans especially with disabilities and health issues. A cow don’t make ham.
get a notebook, keep track of your finances weekly, monthly, yearly. plan for purchases by making a 'needs list' in the notebook. study a little every day. Prioritise saving!
LOL! I was panicking about how to make ends meet, but you mentioned the “side-hustle” and remembered, I’m an electrician, there’s always side work. Nice 👍
This is a golden list of suggestions. Many good tips here. I've been there and survived it. Did many of the things suggested. Need to raise income to provide more for investing. Stay away from the crazy stuff. I went to cash living for a time which helped control expenses.
Bloody hell I'm 41 and broke with 3 kids no pension or own home or savings. just had to quit my job as a builder as I've been diagnosed with osteoarthritis after 10 years of working with it. Now on universal credit. Wish I had 50k a year. Some people smh
A person I know single mother 4 boys home schooled ran her own home based business invested everything she had into making sure her boys were successful and well rounded. So far 3 out of 4 are pretty much set the last one is the final project. Since she was properly nice to them and devoted so much to them they will never let her be without.
I'm 67, have been working since 17. I'm drawing SS, $2350 working full time, have no desire to stop. I'm a tugboat Captain in the Houston ship channel, working the Port of Houston, and the Intracoastal waterway from Panama City, Fl. to Corpus Christy, Tx. I make $550.00 a day, and am broke, happy, and don't give a damn about saving a dime. The only thing I own that's paid for is my home. I spend the shit out of everything I make. I, my friends, live life in the moment, because that's ALL we have. I'm the happiest person I know.
@@phoggknight6714 no, I have been happily married for 49 years. We travel, have 6 dogs, 30 rescue cats, chickens, and several vehicles. I have insurance policies for my many grandchildren, and I tip well. You don't have to go to the dark side to have a rich life. Generosity is an attribute, an you can't take it with you.
@@jahmansb you my friend nailed it. If I had saved money from say the 70's, it wouldn't buy hardly 20% of what it did then. The 80's maybe 30%, and so on. I'm rich in things no amount of money can buy. I could liquidate things, or save. I choose to live instead.
While I find this extremely funny 😆 I’d suggest a little more effort on doing things he suggested and the shock will be that you are in a better place than what you would have thought 💭
Those hustles fro extra income were really good advice. In today's world, once you are of a certain age, it seems very hard t get a good paying job again. And yet when you are young, it is so hard to get a job as you have no experience. So there is only a small group from say 30 to 45 who are actually working with a good job and good pay.
Hi Andrei, wonderful video! I started investing about 4 years ago (I'm 47 now) after raising 4 babies.... time is not on my side, but according to my calculation if I continue to invest 30% of my income I will have more than enough to retire on. 30% is steep with so many expenses, but definitely doable. My parents started from scratch after moving from England in their 40's and have been comfortably retired for a long time. Thanks for addressing this subject, it is much needed!! 😊
Thanks Cecilia! Definitely not easy with 4 kids! 30% savings rate is INCREDIBLE. You sound like high(er) earner which is awesome. I hope my parents can retire comfortably, I'm doing everything I can to set them up and help them out. Crossing my fingers!
I am 61. I live with my oldest daughter's family. I have leukemia. I was diagnosed in 2009, and was forced to stop working. I have not been able to return, and will not be able to. My wife died in 2015. Her last 13 months of life cost me all of the money I had. In the summer of 2015, my Leukemia needed to have treatment. I survived the treatment, but that cost me my remaining personal items. I saved my truck, a 1999 ford. I have social security disability. I lived by self until this summer. My Leukemia was needing to be treating again. I had to move in with my daughter due to the fact I could not longer could take care of myself. My Leukemia is active, and so far the treatment is not working. All of the stuff this guy is talking about is fine. But when illness strikes it will destroy you except if your a celebrity.
Loved your sense of humour. At 54 a divorce threatened to crush my spirit/health and repossess my house. First I paid off the mortgage/reduced outgoings and then bought him out (burrowed from family/savings and small mortgage). Increased income (renting rooms and a new career as a cook in a dementia care home). Did without for 2 yrs. At 56 I cashed in my pension (cleared mortgage and finished renovating the house). Now I have income from renting, part time job, lump sum from pension and monthly pension. I did it on my own. House is on the market and I have enough income/confidence to make my dream a reality. None of that would have worked but for the fact that my education allowed me a good government job/pension, family and the ability to plan and do without. It has been lonely and my health has suffered abit.
Naomi are you a teacher? I'm about the same age as you and I'm retiring. But I only get a partial retirement because I'm leaving at 21 years instead of 25. Not sure what my next chapter holds. I'm single so there's no other income. Any advice?
@@yaelrar.4460 Hi. I worked for central/local government in UK. Advice. Retire when it suits you. No point working an extra 4 yrs if the job is killing you. Rent out rooms in your house. Good company and income. If you rent, get somewhere as cheap as possible. Take as much out of pension tax free as long as you can live on monthly payment. Live simply and reduce outgoings. Dont buy boy toys. Re energise your hobbies. Have a plan to be busy. And be selective about any partner on your life. Hope that helps.
The goal for me at 37 is actually to work like hell, make money from online businesses and live in someplace like Romania, Serbia, or Tanzania for retirement. The U.S. Dollar goes farther and the quality of life is great!
@@BillyBob-fh5he Thank you so very much for this information, and I did a bit of research and found this : In the United States, the land is subject to eminent domain by federal, state and local government, and subject to the imposition of taxes by state and/or local governments, and there is thus no true allodial land. Some states within the U.S. (notably, Nevada and Texas) have provisions for considering land allodial under state law, and the term may be used in other circumstances. I live in Ohio, so not so sure this would apply to me. I'll seek additional information however, thank you for the heads up..
Excellent! Soon to be 63----still punching a clock but have built my nest quite successfully starting in my 20s----can't get the young ones to start an IRA---Vanguard---they look at me like I've lost my mind...they have no idea how fast the morning will come when they awaken and say 'holy crap, I am 50 and I have nothing...". Not good, kiddies. Do your due diligence and follow this guy....he's right on the money-----no pun intended.
It's important to look young. Color your gray hair. Update your clothes, get your wrinkles filled in. Wear contacts instead of glasses. Don't talk about doctors and aches and pains. Be bubbly and energetic. This will be an asset to staying relevant and active and hireable!
When I was young I thought how great it must be to retire. Now at 66 I have no thought of retiring! I work part time . 20 to 30 hrs a week, have time to do the things I enjoy and get satisfaction from working. The thought of waking up and having nothing useful to do is soul destroying!
@@kerryfoster1 I hear you! I was just laid off and the first three months, I was so busy with personal things, I needed to do and complete. I still need 16 more years of investing so I will make my money work for me. I want to travel more and see other states before looking for a new job. The freedom is refreshing as well.
I live in a nice part of town and am doing well on my plan. I'm amazed at the number of extremely high-end cars I see every morning in traffic. I can't imagine their plan is working well.
I've been travelling around the world since I left school at 17 in '77. I've lived and worked in 10 countries and visited 34. Just turned 60 and still going strong. There's no pension in it, and I don't care. There'll be a bridge to cross at some stage in the future, of course, but my motto has always been "Live before you die."
My cousin past away from cancer when she was 12. Never got the chance to work. However, taught me the greatest lesson on her death bed. Mom She said: can you make sure the boys have toys to play with? She was selfless even in the face of death. Start with being grateful with what you have and then give away what you don't need. Your only broke as your spirit, you are not granted forever here on earth, so start investing time with people who will love on you and point you in the right direction. Look at money as a blessing opposed to an entitlement. Your attitude towards it will determine your dispersing of it properly. Invest in others future, not your own, and you will see more money coming your way. We receive what we give. If your attitude is a selfish one, you always will remain broke, however if you are grateful and giving of your time, spirit, energy and money, you always will be rich.
I'm a 56 year old "OTR Trucker", Never married, no kids, saved a lot of money all my life. Never bought big ticket items, Because I lived in my truck and hotels and motels for tax write-offs. I also won a scratch ticket for 1k a week for twenty years which I still have 9 more years to collect on. So my overall income is 100+ a year net. When I die I will leave everything to the animal humane society. Because the only love I've ever seen in my life was from the 3 🐕's I have known. Women never gave me a second glance because I'm not attractive. I grew out of the thought of needing a woman in my life around 45 years of age. I've met a lot of men who tell me I'm lucky but I also feel the same way around. Enough said
same with me..... divorced... now live a Happy Life on my own. Plenty of "Men Toys"..... a expensive Exotic Classic Car..... and so on... when I die... I´ll leave all my belongings and Money to a Shelter for Parrots. They deserve it.... NOT a Woman!
Amen bro. I find I need the affection of a woman. Because of that, I have suffered through over 4 relationships, 3 marriages, 2 loss of homes, 4 loss of jobs, twice having to live with family. Yes. Having women in your life has a price. Maybe, some day, I will be lucky and find the right woman. Who knows? If that happens, it will be like winning that $1K a week for life.
Andrei. Its interesting that you use caregiving as a side hustle. Caregiving is my main gig and I bould custom guitars as a side hustle. The guitar thing as a break even business so far but my skills are improving so I hope to make that more successful so I can flip this situation. I used to live in Vegas too.
Right now, there are jobs everywhere! I said, jobs everywhere, not six figure jobs with pensions and company vehicles. A person might have to get over himself or herself, and "Get a job!" at a burger joint or something for a while. Get a job.
At 50 years of age, I went to one of the large trucking companies that also trained and got my CDL, commercial driver's license. My first trainer in the truck was 70! I'm about to turn 65 and I'm still driving. There are ALWAYS trucking jobs out there, if you can handle it!
Here in Australia we have a system called Superannuation every job you get your employer has to pay there own money into there employees retirement fund no matter what job you go into and or have its compulsory
Yeah...we have a similar program called social security. The government takes out a certain amount of your paycheck and they also take a certain amount from your employer. But that only ends up equating to about 25-40% of your income depending on when you choose to start taking distributions in retirement
@@GotoHere I often see comments like yours and wonder what in the world it's based on or measured against. The poverty rate for elderly Americans was over 40% before social security. Since the implementation of social security it's below 9%. Also using the rhetoric of a calling it a ponzi scheme is laughable and shows a fundamental ignorance of how the system works.
I’m a Sydney Uber driver with near 9k trips meeting an eclectic array of individuals from all parts of society from the working to professional classes. and I can assure you the majority of these folk are living on a near week to week existence.
Cutting extra expenses is good. You left out investing in your long term health, like eating well (nutrition) and getting enough sleep. I recommend for people who can't take care of basic necessities to not have children. Not having to work your last ten years of life is called retirement. Working at this time to stay focused is a different type of work, more like good exercise. Oh, and, for those who tell you that you need to take on debt to get ahead need to be turned off like TV commercials.
If people want healthy food there is a price to pay. It is always more expensive . Most poor people eat the cheaper foods because that is all they can afford. AND that food is generally less healthy. Veges are ok but who wants to live on veges all their lives. Latest reports say that vegans are suffering because there is not enough protein in their diets.
I would add that we need to invest in our future and built from scratch if we take in consideration that the entire scientific community has been warning us for more than 40 years while companies and gov knew and spread propaganda. Now we know, we've destroy the ecosystem of an entire planet in a century. A financial crash is imminent. And top it all, all those variables could lead to global collapse and (more) wars. The best thig to do would be to find other poeple, get together, buy some land with water and seeds, be self sufficient and stay away from that mess. If war breack (we're 2 min from midnight on the doomsday clock) get to a safety zone, depending on the continent you live in it will vary. South argentina, iceland, new zealand, switzerland... or some remote island (but with enough ground over the sea as the sea will rise, and away from the extreme heat / cold variations we'll get. Best of luck to everyone get together, form a different type of society
dan c , so basically we should cut our enjoyment while certain others get to live the easy good life . i dont believe that is fair . we need to take a stand and force the wealthy to share .
If less is more, than the wealthy are impoverished. The western consumption model does not export to the masses. When the proverbial SHTF, a few wealthy continue business as usual. It's different for others.
I've found than canned food can be inexpensive, low salt and sugar and it remains nutritious for a long time without frig or freezer. Put it in your lunch box or take it on a trip. For yummy, home cooked food get a pot of beans, greens and veggies going.
You certainly provide a solid, sound and good advise...At 50, time is not at our side and cannot afford to take higher risk investment portfolios...As usual your video definitely ain't boring and really entertaining to watch...Great sense of humour too...
Avoid Starbucks like the plague. It amazes me how some people lack even basic kitchen skills. They can’t even boil water. I can afford to eat out more often but I actually prefer cooking my own meals.
It's not really that expensive. Just a lot of un informed people. Win stars and get free food and drinks all the time. Cut's the price in half which makes it no more than other fast food joints.
Yt Yt, that is not the point, one can't blame eating out, a beer/wine, cigarettes for being broke!! Where are the standards? Where will the line stop?… Basic of live should be: 1. Having a apartment (never roommate) 2. Having decent furniture in your apartment ( never secondhand) 3. Having a dentist for proper care. 4. Having good outfits and shoes. 5. Haircuts on regular bases is a must. 6. Having a decent car. 7. One vacantion a year minimum… etc! When a person work… that should be minimum standard!!
For REAL...dude makes 50k a year, that's 4166$ per month! I don't know about you, but if i got paid that much, I would think I was FILTHY STINKING RICH!!! "New car, Caviar, four star day dream..I think I'll buy me a football team" Pink Floyd- Money
@@samanthaanne246 After taxes and healthcare you end up with only about $28000/year. Then factor in living in a major city and cost of living is crazy. Rent can take half your money. So that's $14000/year. And if you have children or debt of any kind... if you eat most days, etc. you are basically living check to check with no savings. It's not as much as you imagine.
@@ralphcooper6985 Travel is fun for a while...so is resting and playing golf, or whatever. After a few years though...thats when it gets rough for many
@@abrahamlincoln3190 I respect the opinion and know exactly what you are saying. I am reaching my goal's but never had planned on having a daughter pretty sure we are going to be very busy for a long time. Have a great weekend and enjoy!
Look. It's gonna be tough! But with 50K per year we can be saving up to 50% (your gonna have to). The stocks you pick will be bluechip dividend earners until the next recession hits then switch to growth stocks for about 10 years then switch back to a more conservative portfolio. Side hustle the hell out your spare time. Then about 65 you'll have some options possibly. Cool video. 👏
The idea of having children (planned) and keeping them (unplanned) is such a touchy topic. I think to each your own but in addition to raising respectful and independent kids, my goal prior to having kids was to ensure they do not go into adulthood with debt. I don't consider this spoiling them and I would not have had children if I couldn't achieve that goal. That just seems cruel to me but again, everyone has different reasons for having kids (or keeping unplanned ones) and that's "fine". After saying that, if you're further along in age, you must absolutely look after your retirement goals before your children's goals - they will have the rest of their lives to figure things out including student loans. Regardless how people get to broke and 50, Andrei's tips are solid, practical, and realistic. You can achieve it if you put your mind and effort into it. The best time to start was yesterday... the next best time to start is today. Good luck to the person who sent in the email.
Try 51 no 410k but don't care about the government plan. I learned who to trade in the financial markets. Next 6 month I should $$$$ . The retirement plans is highway robby. People never talk about the taxes and fees at the end
This guy's got energy-it's contagious. moreover the thumb nail "broke at 50" caught my attention. My brother is 52 and broke-but is trying to turn it around. Man you don't know how much of the public is in this situation. Great video-good content. Keep the fire burning man.
Just a word of advice. If you drive for UBER or door dash or any other driving job make sure you have insurance for that. Regular car insurance may not cover you in an accident while working for them. My daughter in law found out the hard way when an illegal parasite hit her and totaled her car.
It's harder when you start later, but it can definitely be done. I am one of those people who cashed out a large poriton of my 401k in 2008 when I was 40. I've put most of it back now by living frugally and learning to supplement my retirement plan with dividend stocks and I now have decent cash savings. It can be done, but it takes a lot of dedication.
All good advice. I am already retired and living on my pension . Former NJ teacher. Am moving to Ohio where my daughters are, and thankfully the cost of living there is less than in NJ. I also eat 1 or 2 meals a day (intermittent fasting) and that helps keep the food costs down. I feel great too in all aspects. The only trouble I have is debt I created while working. I am paying that down, and once I sell I can pay it all down and then move. Meanwhile I am sitting tight trying to survive in a state where taxes are high and everything is expensive.
Let me summarize the comment section
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.... "ok boomer"
This comment section has become more like a white board for tragic life events! Any way you could create a Q & A LiVE webinar or video!??? I would be willing to talk about how day trading saved me from financial ruin!!
Thank you. New sub. Hope to learn something from this.
John Lee based on all the comments, I think you “touched” a nerve, that’s why a webinar may be your next step, perhaps before you start coaching!! You may not need the money, but coaches usually earn $100 to $200 per hour, and you can offer the service remotely!!!
Andrei Jikh don’t know what you mean by “ o.k boomer”??? Sounds like your trivializing the enormous PAIN that comes across on some of these tragic stories! Perhaps, the only thing that concerns you are the NUMBER OF VIEWS you get? Perhaps one day, you might find yourself in their shoes...I wonder if numbers would matter so much then...enjoy your moment in the sun, cause it never stays sunny forever...Robert from daytradingwiththelight
@@robertm.-certifieddaytrade4939 really..? LOL somebody's got money to burn.
Great advice. I was 45, worse than broke ( $275,000) in debt, no job, no income, no savings, no credit and two teenagers. Went to work on first job I could find. Side gigs at night and weekends. Spent almost nothing. Went through bankruptcy and mortgage modification. Started 401 k and auto deduct from my paycheck to a savings account. 10 years later and my balance sheet i plus about 25k and climbing. The way to the mountain top begins with the first step
How are you going to live off of 25k for the rest of your life?
@@hopefully2224He has another 10 to 15 years until retirement.
Well... Was married 29 years when my mom got sick ( schizophrenia and then cancer ) then got divorce papers served. 10 years looking after her and trying to work as a carpenter as time permitted. basically 10 years and no wage hardly. But God has blessed me, that is for sure. I am 64y.o.ReSingled guy and work as a Remodeling Contractor and there is always plenty of work because everything is falling apart or people want room additions or new kitchens or bathrooms etc... I keep it simple by only having one work truck stocked with tools and one small trailer, small yard barn and a computer. Keep debt free in personal and business. I rent a small commercial lot and park my Home a cargo trailer custom built into a rv 8x8x30 and I use a campervan for travels. One can start over with nothing and grown better by being self employed, You can never be fired, and there is no limit on your income.
Thank you for sharing! Being self employed especially with skilled labor will definitely get you far. Your skill and expertise will always be in demand
This is perhaps one of the best posts here, clever and a very positive one! Yep, self reliance! Good wishes to you!
@Catherine Hazur And yes I am a born again Christian :) walking in the faith daily. I think that all of us go through seasons and changes as we age and figuring out ways to adjust is interesting. I was youtubing and ran into vanlife videos and got the idea for rv`s/campers/van`s etc.. Most were doing the minimalist thing by choice and I found myself forced into the minimalist, HaHa :) but it is all working out.
@@AndreiJikh Well Thank you, and we all kind of have to figure life out as we live through the journey. Fine something that is of interest to you and that you enjoy then go be the best you that you can be at that work.
Easier for men with trades . It’s still def a man’s world
Dude this is one of the best videos I've ever seen and finished till the end. I'm gonna take your advice I'm 53 and in the same issue . Wish me luck here I come. 👍
You single 💃
He is good. Check out Sheldon Evans! Best crypto RUclipsr I recently discovered last year
You are like a Unicorn, I really didnt know people like you existed! Best of Luck!
I'm just 47 and already getting concerned. Plan on working hard from now on and investing, getting rid of beer, cigarettes and all that so I'll be okay later on.
He is 50 and only has 15 working years left? I'm 63 and still working as a sound tech. I carry 8 and ten foot ladders around construction sites all day. One's health is the best investment a person can make!
Absolutely good health physically and mentally are more important than money. People in other parts of the world live past a 100 and are still working. Most Americans eat poorly and have all kinds of health issues way before their time. I study the longevity experts and believe it's the key to living long and happy.
Everyone can choose to do it! First decide, stop with the lame excuses!
Bravo....well said 🙌.
Even if you can't do hard, physical work, you can still work. I'm 67 and work online. with SS & what I make, I can live pretty well and save a bit. If I wanted to work harder, I could do a lot better, but I like taking it easy.
Health is wealth
Most finance or investing RUclips channels are either flashy but the content is bad or not flashy but the content is valuable. With this dude you get both. Great advice/tips Andrei!
Thank you! I try to spice it up and make it polished looking but between the research that I do for each video and the editing, I just can't post more than twice a week without having ANY kind of life haha
This was really one of your best. Thank you.
16 years ago, I moved my business and family out of CA (after 44 years).
This was the best financial strategy I have ever made.
@@jmm1817 Trust me. You don't want to compare real estate holdings with me.
@@HawaiianBrian64you're just small time. People with significant wealth don't boast.
Smart move.
just please don't vote for the same bad policies that ruined California in your new home state
Glorious revolutionary humanist socialist people's California.
I'm 50 been unemployed for 6 yrs. No one will look at you in todays world if your over 35.
But he's spot on with his theory..
im 59 in the same boat...not good i spent it taking care of mom,but im happy that i did it....
Thanks Tony
She's in a better place now
I'm glad to know still hope left in this world
Wow, you just wrote my comment.
Well done brother.. you will be taken care of. Decide each day to be in the mind of abundance and care.. declare that your mind and spirit are so full of the aforementioned that there is zero room for fear, anxiety or uncertainty. Also wish peace upon anyone who you have a resentment or ill feeling toward.. no matter who or what the reason. Try this for 14 days. It will work and you will build momentum in the direction of peaceful ascension.
Sorry to hear that Tony, I hope things start to look up for you soon!
This is one thing I've promised my sons they would never have to do, and I intend to keep that promise, no matter what I need to do to do it. Not criticizing you, but I refuse to bankrupt my children.
I'm 53 this July and work Midnight's as a security guard. No chance to save money. I'm about 10000 in debt. Life sucks but I just never surrender and take it one day at a time.
I am 54 and like your thinking. God bless you for not giving up, take the 10000 is debt one day at a time.
By small amounts of CryptoCurrency.... it adds up fast. Start with Cardano (ADA)
W̶o̶r̶s̶t̶Worse than being broke financially...is to be 'broke' mentally.
This is so true.
I see you never learned grammar.
@@hadmatter9240 silence... You're not suppose to interact.
@@hadmatter9240 The worst thing that can happen is to make things worse...an advice/suggestion would suffice.
@@outsideworld76 Made my day:)
I did the expense cutting exercise. It's amazing! I'm fortunate, I will have a pension but it won't be what I'm used to so while I still have what I'm used to, I'm training myself to see how little I can manage on without downsizing. The difference between "used to" and taking charge of what I spend is a lot. It helps that my house and car are paid for. I made damn sure of that as soon as I could. (The house is nice but not in an expensive area and my car is 20 years old, I look after it and it runs just fine.) Debt unless it's to actually build a business is DEADLY. When running errands, I pay cash only. Be careful of those Amazon like accounts..... Oh, I WALK for my groceries. Don't drive unless you really and truly cannot avoid it. I make a game out of how many days my car stays in the garage. Side hustle, I play the piano and am learning to tune pianos. There is a demand and it pays well.
Great advice!! Divorce wiped me clean at age 40, I knew I was in trouble so I implemented some of the same tactics given in this video,I had a good paying civil service job took a 2nd job to pay child and spousal support as well as some small bill's, cut down on expenses saved and invested every penny I could,I worked hard and lived modestly, stayed tired and depressed from starting over but now I'm 55 in good health, retired in 2019 with a modest amount in savings and receiving around 60k a year in retirement payouts.
Finally a humble and honest dude trying to help others to the best of his knowledge. You rock dude!!
Thank you! ❤
I would add that we need to invest in our future and built from scratch
if we take in consideration that the entire scientific community has been warning us for more than 40 years while companies and gov knew and spread propaganda.
Now we know, we've destroy the ecosystem of an entire planet in a century.
A financial crash is imminent.
And top it all, all those variables could lead to global collapse and (more) wars.
The best thig to do would be to find other poeple, get together, buy some land with water and seeds, be self sufficient and stay away from that mess.
If war breack (we're 2 min from midnight on the doomsday clock) get to a safety zone, depending on the continent you live in it will vary. South argentina, iceland, new zealand, switzerland... or some remote island (but with enough ground over the sea as the sea will rise, and away from the extreme heat / cold variations we'll get.
Best of luck to everyone
get together, form a different type of society
@@AndreiJikh I second that! Delivery and compassion is everything. The recession and divorce hit hard. I'm in the same boat, less 2 years off age, debt, daughter's tuition and son is a freshman in high school. I'm completely stressed out! What's positive is I'm a good teacher and a people person. I'm trying to figure out how to monetize that. I'll keep watching and just subscribed.
I cashed out instead of investing in stocks, bond, or IRA. Instead, I bought properties when it crashed in 2008 and have owned four properties in Washington DC area on good credit score. The home value has doubled and mortgage is covered by the renters plus some side cash. Recent Amazon HQ2 has increased 22% on property value and will probably hit higher in 2020. I've gotten my realestate license 4 years ago and am preparing to retire at mid 40's. Just invest something your familiar with and refrain from splurging. Assist on what your living on now and subtract commuting cost and add for home heating or cooling for a month. Multiply that by 12 and that's what you need to live off on annual basis. Consider down sizing. As I sell my properties which include the one I live on, I plan to go full time RV as I have done RV extensively in the past.
Crazy reading this realising how many people are in their later years and unfortunate not where they deserve to be financially!! I wish you all the best
I had to start over at 40 but i'm back on track. Go look at your social security statement online so you know what you have, unless you didn't pay into social security you should have something. Then you only have to save the difference between social security and your expected expenses. You don't need a million dollars to retire.
First thing get the hell out of calif.
The only problem with that is that if he leaves California, and say moves to Texas or Arizona. He could potentially save as much as $15k to $20k a year in rent, taxes, utilities etc. the only caveat is that his $50k a year will probably drop to $30k a year. Then he will have to leave his kid behind as well as everyone he knows, not that easy. Just has to try other avenues of cranking up his income.
Strictly from a standpoint of being a sentient being, get out of California. It has nothing to do with the topic. Just get out. Remember, you're known by the company you keep. In his case, that would be Californians. The average of which is comparable to a rock in their ability and/or desire to help you stay alive.
I left Cali. Best financial thing I ever did!
robert dunlap if I wasn’t living in California I wouldn’t be earning $300k a year. So it’s all relative to whatever ones career is. I’m very fortunate, I guess.
So true. Years ago i wanted to move to texas. I went for a month to some friend's house and i was looking for work. I found work literally for less than half of what i was making in cali. Not able to put up with the heat and humidity either.
Thank you Andrei for this video. This message is not being put out enough. Many videos and blogs are geared toward the young 20 somethings with college debt but I feel 50+ folks are the forgotten generation. I have got to hype up the emergency fund. Not everyone can do the 3 months living expenses right now but have something. I had $1000 set up for emergencies and this fund got wiped out twice in three years by plumbing disasters and car mishaps. Before, I would go off to the bank and get a signature of home equity loan. The hustle is on to bring the emergency fund up to 4 months living expenses. Thanks again. Andrei!
Damn, you're a nice guy. You really try to help out people.
Retirement planning later in life is most definitely possible! Just takes some more dedication and creativity 👍
Never too late to plan!
Its the hippies that never saved. You should start saving by the time you start working its sad the education in America since the 50's. Dave Ramsey has saved me.
@@lancedooley7558 Dave Ramsey is a good source of information
I'm broke at 60. So at this point I'm putting myself up for adoption.
any luck with the new parents yet ? ;)
You should sell it as "need a dependent for your taxes?"
Just go to Mexico, then enter the country without documents and you get all the free gibs
L😂
Great advice. I am 61 and not much better off. Trying to get out of debt and will have to work till at least 70. Good luck!
Thank you! I think you can do it, it should get easier as more and more business opportunities become available to everyone to make some extra money.
@@AndreiJikh I love your ideas for additional jobs. Can do those jobs for many golden years. Much gratitude for your encouragement.
Nice video. I am 51 and just got over a serious illness,,lost everything and starting all over again, but with my own business called Marty's Garden,,going sweet too!
super!
Finally. A RUclipsr that puts the commercial in the right spot. Pop them in at a cliff hanger.
Cutting little expenses won't get you there. You need to cut big expenses: #1 housing, #2 automobile, #3 foood.
Cutting is never the solution (unless you have no brain), make more money is
Cutting those three things will definitely solve your problems... cutting #3 would be the nail in the coffin, literally.
x0thorn0x 😩😂
Seeing this same thing happen to my step-dad in 2008 made me so much more cautious as a young kid in college back then. It was eye opening to see what a recession can do to people that prepared their whole lives.
Pragmatic advice. As we get older, simplify and save. And keep doing those push-ups.......
I'm in my early 60's and the toughest retirement hurdles are health care.. and Property tax.
States have taken the liberty to become your new landlord.
Yea I've noticed these high tax states the average person cannot retire with a house unless they rent the rooms out
I live in California and I COMPLETELY AGREE! I was born and raised here...but it is TOO CRAZY EXPENSIVE to live here!
56 and retired with a pension but getting bored so I’m going back to work. I just subscribed, thank you
This might be one of the best/most useful videos on YT (and I have been a Dave Ramsey fan from WAY back). Everyone needs to see this. The advice is great, but the video also gives hope to people with similar circumstances. Thanks, Andrei.
Thank you Curt, this video reminded me just how "personal", personal finance can be. I recommended the viewer NOT do what I do, because the time scales and goals are now significantly different. Hope it's applicable either way :D
You are right about being a caregiver as a side job I do it nights on the weekends to subsidize my retirement and I also I’m starting my own mental health clinic. It was due to the side hustle that I could save up enough money to do this. Suggest starting your own business something you enjoy and something that people need.
Hey Alice! How does one become a caregiver? Do you need a special license? Where do you go? And how much can one expect to make in an hour?
Yaelra R. Look in the Yellow Pages under home health or elder care for a company to work for. Don’t need a special license but you will need a background check cannot have any drugs or theft in your background. Pay sucks it’s between 10 and $12 an hour if you work for yourself you can do better but you have to go through the state agency and get licensed it’s paperwork and a three month wait but the same background check you get as a caregiver
This video made me happy. I'm 54 and for a while have been maxing an IRA that's invested in VTHRX. Nice to see it on your list!
Lots of people in America have this big problem. I am 66. At 50 I started my own Hvac business. Finally made money. Bought rentals and saved a lot of cash. I have enough to retire comfortably. I also live in Sacramento. Have wife and child. The best answer is Make More Money bro. From Sactown
Not that easy there Robert...How did you start your Hvac? Have to have some money to start a business dudelio.
@@eleven903 as u know u need a contractors licence, which I had. I was older than most . Started at ahe 35. 10 years in the trade working for others was very poor. They make sure of that. Out of desperation I relocated to Sacramento to start over. Again worked for other contractors. Now I am around 50 and broke. Sound real familiar? U can start an at home business for nothing. Just pay the yellow page adver monthly as u go. It was a gamble that paid off. I still had no retirement funds, so I saved like crazy. The real truth is everyone of us has to decide to make better decisions in our lives to win at the end. I finally realize that when I reach my mid-30s that's just about all if I can do it anyone can do it believe me from Sacramento
Hi Robert. I'm living in Sactown currently. Just turned 59 and trying to figure things out. Currently, things don't look so good in terms of retirement. I'm doing my best to make up for lost time and bad decisions. Will probably have to work until the day I die, but trying to remain optimistic.
*The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy*
You're absolutely right about that 👍
Depending on the government is a big waste
Investment is good but investing in the right thing is the actual key to success
There are so many investment out there but if profits must be considered then not all investments are good to go into.
That's correct the right choice of investment has always been a big problem for me because picking up the wrong investment will leave a big scar in the future.
Coming up on a million viewers. You've definitely earned it.
Thanks for good advice. The funniest thing you said was your Dad is 53 years old and can still do push up and handstands. Wait until you are 53, you will realize how YOUNG 53 is!!
A Mills my dad is 56 and is a construction worker, one of the best on site too ! Lol
A Mills being old is all in the mind. When you believe that you are 50 years old then your body will act like such. But at 50 with young men mentality and body will perceive the same.
I was thinking the same thing! He’s only 53 not dead, lol!! 53 is still pretty young!
I see it from both sides. I'm 57 and I do about 300 push-ups a week (900 last week, thanks to binge-watching over the holidays). But I remember thinking how old and decrepit people in their 50s seemed when I was younger.
Yeah, it's not old at all. It's actually middle-aged. I have some cousins that age and they have a lot of energy and still run around as if they were in their twenties or thirties. He still has much to learn.
Andrei, you are a good person. I can see that through your gift you sincerely want to help others. I SALUTE you my friend.
Good stuff here, thank you, I will be 50 in January and I will be forced to retire at the age of 57. I too am worried that I will not have enough Money saved up, so I am looking at starting a lawn mowing business
I lost it all, then built it all back at age 60. It’s all about hustle
I agree. Great comment.
Can you tell me your story?
@ swisstrader - If you actually have marketable job skills. Not that simple for many older Americans especially with disabilities and health issues. A cow don’t make ham.
Can you tell me your story?
Life in Australia for what purpose?
get a notebook, keep track of your finances weekly, monthly, yearly. plan for purchases by making a 'needs list' in the notebook. study a little every day. Prioritise saving!
Doing this!!!
LOL! I was panicking about how to make ends meet, but you mentioned the “side-hustle” and remembered, I’m an electrician, there’s always side work.
Nice 👍
This is a golden list of suggestions. Many good tips here. I've been there and survived it. Did many of the things suggested. Need to raise income to provide more for investing. Stay away from the crazy stuff. I went to cash living for a time which helped control expenses.
That's great advice too, going full on cash might be necessary if you find yourself being careless with credit (like my parents were). Thank you! :D
Bloody hell I'm 41 and broke with 3 kids no pension or own home or savings. just had to quit my job as a builder as I've been diagnosed with osteoarthritis after 10 years of working with it. Now on universal credit. Wish I had 50k a year. Some people smh
A person I know single mother 4 boys home schooled ran her own home based business invested everything she had into making sure her boys were successful and well rounded. So far 3 out of 4 are pretty much set the last one is the final project. Since she was properly nice to them and devoted so much to them they will never let her be without.
Hi You Did Some Building In Your Time, Apply For A Habit For Humanity Housing, & You Could Really Do Good......
Thank you for not making this video boring. Financial videos are boring.
I'm 67, have been working since 17. I'm drawing SS, $2350 working full time, have no desire to stop. I'm a tugboat Captain in the Houston ship channel, working the Port of Houston, and the Intracoastal waterway from Panama City, Fl. to Corpus Christy, Tx. I make $550.00 a day, and am broke, happy, and don't give a damn about saving a dime. The only thing I own that's paid for is my home. I spend the shit out of everything I make. I, my friends, live life in the moment, because that's ALL we have. I'm the happiest person I know.
What do you spend $550 per day on? Hookers?
@@phoggknight6714 no, I have been happily married for 49 years. We travel, have 6 dogs, 30 rescue cats, chickens, and several vehicles. I have insurance policies for my many grandchildren, and I tip well. You don't have to go to the dark side to have a rich life. Generosity is an attribute, an you can't take it with you.
News flash ... You are not broke.
@@jahmansb you my friend nailed it. If I had saved money from say the 70's, it wouldn't buy hardly 20% of what it did then. The 80's maybe 30%, and so on. I'm rich in things no amount of money can buy. I could liquidate things, or save. I choose to live instead.
Living the dream 😎
1) move to low rent city/state when you retire, 2) put more in the 401(k), 3) get a weekend job if you don't normally work weekends.
Yep, all solid!
After 30 years in San Diego,CA. I moved to Chiang Mai Thailand @ 52 yrs old. Best move of my life!
I have been broke my whole life so when I get to 50 it won't be such a shock.
Kevin Keating 😅
Hahahah, loved your attitude towards life you will be fine ☺️
While I find this extremely funny 😆 I’d suggest a little more effort on doing things he suggested and the shock will be that you are in a better place than what you would have thought 💭
This guy thinks money grows on trees. Emergency fund. What a joke. When this jokester retired, social security will be broke.
I can see this guy living in a van , homeless
This is beautiful and inspiring, 0 finger-wagging (bad for the wrists, anyways). Excellent video, thanks!
Thanks Charlie! :D
Thank you for making this video. As someone who is also broke at 50 trying to figure out what to do. Every bit of information helps.
Thanks for your comment❤️❤️..
Hit me up on what'sa'pp +1 6.5.1.2.3.7.2.8.1.4..
Those hustles fro extra income were really good advice.
In today's world, once you are of a certain age, it seems very hard t get a good paying job again.
And yet when you are young, it is so hard to get a job as you have no experience.
So there is only a small group from say 30 to 45 who are actually working with a good job and good pay.
Hi Andrei, wonderful video! I started investing about 4 years ago (I'm 47 now) after raising 4 babies.... time is not on my side, but according to my calculation if I continue to invest 30% of my income I will have more than enough to retire on. 30% is steep with so many expenses, but definitely doable. My parents started from scratch after moving from England in their 40's and have been comfortably retired for a long time. Thanks for addressing this subject, it is much needed!! 😊
Thanks Cecilia! Definitely not easy with 4 kids! 30% savings rate is INCREDIBLE. You sound like high(er) earner which is awesome. I hope my parents can retire comfortably, I'm doing everything I can to set them up and help them out. Crossing my fingers!
Sounds like he needs to make sure he stays in good physical shape as he still probably needs to work the next 20 to 25 years
I am 61. I live with my oldest daughter's family. I have leukemia. I was diagnosed in 2009, and was forced to stop working. I have not been able to return, and will not be able to. My wife died in 2015. Her last 13 months of life cost me all of the money I had. In the summer of 2015, my Leukemia needed to have treatment. I survived the treatment, but that cost me my remaining personal items. I saved my truck, a 1999 ford. I have social security disability. I lived by self until this summer. My Leukemia was needing to be treating again. I had to move in with my daughter due to the fact I could not longer could take care of myself. My Leukemia is active, and so far the treatment is not working. All of the stuff this guy is talking about is fine. But when illness strikes it will destroy you except if your a celebrity.
Loved your sense of humour. At 54 a divorce threatened to crush my spirit/health and repossess my house. First I paid off the mortgage/reduced outgoings and then bought him out (burrowed from family/savings and small mortgage). Increased income (renting rooms and a new career as a cook in a dementia care home). Did without for 2 yrs. At 56 I cashed in my pension (cleared mortgage and finished renovating the house). Now I have income from renting, part time job, lump sum from pension and monthly pension. I did it on my own. House is on the market and I have enough income/confidence to make my dream a reality. None of that would have worked but for the fact that my education allowed me a good government job/pension, family and the ability to plan and do without. It has been lonely and my health has suffered abit.
Naomi are you a teacher? I'm about the same age as you and I'm retiring. But I only get a partial retirement because I'm leaving at 21 years instead of 25. Not sure what my next chapter holds. I'm single so there's no other income. Any advice?
@@yaelrar.4460 Hi. I worked for central/local government in UK. Advice. Retire when it suits you. No point working an extra 4 yrs if the job is killing you. Rent out rooms in your house. Good company and income. If you rent, get somewhere as cheap as possible. Take as much out of pension tax free as long as you can live on monthly payment. Live simply and reduce outgoings. Dont buy boy toys. Re energise your hobbies. Have a plan to be busy. And be selective about any partner on your life. Hope that helps.
The goal for me at 37 is actually to work like hell, make money from online businesses and live in someplace like Romania, Serbia, or Tanzania for retirement. The U.S. Dollar goes farther and the quality of life is great!
exercise your humility and your humor people.
Glad I bought a little piece of land.
It's mine. Just a cheap 1/2 acre of land. I love it. I live on it. Built a small house. Grow veggies.
I want the same 🙏
@ yes I know, but it is so much cheaper. I can eat. When I rented, I went with out food sometimes.
@ obtain allodial title on the land.
@@BillyBob-fh5he Thank you so very much for this information, and I did a bit of research and found this : In the United States, the land is subject to eminent domain by federal, state and local government, and subject to the imposition of taxes by state and/or local governments, and there is thus no true allodial land. Some states within the U.S. (notably, Nevada and Texas) have provisions for considering land allodial under state law, and the term may be used in other circumstances.
I live in Ohio, so not so sure this would apply to me. I'll seek additional information however, thank you for the heads up..
Awesome
Excellent! Soon to be 63----still punching a clock but have built my nest quite successfully starting in my 20s----can't get the young ones to start an IRA---Vanguard---they look at me like I've lost my mind...they have no idea how fast the morning will come when they awaken and say 'holy crap, I am 50 and I have nothing...". Not good, kiddies. Do your due diligence and follow this guy....he's right on the money-----no pun intended.
and how fast it comes! starting at 45 here.
It's important to look young. Color your gray hair. Update your clothes, get your wrinkles filled in. Wear contacts instead of glasses. Don't talk about doctors and aches and pains. Be bubbly and energetic. This will be an asset to staying relevant and active and hireable!
grey hair is in vogue. Be yourself
Fake it till you make it, if you don't it's OK to simply give up and take it.😢
And guys always remember your health is your wealth take care of yourself I’ve seen 80yrs old Stroger than a lot of 35yrs old 😳🔥
Great
That's right. My parents are 70 and 75 and they're in better shape than a lot of younger people.
@dachicagoan That's right. healthier lifestyles. My grandpa lived to be 91 and in his 80s, he was still gardening.
Dean Cole If you're referring to John H Stroger jr., he only lived to be 78. Still not bad though.
I'm 60 I'm 60 catching up to you
Good stuff. It's TRUE, it's ok to be old now days. Lots of good work available today. Nobody should be broke. Awesome video.
Agreed, thank you!
1. Stop living to retire. 2. Stop living to retire. 3. Stop living to retire. For men, retirement is the time they spend waiting to die.
When I was young I thought how great it must be to retire. Now at 66 I have no thought of retiring! I work part time . 20 to 30 hrs a week, have time to do the things I enjoy and get satisfaction from working. The thought of waking up and having nothing useful to do is soul destroying!
@@kerryfoster1 I hear you! I was just laid off and the first three months, I was so busy with personal things, I needed to do and complete. I still need 16 more years of investing so I will make my money work for me. I want to travel more and see other states before looking for a new job. The freedom is refreshing as well.
tangobayus my take on retirement is that when one retires from work and starts to live
Best advice ever,you have to live now,,,,
Great advice
many older people are going to be poor with or without work mainly due to low wages high cost of living
Due to the system that shafts you ! Work till death great .
I live in a nice part of town and am doing well on my plan. I'm amazed at the number of extremely high-end cars I see every morning in traffic. I can't imagine their plan is working well.
I imagine 99% of people driving nice cars would not be able to retire today, which is a shame
Excellent advice! Lost my wife to breast cancer $$$$$. Trying to survive at 59.
Thanks for sharing John, hope your luck improves man, best wishes
Bless you.💋
sorry to read about your loss I hope you have some friends to cheer you up
sorry for your loss. i hope you get better financially soon.
So sorry about your wife. God bless you, and good luck in your future.
I've been travelling around the world since I left school at 17 in '77. I've lived and worked in 10 countries and visited 34. Just turned 60 and still going strong. There's no pension in it, and I don't care. There'll be a bridge to cross at some stage in the future, of course, but my motto has always been "Live before you die."
Weird.
My cousin past away from cancer when she was 12. Never got the chance to work. However, taught me the greatest lesson on her death bed. Mom She said: can you make sure the boys have toys to play with? She was selfless even in the face of death. Start with being grateful with what you have and then give away what you don't need. Your only broke as your spirit, you are not granted forever here on earth, so start investing time with people who will love on you and point you in the right direction. Look at money as a blessing opposed to an entitlement. Your attitude towards it will determine your dispersing of it properly. Invest in others future, not your own, and you will see more money coming your way. We receive what we give. If your attitude is a selfish one, you always will remain broke, however if you are grateful and giving of your time, spirit, energy and money, you always will be rich.
I'm only 23, but watched the videos regardless. Loved it.
You'll be a millionaire by 40 😏
Same
Broke at 50, what a lucky guy! Many people are broke at 25 and stay that way until they die.
I like it when you said " don't even listen to my advice" very brave and gentle of you
It's true, no one knows their situation better than themselves
I'm a 56 year old "OTR Trucker", Never married, no kids, saved a lot of money all my life. Never bought big ticket items, Because I lived in my truck and hotels and motels for tax write-offs. I also won a scratch ticket for 1k a week for twenty years which I still have 9 more years to collect on. So my overall income is 100+ a year net. When I die I will leave everything to the animal humane society. Because the only love I've ever seen in my life was from the 3 🐕's I have known. Women never gave me a second glance because I'm not attractive. I grew out of the thought of needing a woman in my life around 45 years of age. I've met a lot of men who tell me I'm lucky but I also feel the same way around. Enough said
same with me..... divorced... now live a Happy Life on my own. Plenty of "Men Toys"..... a expensive Exotic Classic Car..... and so on... when I die... I´ll leave all my belongings and Money to a Shelter for Parrots. They deserve it.... NOT a Woman!
Amen bro. I find I need the affection of a woman. Because of that, I have suffered through over 4 relationships, 3 marriages, 2 loss of homes, 4 loss of jobs, twice having to live with family. Yes. Having women in your life has a price. Maybe, some day, I will be lucky and find the right woman. Who knows? If that happens, it will be like winning that $1K a week for life.
How do I maximize my savings at motels etc while driving? Not big on sleeping in trucks,but how much did you save in tax writeoffs?
It's not "men are bad or "women are bad". Everyone can be burnt. You learn and grow.
This is so sad but, I get it. Some women feel the same way. Just sayin....
This information is useful no matter what age you are. Great video Andrei 👍👍
Thank you! My parents are in a very similar situation as the person who emailed me so I felt like I was addressing my parents
Andrei. Its interesting that you use caregiving as a side hustle. Caregiving is my main gig and I bould custom guitars as a side hustle. The guitar thing as a break even business so far but my skills are improving so I hope to make that more successful so I can flip this situation. I used to live in Vegas too.
Telling somebody to "get a job" isn't that easy to get a job, especially if you're 50 years or older.
Billy Cowan true. Still he needs a jobb 😂
Definitely not easy, but I don't think I said to "get a job" :P
That's how I lost everything. My company fired a bunch of us in 2008, just as the recession hit. I was over 50 and couldn't find a job anywhere.
Right now, there are jobs everywhere! I said, jobs everywhere, not six figure jobs with pensions and company vehicles. A person might have to get over himself or herself, and "Get a job!" at a burger joint or something for a while. Get a job.
At 50 years of age, I went to one of the large trucking companies that also trained and got my CDL, commercial driver's license. My first trainer in the truck was 70! I'm about to turn 65 and I'm still driving. There are ALWAYS trucking jobs out there, if you can handle it!
Well he sounds like he is doing way better off than a lot of people!
U my favorite youtuber, coz u actually help some of us
Here in Australia we have a system called Superannuation every job you get your employer has to pay there own money into there employees retirement fund no matter what job you go into and or have its compulsory
Yeah...we have a similar program called social security. The government takes out a certain amount of your paycheck and they also take a certain amount from your employer. But that only ends up equating to about 25-40% of your income depending on when you choose to start taking distributions in retirement
Don’t worry the government will soon get there hands on your super.
Natalie Luders So does USA it's called social security. Another failed government Ponzi scheme.
@@GotoHere I often see comments like yours and wonder what in the world it's based on or measured against. The poverty rate for elderly Americans was over 40% before social security. Since the implementation of social security it's below 9%. Also using the rhetoric of a calling it a ponzi scheme is laughable and shows a fundamental ignorance of how the system works.
@@GotoHere isnt that called a 401k or somthing you have to nominate your own income into it?
I’m a Sydney Uber driver with near 9k trips meeting an eclectic array of individuals from all parts of society from the working to professional classes. and I can assure you the majority of these folk are living on a near week to week existence.
how do you know they are living paycheck to paycheck?
cut costs when u said ur patreon maaaaan u are a legend no cap this is the reason why i subbed
I shop for car insurance every renewal period. Saved $500 this year 😄
Cutting extra expenses is good. You left out investing in your long term health, like eating well (nutrition) and getting enough sleep. I recommend for people who can't take care of basic necessities to not have children. Not having to work your last ten years of life is called retirement. Working at this time to stay focused is a different type of work, more like good exercise. Oh, and, for those who tell you that you need to take on debt to get ahead need to be turned off like TV commercials.
If people want healthy food there is a price to pay. It is always more expensive . Most poor people eat the cheaper foods because that is all they can afford. AND that food is generally less healthy. Veges are ok but who wants to live on veges all their lives. Latest reports say that vegans are suffering because there is not enough protein in their diets.
I would add that we need to invest in our future and built from scratch
if we take in consideration that the entire scientific community has been warning us for more than 40 years while companies and gov knew and spread propaganda.
Now we know, we've destroy the ecosystem of an entire planet in a century.
A financial crash is imminent.
And top it all, all those variables could lead to global collapse and (more) wars.
The best thig to do would be to find other poeple, get together, buy some land with water and seeds, be self sufficient and stay away from that mess.
If war breack (we're 2 min from midnight on the doomsday clock) get to a safety zone, depending on the continent you live in it will vary. South argentina, iceland, new zealand, switzerland... or some remote island (but with enough ground over the sea as the sea will rise, and away from the extreme heat / cold variations we'll get.
Best of luck to everyone
get together, form a different type of society
dan c , so basically we should cut our enjoyment while certain others get to live the easy good life . i dont believe that is fair . we need to take a stand and force the wealthy to share .
If less is more, than the wealthy are impoverished. The western consumption model does not export to the masses. When the proverbial SHTF, a few wealthy continue business as usual. It's different for others.
I've found than canned food can be inexpensive, low salt and sugar and it remains nutritious for a long time without frig or freezer. Put it in your lunch box or take it on a trip. For yummy, home cooked food get a pot of beans, greens and veggies going.
You certainly provide a solid, sound and good advise...At 50, time is not at our side and cannot afford to take higher risk investment portfolios...As usual your video definitely ain't boring and really entertaining to watch...Great sense of humour too...
Avoid Starbucks like the plague. It amazes me how some people lack even basic kitchen skills. They can’t even boil water. I can afford to eat out more often but I actually prefer cooking my own meals.
And it tastes so much better ...🤣
Yt Yt, what is what are you saying has anything to do with being broke?
It's not really that expensive. Just a lot of un informed people. Win stars and get free food and drinks all the time. Cut's the price in half which makes it no more than other fast food joints.
David Draguta uh. How much do you think it costs to eat in restaurants versus cooking your own meals?
Yt Yt, that is not the point, one can't blame eating out, a beer/wine, cigarettes for being broke!! Where are the standards? Where will the line stop?… Basic of live should be: 1. Having a apartment (never roommate) 2. Having decent furniture in your apartment ( never secondhand) 3. Having a dentist for proper care. 4. Having good outfits and shoes. 5. Haircuts on regular bases is a must. 6. Having a decent car. 7. One vacantion a year minimum… etc!
When a person work… that should be minimum standard!!
i am 56 been broke my whole life lol
For REAL...dude makes 50k a year, that's 4166$ per month! I don't know about you, but if i got paid that much, I would think I was FILTHY STINKING RICH!!! "New car, Caviar, four star day dream..I think I'll buy me a football team" Pink Floyd- Money
@@samanthaanne246 After taxes and healthcare you end up with only about $28000/year. Then factor in living in a major city and cost of living is crazy. Rent can take half your money. So that's $14000/year. And if you have children or debt of any kind... if you eat most days, etc. you are basically living check to check with no savings. It's not as much as you imagine.
Ya, yer fucked. Save 10 grand and bet on football. College be back in 2022. Im actually serious.
Don't feel like the Lone Ranger !!!
Lol
You’ll be Ok there are bridges that you can live there for free
Excellent. Love what you had to say, your energy, the production, music....👏👏👏
Good info I feel better now I plan to retire at 50! I'm 45 now land is paid off and starting to build my off grid home.
dont retire at 50...you die from boredom and lack of purpose.
@@abrahamlincoln3190 how do you know what he has got planned!!
@@ralphcooper6985 Travel is fun for a while...so is resting and playing golf, or whatever. After a few years though...thats when it gets rough for many
@@abrahamlincoln3190 I respect the opinion and know exactly what you are saying. I am reaching my goal's but never had planned on having a daughter pretty sure we are going to be very busy for a long time. Have a great weekend and enjoy!
@@ralphcooper6985 oh...new daughter...I see
Look. It's gonna be tough! But with 50K per year we can be saving up to 50% (your gonna have to). The stocks you pick will be bluechip dividend earners until the next recession hits then switch to growth stocks for about 10 years then switch back to a more conservative portfolio. Side hustle the hell out your spare time. Then about 65 you'll have some options possibly. Cool video. 👏
The idea of having children (planned) and keeping them (unplanned) is such a touchy topic. I think to each your own but in addition to raising respectful and independent kids, my goal prior to having kids was to ensure they do not go into adulthood with debt. I don't consider this spoiling them and I would not have had children if I couldn't achieve that goal. That just seems cruel to me but again, everyone has different reasons for having kids (or keeping unplanned ones) and that's "fine". After saying that, if you're further along in age, you must absolutely look after your retirement goals before your children's goals - they will have the rest of their lives to figure things out including student loans. Regardless how people get to broke and 50, Andrei's tips are solid, practical, and realistic. You can achieve it if you put your mind and effort into it. The best time to start was yesterday... the next best time to start is today. Good luck to the person who sent in the email.
I saved ever since I started working at 15 years old. I died at 30. I never enjoyed life. Now someone else is enjoying my money.
Heith Watkins how did you comment this then
Try 51 no 410k but don't care about the government plan. I learned who to trade in the financial markets. Next 6 month I should $$$$ . The retirement plans is highway robby. People never talk about the taxes and fees at the end
Very good advice. Especially the HSA. I call it the Super IRA. I would however recommend more emergency funds. At least 3 months of expenses.
This guy's got energy-it's contagious. moreover the thumb nail "broke at 50" caught my attention. My brother is 52 and broke-but is trying to turn it around. Man you don't know how much of the public is in this situation. Great video-good content. Keep the fire burning man.
“Living in a van down by the river....” RIP C F
And eating free government cheese....lol
@Capt Fathom l live in Australia too 😁👍
@@atmako1 ha ha
Just a word of advice. If you drive for UBER or door dash or any other driving job make sure you have insurance for that. Regular car insurance may not cover you in an accident while working for them. My daughter in law found out the hard way when an illegal parasite hit her and totaled her car.
It's harder when you start later, but it can definitely be done. I am one of those people who cashed out a large poriton of my 401k in 2008 when I was 40. I've put most of it back now by living frugally and learning to supplement my retirement plan with dividend stocks and I now have decent cash savings. It can be done, but it takes a lot of dedication.
Agreed, it only gets tougher the older we get. Responsibilities! Good job for getting things in order!
This is why I love you bro, such a helpful lad
Haha, I don't hear that word a lot. Lad is like....the british version of bro sort of right? 😅
@@AndreiJikh I think so 😂 I mean, I'm Australian but my British mates say it to me 😇
@@aaronramsden1657 that makes sense! Thanks for clarifying, now I know haha
All good advice. I am already retired and living on my pension . Former NJ teacher. Am moving to Ohio where my daughters are, and thankfully the cost of living there is less than in NJ.
I also eat 1 or 2 meals a day (intermittent fasting) and that helps keep the food costs down. I feel great too in all aspects.
The only trouble I have is debt I created while working. I am paying that down, and once I sell I can pay it all down and then move. Meanwhile I am sitting tight trying to survive in a state where taxes are high and everything is expensive.