Starting Over After 50 | When Things Don't Go As Planned
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- Опубликовано: 13 сен 2024
- Today we share about starting over after 50, when things don't go as planned.
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We went from having everything set in retirement to having to start over at 50. We will share some thoughts as well as some mental shifts you can make to get you to where you want to be.
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When I think back, it seems like I start over every decade, but I call it my “reinvention”. I got serious about my career and moved to a big city when I was 30, became a corporate expat when I was 40, left my company to travel the world when I was 50, and launched my own business when I was 60. I even named my company “Renovo” which is Latin for “to restore, renew or revive”. Now age 64, I’ll keep growing my business but I’m already planning a big change for my 70s…you were spot on with your suggestions!
Whenever I talk about going full-time nomad, I can see people’s heads implode. Truth is, nomad life is going to be much less expensive for me than being stationary. 2 years to launch - debt-free, writing KDP books, launching my YT very soon. Can’t wait for the next chapter!
Go for it! We moved to Europe about 18 months ago. Life has never been better for us. JP Porto
You are so right! We are 66 and 64. We have lost everything twice because of medical emergencies. We rebuilt and live in a waterfront home now. The hubs is 48 days from retirement. I find your videos so inspirational. Thank you.
Thank you!
Retired at 55 YO. Things that I thought would work out to support us didn't. Went back to work for a year after 2 years on the road. That was not the worst case scenario since we had multiple options. I don't regret my short term failed retirement. The future is still very bright.
"Early etirement" is not right for everyone because it takes a mindset shift in our society to do so. Like for me, I actually just crossed my 7th year 🎉 of leaving big Corp in my 40's, totally loving not working for the man.
@@FIRED13 We are going to get back out there living the best life (probably next spring). Until then, we need to pray for a weekly paycheck from the man (not really desperate but filling gaps). Not concerned at all. This was a small set back in a big beautiful tomorrow. Enjoy everything the world has to offer. I hope to meet you on the trails of distant shores.
Cancer took over our life in 2022 when my partner went through a year of heavy chemo and treatment, then a year of recovery. While she still lives with cancer, those two years threw us for a complete loop. As did Hurricane Fiona which took the roof off of our house. Have really had to rejig and take a turn. We are in financial and emotional recovery and taking risks and making changes. Fun times for me as I re-qualified as a lifeguard at 63 and am now working a few hours a week. While my wife dedicates her time to gardening and pickleball. We took a turn at 60 and we can see a calmer, clearer way forward. Thanks for the video this week!
Here’s a side hustle! Take the income tax class at H & R Block-it costs $160. Start doing taxes on the side during tax season. You can do every tax return remotely-eventually. You can’t be out of the country now, but someday. There are other companies that might do that. It is a great seasonal and retirement job.
Yes, great video~! Personally enjoying the RUclips After 40 Community. 😍 Ciao, Carol Amato
Yay, thank you!
Being in de-clutter mode to get everything gone helps a lot in the "stop buying stuff" part.
This is so helpful. In addition to your upfront and crystal clear income and expenses videos, this enhances and takes to the next level what we have in store and to be thinking of for this next adventure. Thank you!
Glad it was helpful!
You guys are a treasure trove of info. Much needed - Thank you for sharing!
Thus is exactly what I needed to hear. Thank you from the bottom of my heart.
You are so welcome
Debt free is key! Robert in NYC
You've got it!
❤ from Victoria British Columbia.
Thanks so much for your efforts and support, helping us all out.
😊
Thanks!
Good advice even for folks under 50.
You’re right, fear is the problem. Bit of homework to do.
Love your philosophy & what an excellent communicators you are.
Thanks!
Great advice. So true that you shouldn't listen to people who have never done what you are going to do...what could they really know about it? Otherwise, you'll come to the conclusion that traveling the world is a terrible idea and that there are so many things to fear out there. And, consequently, you will miss out on an absolutely amazing life. Fortunately, most people were supportive of my decision to travel full-time, even if they didn't really understand it. They've come to realize, as I have, that this is the type of life that suits me. I've never been happier and can't imagine living any other way. Thank you for all of your advice. It really does help to have the knowledge and insight of others who live the way you do and understand how it is. Keep inspiring!
You're absolutely correct! My wife and I are 18 months into retirement (66/63). I had a previous unsuccessful attempt with RUclips (my fault), because I was unprepared, and didn't know what I was doing. This time will be different. I'll be taking your course in a few weeks, and this time I look forward to approaching this the right way. Thanks for the encouragement.
Awesome excited to see your content!
Thanks for the information! So many good suggestions for us to follow. Teaching people to fish!
Thanks!
Excellent points! There is hope. So thankful that I found you guys and your RUclips over 40 course. It feels good to be doing something I’m passionate about and creating a life that I really want at 48!
So happy you are enjoying the content!
Agreed w/ everything you said except your position on debt. There is good debt and bad debt. Bad debt is consumer debt. I suspect that is what you were primarily focused on. However, there is also good debt. Good debt is debt that puts more money into your pocket than it takes out. For example, you invest in rental real estate (residential or commercial) and take out a loan on the property. You could own a property bringing in $10,000 per month w/ a mortgage of $5000 per month. Thus, you have a net passive income of $5000 per month. If you want to invest in residential real estate and want to travel the world you may need to hire a property manager. If you invest in commercial real estate, depending on the type and size, you likely can manage it yourself remotely while traveling.
Don't be afraid to change and don't let fear to get to you ! Notice how fear is in the first page of a politicians playbook. ? They know that fear goes to the basic survival feeling that you have. Go for it !
We have some Oregon Trail fans 😃. Great topic. I am looking to do the same in less than 2 1/2 years. All these points resonate. Thank you!
Yes, we played that as kids!
My trick to getting rid of all my "self-care" products is to bathe, shampoo and teeth brush with baking soda. So now I just travel extremely light (within the 7kg allowable carry-on) with just the toothbrush and shaver. Baking soda, I buy at destination. Have saved ton$ and my health this way for over a decade now.
Thank you
60 shirts and 7 lotions. So true
Don't think for one minute that other people has it better off than you do ! Chances are that they are up to their eyeball in debt and struggling to make the monthly payments on a lot of debt ! That nice BMW that they drive - chances are that it is on a lease for $600.00/ month !
So true. 👍
What do you do for a “home base” -like a place where important documents (IRS letters, passports) and some storage?
Have you ever thought of living on a cruise ship? Like villa vie?
Can you talk about your travel chanell and tax’s and deductions
How do I start an online tutoring service? Do you mean to work with a tutoring company or how do I go solo?
Make sure you become an investor and don’t fall into the trap of being a speculator. Investing is a longer term horizon. No one can game the market successfully except over short bursts. If you want to do that type of gambling consider moving to Vegas instead.
Is your YT income only taxed within the U.S.? Seems on a technical basis you would be subject to taxation based on your location.
What do you think about American passport holders having to get fingerprinted, traced and registered before visiting Europe starting in November 2024?
Is it possible to achieve this lifestyle without spending so much time in Asia? Can you make it work living mostly in the US?
Possibly, they average about $1400 for rent, add in misc. of 600-800 so if you can do it for about 2k a month, then it’s doable. You may have to go a little remote or out in the boonie but, it’s doable. Try it in different states and start a yt channel :)
Sure yes, lots of people are doing it in less expensive states.
I purchased the youtube course but now cannot access it. I've tried with my VPN on and off and Chrome and Edge. What do I do? Thanks,
If you go to this link you can reset your password to get back in: groundedlife.thinkific.com/courses/youtube-after-40
@@GroundedLifeRetirementTravel That worked! Thanks for the quick reply!
Thanks for this info and your inspiration! Question - can you receive Social Security payments while living abroad? That may be a source of income that is hard to give up.
Yes you can.
I heard you would have to come back to the US every 6 mos?
All you need is a bank account in the US. Social Security is strictly direct deposited now. No more checks in the mail system.
@@CaMT888 You can definitely receive SS while abroad, and although Mexico requires you to leave the country every 6 months if you’re on a tourist visa, the US doesn’t require you to come back.
@@lindadills5523 oh, nice! Thanks for the info
I see hotel point needs increased in Asia. How will you handle that?
How much of an increase?
From 6 K to 14 K.
@@michelleulishney9524 wow, that is a big increase, where about is this? Hopefully, not everywhere. It’s very possible, they can afford the new change, they are only spending about 1/3 of income so the change is absorbable. Perhaps not the same for us.
I looked at all of the hotels in Malaysia.
We are not noticing any meaningful changes. Hyatt has not changed at all, and we don't see any significant changes on IHG either. Prices do fluctuate but they certainly haven't drastically gone up across the board. We have our eye on the 11/11 sale coming up.