How to Go From Broke at 50 to Retired at 60!
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- Опубликовано: 9 июл 2024
- Episode #484 (ENCORE OF #422)
Ho ho ho! We hope you had a holly, jolly, frugal, and festive holiday season. With the BiggerPockets elves off tinkering to make even greater shows for next year, we bring you one of our FAVORITE episodes for an encore! In this show, you'll hear about two VERY late starters who were able to reach retirement right on time!
If you think it's too late to retire, think again!
______
Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have a negative net worth later in life? If you feel it’s too late to retire, today’s guests are here to prove you wrong. After waking up at fifty with zero dollars to her name, Becky Heptig faced a dilemma-make a change or work for the rest of her days. So Becky and her husband, almost overnight, flipped their lifestyle around and started saving and investing everything they could. Now, she’s retired as a millionaire with complete financial flexibility.
Bill Yount wasn’t just worth zero dollars; he had a negative net worth at fifty. Even with a high-paying job, new cars, and a nice house, Bill was miles away from retirement but took the same path as Becky as he aggressively saved and started planning for retirement. Just a few years out from retirement, Bill has millions stashed away, a luxury lifestyle that his investments support, and a boat-sized amount of cash in his bank account.
If you think it’s TOO late to retire, you’re wrong. Becky and Bill prove in today’s episode that even if you’re starting late, with NOTHING to your name, retirement is only a decade (or a few years) away. You’ll hear EXACTLY how they retired early when starting from zero, the “wake-up call” late starters MUST have, and what you can do TODAY to get your retirement planning on track!
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00:00 Intro
00:53 Worth $0 at 50 Years Old
11:16 Retired Thanks to Ramsey!
16:10 A Negative Net Worth
21:31 Millionaire After MANY Mistakes
29:06 The Late Starter "Wake Up Call"
37:24 Is It Ever TOO Late to Retire?
41:16 What to Do NOW
44:33 Catch Up to FI!
45:24 You CAN Retire
I retired at 56 broke and $11k in cc debt.
I woke up and moved from CA to TX.
Got a little delivery job for 3yrs. Paid off my debt and saved up $28k. Bought a small home for $23k cash. Now I have no debt. No payments. I have $50k in savings. And $49k pension. Doing great
Wow! Now this is what I call an inspirational story. Happy for you!
@@FG-yl3oj
Thx. Yes I cant believe it.
My net worth is still way poor compared to the ave 62y old. But I feel like I won the lotto compared to 7yrs ago
@PInk77W1 You have a roof over your head, you are debt free and you have income coming in. I'd say you are doing great. Don't compare yourself to the average. No such thing. Alot of folks out here making a whole bunch of money but they are in debt up to their eyeballs. One unexpected job loss and the house of cards falls. All the best. 👍
23k or 230k?
@@chellybabyme
$23k. My town is 4000 people
Half the homes are either abandoned or
Burned down. It’s very depressed here
"How to Go From Broke at 50 to Retired at 60!" - Start with $700,000.....
Right?
Exactly, rich people problems. Show the real people, those of us who are working close to minimum wage jobs with no savings, and that are 50+ years old. Single without that second income.
talk about rubbing our noses in the dirt I dont make that, kind of $$
That what I was thinking. If I had 700K I'd have no worries to start with.
1000%. I’m so tired of stories like this. I want to hear the story of someone making $68,000 a year, with no house, battling inflation and trying to set themselves up for retirement. That’s far more real world then this
$200k annual income is almost 3 times the median household income. That makes it a lot of easier to have disposable income to invest.
This video is bs as all these interviews are from top 1% earners getting rich. I would be rich too if I earned 6 figures or more a year.
@@chriss4365Exactly, this is not “broke” to retirement. Of course you can save living frugally on $200K with kids grown up.
To be fair, this is not the fault of the interviewees, it’s just their story. It’s the click bait title.
@@wonmoreminute right. This wasn’t the helpful inspiring video I thought it was going to be.
but they got there becuase they started late you could actaully get there very easy if you start at 18 and put money in an roth ira for 40 year you have more than they do and can do it without having to do it in a shorter span of time. obvioulsy the more you have the easier.@@chriss4365
When I was about 60 I found Dave Ramsey. But I wasn't 'all in' and never understood how to built wealth. Now I'm 70. I purchased my home 6 years ago with a mortgage that was higher than 42% of my income. Big mistake! I had no debt before I purchased the house. Once I realized I was living pay check to pay check and had acquired debt again, I went back to Dave Ramsey's advise. For the first time in a very long while I am optimistic. I'm marrying my 72 year old fiance. Neither one of us have much but together we will build the wealth we need to see us through the years ahead.
Found Dave Ramsey at 57 about 3 yrs ago. We gradually transitioned into his baby steps. We’re not done yet but we aren’t living Pat check to pay check anymore 😊
What did you do with the house? Did you sell it and buy a smaller one or did you become renters?
Hi! This My 2nd time watching this video, is he referring to a book called memory Dividends?
where you able to get a mortgage?
We need details please?
I'm sorry but I do not feel like Bill's story is relatable at all. They had $700k and a very high household income. It doesn't take a stroke of genius to downsize, adjust your spending and save ALOT when you are both physicians and your kids college is paid for. Bill was NOT facing "tough times and his story is NOT repeatable by the majority of people. Becky's story is much more common and relatable.
thanks for saving me the time of listening lol
It may not be a relatable story to you, but it can be for thousands of medical professionals who are leaving the field (or *naliving themselves) when we already have medical desserts in the US.
This is a reality for many, many medical professionals and it’s so good for him to get his story out there and inspire them. He addresses burn out, lifestyle creep, and predatory “advisors”.
This was actually terrifying. The economic collapse of 2008 destroyed us-I had a 6 figure job ,a newborn,my teacher husband stayed home to care for her, we bought a house…things were great…then within a year I lost my job and we had to short sell our house. We’ve *never* recovered. Tried opening several businesses, husband even got job at a grocery store. At 47 & 55, we are poor and have zero savings (and a 16 yr old daughter). I’d love to hear stories about how ppl like us dig out of the hole of “New American Poverty”. 😢
Just curious why he didn’t go back to teaching. Teachers make an average of 100k in my area.
@@NicE-jq3wv..where are you?
Teachers DO NOT MAKE 100k year and I’m in California
@@LivingAlignedLMTTeachers can make $100k a year. Look at Dallas ISD in Texas. Public schools are recruited to show their spending which includes teacher salaries. Experienced teachers (my close friend is one) do make a higher salary.
@@LivingAlignedLMTThey do in NY/NJ at the top of the scale. Cost of living is high though. It could be done. I have a small home that I own, with a son and 1 income.
How about inspiring us about people with less than $100K annually that actually make it in ten years? These two guests are elitists: a doctor and a psychologist with dual salaries who can easily generate over 250K annually. If their combine salaries are over 250K, it is easy-peasy. Psychologists charge at least $200/hour and a doctor has a minimal salary of 200K/annually. This type of show will enable viewers into depression instead of inspiration since the average RUclips viewers don't have a salary over 100K and they don't have a dual income of $250,000 or more. With that generous salary, I can easily accelerate and achieve my retirement in four years or less single-handedly.
Amen
Exactly! Elitist is absolutely correct! Even the language he uses. “Memory dividend”, “geographic arbitrage” what the heck does that even mean? $700 k in investable assets, how is this guy relevant to anyone on here? This dude just loves hearing himself talk. Try to just survive on a $75 k salary.
Great comment saved me from watching it
They wasted a lifetime of good pay. They will be broker than the person making 50-75k a year within 5 years of retirement because spending habits are hard to change.
Right I wanna see someone who makes 30-40k a year make it. Lol
This two cases are not people that are lacking income, but missmanaging their income. A person that makes a little over minimum wage (about $19.00/ hr) can not achieve this goal.
Agree 100 percent. I make, 35k per year. Sold m y house and used the 50k of equity to buy a condo cash in a 55 a d over community. I'm 60 now and budget carefully. I may never be a millionaire but I will be ok.
“Why do you think people don’t believe that FI isn’t possible?”
… maybe because these kinds of examples are completely unattainable for average Americans. Both guests had more than $200,000 incomes.
very easiily max roth ira for 25 ish years you have 1mil in the accounts they made enough they should have 10's of mills but they dont
where is minimum wage $19?
@@Maevelikeschampagne Excellent question.
Some of you people are completely missing the point. It's not about how much money you make; it's about how you manage the money in your hands. You can be broke earning 24k/yr, 50k/yr, 100k/yr or 1 mill/yr. You can be broke at any level, if you spend more than you earn. 10 cents is 10 cents; so save/invest 10 cents of every dollar you earn from your job; and 90%"of every dollar you earn above and beyond your job, and you'll change your financial status.
who can save 90% of their salary every month with all of their normal living cost. Not realistic!!
agree. I dont have a parental basement to go hideout in to stockpile small amounts of cash.@@gingernelson1693 It literally takes 90% of my income to cover necessities. I've gone to one meal a day to save money and part of that is due to the cost of health care even with private insurance and no major illness.
Thank you!!! Most comments are focused on their income and not the principle they are sharing.
Finally somebody gets it.🎉
The thing is, these stories basically require people to save $100k/year or close to it to go from $0 to millionaire in 10 years. That's not happening.
Anyone who grew up watching Little House on the Prairie got a great financial education. "Cash on the barrel" was a great lesson and when they didn't follow it, bad things usually happened. Watching that show also showed how important an emergency fund was and how unforseen events could impact your finances dramatically.
oh i watched that little house on the prairie. i loved it! i even brought the books :)
Yep…I live in the modern world, but have remained steadfast to my frontier finances. All those hours of television as a kid has paid off!
Yep and a step by step prepping lesson as well 😁 I rewatch little house every year just for my mental health 💞♥️😁
What's that mean?
Tracey - Cash on the barrel means just buy what you can afford with cash. That way, you're not going into debt.
This podcast was very inspiring. I turned 50 in 2023 and it was just something about turning 50 that made me say “I need to get it together”!!
Same!
Same with me. Inspired
40 made me feel that way but at 48 I still need to get it together 😢
Same here! I woke up after turning 50 last year.
Same here:) being fifty has been a real awakening to where I am and what’s the straightest line to where I want to be.
on the contrary, it *IS* fun to pay all your bills. 10:00. It is way better to have all your bills paid than it is to have a bunch of unpaid bills and a fancy new toy that you can't enjoy because you feel anxious all the time.
🗣💯💯💯💯💯
So, a couple with own home, stay at home Mom and temporarily unemployed Dad, due to a crisis in confidence, but obviously highly qualified, gets back into the workplace in a $70 + $130K p.a. bonus = $200K p.a. job. So basically all we need is the degree, 30 years experience in the job market, and a bit of "By golly, you can do it." when we hit a mid-life crisis due to a bout of unemployment in our 40's. Super inspiring.
I started with $0 in retirement 2017 there was nothing saved and lots of debt. I had to make some drastic changes around behaviour and mindset.
Great job! I'm working on exactly that right now.
I wish you a great present & great future , and good luck , keep your positive mindset …throughout no matter what !
Facing tough times and coming out stronger is so relatable. Thanks for sharing!
We need videos for us people that make 42,000 thousand a year ...How about us ?? That's why I subscribed 🤷🏽♀️
How about take the nuggets and adapt it to you. If your salary don’t show you to do exactly what they do. Perhaps making a change in your salary is the first step! Because you can’t do much with that salary!
Exactly. For people who earn a modest salary--especially in a single salary household don't have must expense trimming we can do. After paying the essentials, rent, utilities and food, there is little left. For the past two years, I had a second job and I put the entire thing in my retirement savings. I am going to try to do that for the next 10 years (bank second job). It is a sacrifice because I have hardly any time for anything other than work and who knows how long we have, but otherwise, I don't see how I can retire. I don't know the ss income will be there as projected. They need to remove the cap on the ss tax. They need to stop the ridiculous permanent tax breaks given to the rich and corporations, as we cannot afford to pay their share in addition to our own and it is not fair or reasonable that this fall on our children our children's children.
@@The_Red_Pill__ / Agree
This is only 1 of several hundred podcasts from Bigger Pockets Money. Check out their other podcasts and you will find that not all of the guests are in this income bracket. Many have started on much lower salaries.
Investing only $20 a week when young will be HUGE. Save what you can, even if it is a small amount. The habits will build!
This is why I became an Expat Teacher. I have now travelled to and worked in 9 countries across 6 continents, which has provided free accommodation, return flights, medical insurance and free tuition for my 2 kids. It’s the reason why I have now started to upload my experience on my channel, with hopes that I can inspire others that it’s possible to have a retirement plan with the right mindset.
SAME!!! I'm still looking for my forever home. final destination will probably be in Latin Am.somewhere.
English teacher or?
@@annacrow She is most likely an INTERNATIONAL SCHOOL teacher not an English teacher.
That's a great move
@@tmc1373I am an international school teacher. It helps me earn and save, while I slow travel the world too.
"What's in your portfolio?"
"I'm worth 1.3 million dollars"
"But what did you invest in?"
"I'm worth 1.3 million dollars"
🤷♀
TECL...you can even get MGK or VUG
I really appreciate this conversation. I felt like I started late but, now at 40, I realize I am in good standing and I am on my way.
I'm 63, no retirement savings, and I'm not scared at all, I'll keep working until I can, I'm in good health. I hear about stories like this and I can't believe that people with great incomes could find themselves broke, If I ever make it again to 50,000 a year, I'll probably be investing half of it. It's about learning to live with less and enjoy more. I still travel, and enjoy going out but I don't even think about fully retire.
WOW you sound just like me. I'm 63 also with very little savings in my retirement fund. People think I'm crazy when I tell them all this. But I live for today. Tomorrow is never promised. My goal is to enjoy life & let it flow as it may be. I live very comfortably & stress free. Thank you God!!
Wrong move. One illness, you're done. Way too much stress.
@@kathynelson8885 exactly! I chose not to worry about the unknown, but at the same time I take care of myself and practice preventive medicine. Anything can happen at any age! Most people don't understand the power we all have in our minds. I don't complain, I don't focus on what could go wrong, I live for today and I live the best way I can.
@@rona5326 why worry about something that is not even happening? stress? about what? besides, I don't believe in big pharma and traditional medicine, I take care of myself naturally, the body was designed to heal itself. ;)
@@mindfulperspective111 ...while being healthier and happier
Thank you for this! I'm 38 and have been in a constant cycle if getting broke. I've finally got my career right and earning better and have some savings. I so badly want to turn my financial life around! Gives us hope no matter what age. Thank you! 💕
Yes to you! Have fun saving and finding opportunities to invest, reduce spending and still live! Finding fun in unique ways with occasional splurges - rather than caving to spending in the moment for immediate gratification. If you up your game at a steady pace you will open up avenues in every area of your life!
These people have good educational strength they have always been able to bounce back! Alot of words, just to say don't over spend / and save.
“Why do you think people don’t believe that FI isn’t possible?”
… because videos like this show people making more than $200,000 who had saved nothing when they were 50. Hardly inspires hope for someone making 50k
70,000 is low? I wouldn't have any problem living off 70,000!
Great guest stories. I would think that an ER doctor has seen plenty of adults die unexpectedly at a very young age and never reach 62 or 65. No one thinks it will happen to them but the worst can happen to anyone quite suddenly. Prepare for the worst and pray for the best. I see too many expecting to live a long life but not sufficiently prepared for any surprises. I see people with the mindset "if I can afford the payments then it''s ok" but then I see the unthinkable happen, be it job loss or health issues, that quickly sink them financially. Sadly, too many people live in denial about how quickly their situation can change.
This is how my mother lives, puts so many things on afterpay and constantly buys things on "sale" I try to explain TO MY MOTHER if she has to put things on afterpay THAT'S NOT A DEAL, you can't afford these items and what good is buying things on sale when you don't really have the money to spend? You buy sale items then you have no money left the rest of the month, all my life she's been this way smh
As someone who is way behind, this podcast has been so encouraging !! I always tell people that I never get to retire; but now I know I can!! Thank you BiggerPockets Money for the great content!!
Try interviewing a divorced mom of 2 teen girls in high school who makes less than 40k per year
They can interview both, and have different episodes. While this specific conversation is not relatable for some people, it's still achievable for others.
Just this morning, I was listening to a podcast where the interviewee was talking about SNAP benefits and other government programs to help people get back up on their feet; which is absolutely great and really helpful. Yet, the name of the podcast was "How To Reach Financial Freedom" (or something along those lines), and I was thinking that it'd be nice to find some content geared to people making six figures who are eyeballs deep in student loan debt. That's a niche demographic. Six figures IS significantly higher than the average income, but most people with an average income don't have student loans. And six figures can range so much. Someone making 200K - 300K a year may have an easy time paying them, while someone making 100K does not (or maybe the one making 200K a year has several kids, high credit card debt, and is house poor. There are plenty of people who are high earners and really terrible at managing their finances.
While this guy with his "YOLO" boat didn't have student loan debt, his story is very inspiring and relatable to those who could potentially get to where he is in a decade.
Also, you could check out @elagustin's (Austin Williams) RUclips channel. His monthly expenses are around $2,500 a month, he makes thirty something thousand a year, and he has already reached financial independence through frugal living and investing in index funds. I find him really inspiring, too; and his advice is very practical.
I too would like to see this type of interview
ok. I' kud do that.. lol
single mom, no support. worked full time. actually did 2 jobs, almost killed me, I had a push mower & I was only one caring for home.
paid babysitters out of my earnings..
I hired to come to my home so children were in their own home, I
made their healthy food b for I went to work..Had mechanics help me find a car, I did laundry& cooked food, for trade of work on car.. Never bot clothes, except, absolute neccesity.
or anything else. went to beach for entertainment. Had beautiful environment to grow up in. sry long story.
So we are 53/54. Have no 401k. My husbands pension was frozen. Thanks Elbit
of America. He’s also a part time realtor and has sold many houses. We have One income less than 100k. We’ve busted our asses to remodel houses and flip them in the last 3 years. We’re on house number 3 and there will be more. STILL WAY behind. Old cars. House bought 20 yrs ago that’s not paid off. We made lots of money on both houses and then inflation ( thanks biden) we’ve always been thrifty and level headed. Never buying new cars and no major credit cards. No college for our kids as they are doing trades. I don’t know how people are making it!!! We have done well in my opinion and we still have no retirement, a house with lots owed. One used car that’s not paid off. Taxes ate us up on real estate. This country is on a downward spiral!! It’s all about the govt. and those that don’t see a non politician as an awesome candidate are purely ignorant. All these career politicians are looking out after themselves- not us!!!!!!! Vote for a non career politician. They’re just making things worse for us!!!!
So to get this straight? You can start late and still get comfortable, as long as youre bringing in 200k+ a year income?
Yeah. What you do if you make a little above minimum wage? Does he have a plan for the rest of us?
@@PablaMMooredon’t think so.
Maybe we can get a Groupon for medical school? I wonder if there's a shorter version of the curriculum that offers a discount.
correction you also need to have 700K in investable assets LMAO . Seriously this is so far from 99% of the worlds problems....serious rich people problems that were basically spoiled brats and still are yet they have the nerve to come on and act like this great success story LMAO SMH
Like no shit right!?😂
Not many people get the opportunity to make twice the income they were able a year prior to this doctor’s job change. This story does not relate to many of us with incomes that stay the same because there are no pay raises or jumps in salary in Corporate America today. Also, Interest rates and cost of houses are the highest since the Great depression. I’m happy for them but it’s not realistic for 80% of Americans. With that said, I would like to end this comment with a Thank you to these good Doctors who helped America with mental and physical problems during the pandemic. ❤
Rebuilding after a high conflict divorce in my late 40s.
Feelin’ your pain 💪🏼
I may be doing this in a few years at 50... Scary but I know I can do it. Good luck to you.
You can do it. Myself and my 2 siblings went through divorces in our 40s. I can personally say it inspired me to change in ways I never thought I was capable of. Prayers.
Pre-nuptial agreements next time is what I learned.
@@annoravetz5908 no woman, no kids, no cry LOL
Thank you for this! So practical & helpful. I’m inspired!
This video turned out to be inspiring and I didn't know how youtube put this on my screen. I did got a wakey call around late late 30s but didn't quiet brave to dip into investing world as I didn't quite understand it. But a friend who is willing to explain a whole lot of about the market and investing helped me. So I finally dipped my toes in investing when I was 41. Now I'm at 46 and had been glad I can turn around my desperation into better path for financial independence.
I guess almost everyone needed that curve ball and wake up call to become a better person. But most of all do not stuck in the past because life must keep going forward. I hope everyone well and God bless y'all.
Until the market crashes and all your gains for the past 6 plus years evaporate in a few days....its always the same cycle....folks invest in the market only to lose it all again
Thanks for sharing your stories . Very moving .
This is so good...Thank you for the transparency!
Thank you so much for giving me ideas, encouragement and hope today.
When listening to this kind of stories I am so happy I live in a Northern Country, where I am safe even without savings! Actually, we DO save - high taxes are a way to make people save, because the state and the municipality take some money from us every month and use it to give our children schooling for free, up to the university!
God bless the internet! I am over 55 and to be honest the internet has given me a 2nd chance at meeting my retirement goals. It takes time, but once you begin making money as an online entrepreneur the sky really is the limit. If you can get over being intimidated by technology, stop being seduced by all the "dangling carrots", stop the analysis paralysis, and stop the self-comparison distraction, then you can soar. Believe me - age is no longer the factor that it used to be. As an entrepreneur you can make in 3-4 years what someone with an MBA makes after 20 years of corporate employment.
Love this and I agree. It’s all about mindset and resourcefulness.
Really very informative . Just turned 50 and need to start making changes though it seems little daunting . I like the comment it is never too late! Thank you
Do it! It's never too late! I listen to Kate Kaden and Dave Ramsey also. Gives me inspiration and ideas. Learn as uch as you can and good luck!
That's easy to said when you have a degree, for a medium-high class person it is a completely different story than the one for the hard working class, the formula here is a changing your mentality about how to use your money, but you can NOT compare a hard 12 hour working person with a Doctor, for the hard working person will take years to achieve something, the Doctor can do it in 1 o 2 years without hassle. There is no comparison between the 2, good for them but that formula is not for everyone.
Agreed. The only recourse when you don't have a degree backed by experience, is to start a business. Then, when you can no longer work, higher people to replace your hourly work, and split the profit, or sell your business and buy whatever accomodates you with some passive income like renting out a boat or other equipment.
Flexing 😊
Step 1: Be a doctor
Step 2: Slightly moderate lifestyle
Step 3: Rich
Thanks guys
False. Life issues happen to doctors too.
@@michellecelesteNW Yes, and I have heard that water is indeed wet. Sadly I’m afraid you seem deficient in sarcastic humor and listening comprehension. Please return to your ivory tower, it’s not safe out here.
Seriously.
More like,
Step 1: Be rich.
Step 2: Don't spend all your money.
Step 3: Remain rich.
What about people who start poor? This is why I can't watch Dave Ramsey. The only way I can save money is if I don't eat, which I would do if it would get me anywhere, but it won't when houses in my area cost $1M. My $200 starvation savings won't help me.
Very helpful Thank you for sharing
This was amazing! Thank you 😊
Nice honest advise. Thank you!
A lot of people saying this wasn’t helpful because one of the guests is a doctor with big salary. I still think this is scalable and you can learn something here. I personally liked the suggestion on downsizing your home; and not falling g for so called financial advisors.
Good stuff. Thank you for sharing your story.
I just listened and wasted a hour of my life 😂🍷😉
Seeing the comments I agree that 98% of the majority of people don't have $2,000.00 in the bank. So starting with $700,000 is considered a great retirement for 98% of the world population to be honest.
I remember this episode and it's a good repeat I'm 63 years old and on disability and am a widow, and I made a lot of mistakes after my husband died so now I don't have any savings. I still believe that I can garner more security with the assets that I have which is mainly my home. I would say 50 years old is in general doable to save up for retirement, but my husband was diagnosed with cancer at the age of 42 and died at the age of 51 so you never know what's going to happen in your life and the earlier you can begin saving and investing even if it's in a whole life insurance policy, is the better way to go based on my personal experience!
Whole life insurance?? Wow
Hope he had insurance , a good term life insurance would have given you half a million for $30 a month.
If your husband had a nice fat, cheap term life policy, that would have been nice, wouldn’t it have been?
I’m single and I’m not feeling like a total failure but I have mismanaged hundreds of thousands of dollars and now I’m struggling. I have a higher paying job but I’m still overwhelmed. I’m just starting to do Dave Ramsey program.
I watched this whole episode and still don’t know any specific steps to take to be broke at 50, retire at 60. The information was very generalized for rich people. I make a small percentage of what these people did. We need specific steps for low-middle income people that actually need help!
I played catchup at 44 years old. Retired last year at 62. I have a money problem. I don't know where to spend it all.
🌺💗🌺 Give to charity.
* St. Jude's Hospital
* Disabled American Veterans.
* American Humane
* Homeless Shelters
* Salvation Army
etc...💗
😔 There are so many charitable organizations - the giving is endless.
It's always appreciated and it's tax deductible.
If you don't know where to spend it all, there are many options:
1. Open a 529 account to invest for a loved one's education.
2. Keep maxing out a roth IRA and name a loved one as a beneficiary.
3. Donate to an animal shelter.
4. Donate to any charity of your choice.
5. Call hospitals and anonymously pay other people's medical debt.
6. Set up a scholarship program.
7. Go to grocery stores in lower income neighborhoods to buy a pack of gum and pay for the groceries of the person standing in line behind you. Make that a hobby.
Your salary is?
yeah ok
Here it is, broken down. All you do is pick one of these, figure out a plan to get from point A to point B, roll up your sleeves and do the work.
1. Sell a product
2. Offer a service
3. Create content
4. Create the tools / system / platform
5. Invest in something
6. Inheritance
That's it. There is no other path to making money that is legal.
If you're a people person with the gift of gab, sell something.
If you're a people person with a desire to help, offer a service, create content, or create the service/tools/platform so they can.
If you like solo work and doing your own thing, but like helping people and solving problems, create content, create the tools, system or platform.
If you just want the money to do whatever, be nice and helpful to your parents, grandparents or relatives, or other benefactors who can set you up.
# 6 works perfectly :)
There are massive opportunities for people to make money nowadays especially online. Yeah, you have to cut through the scammy stuff but the opportunity has never been better.
In California, an ER doc can easily command over $450,000 annually. Those with income over 200K as an individual and 300K as a couple, have privy to higher yield stocks and juicy pre-IPO investment portfolios. They may even get other bonuses from a hospital depending on where they work. In California, if you have a Ph.D. as a psychologist, the rate per session is $300/hour and $200/hour if you have a master's degree. The doc had a head start because he was born with a silver spoon. The data is out there!
BUT, you have a huge income!! There is NO WAY most of us could save that much. We don't even make that much.
I’m in the middle of the slog! Did all the other phases. Can’t wait to get to the other end but 5 years of middle to go. Can’t wait
How do you invest?
I don't hear any strategies other than downsizing and cutting out the fat.
Really very informative . Just turned 50 and need to start making changes though it seems little daunting . I like the comment it is never too late!
Not sure what Mindy is talking about, some families talked about money, many probably not, but others do.
Secondly, Becky told us nothing about how she smooth to $1.3 from retirement. She didn't answer the question about what they invested in or if there was some inheritance because she mentioned they took the proceeds of her parents home and put it into her house.
And Bill's path...become a doctor...sorry Mindy, these aren't easily copied, particularly when you aren't told the specifics of their paths....need more meat on the bones to be helpful
Mindy doesn't know WTH she's talking about most of the time.
@kornheiser You are aaaaaabosolutely right! TBH, I left this saying to myself "this didn't really help (lol). She never said exactly what she did to get to 1million, and Bill is a Doctor..... not typical at all. (lol),
thanks for the comments, saved me 40 plus minutes of my time
Mindy is not even present for majority of this super unrealistic story about the two high income earning overspenders , then she just casually wakes up and chimes in with the 4% spending rule. That was comical.
The American dream has become “be in debt up to your eyeballs and die homeless on the streets”😢
More like the new American reality or nightmare
True
Good morning thanks for sharing
I agree with the comments that it's no great feat to make $200K+/year and be able to retire in 10 years. And no one was broke, either. I'd be more interested in Becky's comment re: how she and her husband live on what sounds like $1.2M in assets. I realize it's including SS, but how exactly do they do it. Otherwise this is just inspo for multi-millionaires.
These stories are all like "We were making a ton of money and just woke up one day and said, let's save $100k/year."
I read the comments first. Thank you. Y'all saved me a wasted hour. 👍😁
Same here 😊
Indeed doing away with debts can get one to financial freedom on time.
I am baffled by people blaming family and educational systems for not being taught about finance. I was not taught personal finance either but I understood the basic concept that you shouldn’t spend what you can’t pay for.
What people are really not being taught is actually delayed gratification.
not impress when you make over 100k/yr and live in the upper middle class...we need 40-60k/yr that made it happen..imo
In this podcast nothing instructional was added, only the guests' testimony that they have financial independence, not how they did it. But thank you for providing their podcast name.
Thanks for the comments, you are saving me 47:17 of wasted time
Their stories are great. What did they actually Do and invest in? What was their plan?
I like the doc's story!
Yes, please more over 45 content but for average wage earners. Thank You
The broad strokes of these stories... live under your means instead of spending it all. Get out and stay out of debt. Save 1st and invest from your 20s or whenever the light comes on. I'd add ... have an emergency fund of at least 1k. When I think of the money that I could have had growing in an interest bearing account or a low cost index fund... But starting from where you are is all you can do.
Know the difference between WANT and NEED.
watch minority mindset - he'd got excellent vid on needs versus want. 👍🏼
Come on man. This video is like asking Michael Jordan to come back to the NBA for one more season. This couple doesn't need much help to go from zero to hero.
😂 these people have no idea what they're talking about
Please share more success stories of folks starting their freedom journeys later in life!!! 🎉 😅. ❤
Out of curiosity what are the pictures of the tractors behind you on the wall from?
$17,000.00 in 1979 is worth about $71,827.58 in today's US dollars.
And exactly where does that happen compounding interest, lottery?
Nice Vid. I have a 5 yea sprint to my financial freedom. Lets' Goooo!!!!!
Might want to change the title of this video to "How to Go From Broke at 50 to Retired at 60 if Your Family Earns Multiple Hundreds of Thousands of Dollars a Year (Without Having to Sell Your Ivory Backscratcher!!!)" This is ridiculously unapplicable to 85% of people.
You do need to have a fairly good salary to start with though ... if you're only on £25-40K per annum, it would be extremely difficult to do any of this today since you'd be living pay day to pay day and most of it would be paying bills and necessary expenditure with nothing or extremely little left over. That is especially true for parents and may God help single parents.
Poor Tim, Monday should be a paid holiday day off for him Brian lol
What is the podcast and where do we find it?
The inspiration I get from this. Is if I have only 500000 it's more than I had without saving. Anything is good. Not gonna be Rich. But you just have to start. 🎉
EXACTLY
Catching up to fi is that the website you're talking about?
What’s the name of book that Bill recommend to read? Thank you!
Set for life.
I'm over 55, have a hundred bucks in the bank. The mother in law owns the house and pays for the food. The wife gets a disability check and helps pay for the food. I am both physically and mentally broken and trying to make money off my hobby. I'm trapped and lost and have 12 more years until decent retirement. Trying to run a fundraiser to advance my micro-biz that's just me. Go me!!!
First couple got lucky and used it to their advantage. The other dude had a silver spoon. Both had higher education and circumstances that totally worked for them. Do this growing up with nothing and no college education and a felony record (my own fault).
Mindset is key
How can I do it?
Don’t count on social security nor because it will go away but focus on the way you save and invest. Social security just becomes a bonus.
Will the technique work in the Canadian market?
Can you name the coach or suggest a financial advisor?
1.5mil? Are you clowning me? This sure as f' aint broke at 50!!
Get training or certifications so you can get high paying jobs. You do not need to be a doctor, which takes more than a decade of study.
you can make a change but it's hard work and a lot of discipline and think in terms of needs and not wants.
I found multiple books on Amazon called "Fit for Life." Was Bill referring to the one by Diamond & Diamond?
Set for life
These days with one financial crisis after another my wife died suddenly and so my retirement plan is to work till I die, simple as that. No vacation, always working two jobs and a side hustle, I'm an author with a pen name.
Do not plan your retirement based on social security will be there for you!!
All I can say is WOW!!! The gentleman Bill is rather an exception??? or typical "median" .....