I would really like to hear more stories of average income earners starting later. I agree with other comments that the Dr story isn’t terribly inspirational for those of us making less than $100k as single parents like myself who got divorced and in too much debt and turning 50 this year.
I agree! I have a training replay on “The New Retirement Paradigm” with examples of solutions and case studies for people who AREN’T big earners! (Link pinned in recent videos on New Retirement Paradigm and Un-Retirement.)
I started late at age 50 making less than $100k. After kids graduated and moved out, I downsized and took a govt job with a pension. Debt free was key. I'm 63 and have $750k net worth. I took on a side hustle for 2.5yrs and significantly paid down the mortgage. I'll retire at 66 with no mortgage. It can be done. Spending moratorium, pay off debt, adjust monthly costs.
Yes, I think the average household income is more like $60K/year. Unless you're gonna live in a used cargo van, and get a second job, I don't think many people are gonna put aside more than $1M in 10 years. BUT people can definitely take away some of the habits these folks are using. I have a sibling over 60, making less than $50K/year and little to nothing saved for retirement, no major assets. What are their options?
It's something like ~12% of HOUSEHOLDS make over $200K / year in the US. That's including multiple income households. I.e., this video speaks to very few people...
I started saving at 48. 12 years later I bought a 4 plex using a loan from my 403B for the downpayment and 4 months later I bought a 12 plex using a HELOC from my paid off house for the downpayment. I sold the 12 plex five years later for 1.5 mil (over market value). I am just shy of 2.4 in net worth now, most of that is in DSTs.
@@Nola1176 don’t be afraid. If you have 100,000 in your retirement fund, as long as the numbers work, you should be able to do it. I borrowed my downpayment on my 4 plex and I still have it.
You guys need to get to interview regular people with regular salaries / the ones we make less than 50 thousand a year and I guess is more than 50 % of Americans
The whole point is to get "the majority" into a higher income bracket. It's that same whiney mindset you have which keeps you average. Maybe try learning something from those who've actually broke the glass ceiling.
@@MHK956 - what did you do to get in a higher income bracket? By the way, this video didn’t talk about increasing their W-2 income, but only about how they were able to cut their spending and increase savings to reach their savings goal.
But still didn't tell us how she/they got to their millions? Did they hire a financial advisor? Did they take a loan? Did they invest in stocks? Details please
Agree, she did bugger all, stay at home mom, then stay at home daughter for 20 years. She just sounds like a moocher. Needed new cars everytime.... OK. I was interested till she said those things.
@@Sparkleon123 been there done that be really tight and disciplined and over time the small wins will snowball, i have paid a water bill a bit extra over 4 year now got an credit of $1,400 so looking at a water tank install to help offset ongoing water bills which are set to risse here so many different ways to accumulate small wins
I HAVE BEEN LOOKING FOR SOMETHING LIKE THIS!!! Turning 47, working paycheck to paycheck, zero network, poor credit and my list goes on. I'm excited to watch!!
Find someone such as a divorce woman with no house and no assets and I’m sure the story is not the same. No happy financial ending. The majority of American live paycheck to paycheck and have no savings.
I agree. A 50 SAHM who is divorcing and entering the workforce at this age and has a single income coming in will not have the same experience as someone with a dual Dr. income or the 200K salary these two examples have. If your "shovel" is smaller you may not be able to reach a savings level before traditional retirement age that allows for early retirement. If your shovel isn't big enough, it simply isn't a possiblilty for you.
Agree. They gave out the standard advice for people who already have money but only need to consolidate their gains. If it were easy to go get a well-paying w2 job, I'd be there already. For some of us it will take more creativity and possibly more risk.
Please add more information for single parents with moderate incomes ( less than 60k) who are starting later in life. It sounds like there are many of us out here and we would love some more tips. Thank u!!
Sometimes people who make a lot of money, have big bills and are not good with money. I can relate. Been there. Now I'm constantly educating my kids on finances and the importance of starting early. My parents never had one conversation with us about finances.
I was so eager to hear about how they overcame and became millionaires, but all I could hear was doctor salary, doctor salary!😭 But, thanks for sharing!
If I was making $200k I could start investing and making money too. As it is, I make around $55K a year working 2 jobs (work for non-profit and a travel agent). My mortgage takes about half my pay and I’m in debt following a divorce. I am trying to save when I can but I have absolutely no retirement. I do have a lot of equity in my home but that’s it! I don’t have a husband so no double income. I wish you’d have more realistic people on here.
It's important to realize that the woman explained that her husband received 4 bonuses a year when on a W2 job. FYI, most folks don't get even one of those, especially people like me who work for the local govt. The second guy and his wife had large, professional incomes and spent alot. So right there they had more resources than most to use for assets and investing. These podcasts really need to speak to folks who make less than 75k with kids, specifically single parents, who barely make the bills, and ask THEM how they became wealthy. I don't see any of these youtubers focusing on people later in life with little to nothing, who basically have no money to begin with, and they found a way to suddenly turn in around. After lots of research, I've found noone addressing these folks. They're either young people with some time on their side, or professionals with skills who mismanaged their funda and then wised up. I guess the rest of us late bloomers in a one income household, with kids and making less than 65k to barely make the bills are just screwed.
My daughter works at a car plant called bmw. They recoeve bonuses through out the year. I just started driving for a truck company, and they give bonuses through out the year for doing certain things.
My first W2 job was $4.25 per hour in 1988 not enough to live in America so I enlisted in the forces in 1989..retired 10 years ago. This is what I called Fire...
It is tough to be empathetic towards people who made great incomes their whole lives, never had any serious disasters (family or medical catastrophies) squandered it, and suddenly learn lessons that most of us are forced to learn in our 20's.
Be grateful that you’re learning it in your 20s. Every generation before you did not have the internet or any easy way to learn on our own. And our parents were no better.
@@LysetteOne if you have never done it, don’t start with 60! It will be too late in your life to recover from a mistake or a price drop as your time horizon is not long enough. I recommend to INVEST (not trade!!!) into Bitcoin with a weekly or monthly payment plan. But start to educate yourself about it to avoid any scams or mistake.
Yes, i agree with other comments. I was hopeful since i just turned 50 and am behind but this did not give much detail in terms of HOW they saved and in what. Only relied on their big incomes and stopped blowing through money, I guess!?!
The title wasn't quite right, but I think the main points to take away are to make financial sacrifice today for your future self. Diversify your finances by making good investments. Cut interests that you are paying and put your money into assets that are going to earn you passive income. Study money velocity and various methods for earning interests on your money rather than paying interests on your money. I don't think this video was meant to be an end-all-be-all guide. If anything, it's a reminder to start taking steps to secure financial independence (sooner rather than later), and that even if you made a lot of money, it doesn't mean you are going to be in a good position for retirement.
Just heard her say she stopped getting her nails done every week. Yeah, like I'm paying 30+ weekly to have my nails done! Wish this was on a couple that made the normal average income.
Here's a story of someone who is of average to below average pay. At 50, my total net worth including two properties - I had bought after the property crash - was maybe 150K, that's being optimistic. I had a small IRA. I was in credit card debt and switching cards for good deals. I was upside down on my main residence despite buying at the lows, the market continued down. I bought more house than I could afford, but looking back, it was a great decision. It will be my forever home. And, my mortgage is low, and cheaper than renting. My decision moment, and I knew exactly where I was when I made that decision came early one morning. I was working two jobs. The realization came when I was driving to my Crappy year round job (CYRJ) - minimum wage - which I still hold. The early morning sun was blaring in my eyes. I knew I had to make a change whatever that will take. I decided on a three year money habit change, and told myself, let's see in three years. I committed to that time frame. I was 53. I had been working a seasonal job, not great pay, but working from home. This is the job I want to keep and into financial independence and retirement. The two jobs, the CYRJ and the seasonal, support each other. The CYRJ allows me to save as much as I can from the higher paid seasonal job. The seasonal job lasts from Jan to May, and had a 401K. Some years like this year I am extended into July. The year round CYRJ has no bennies, no 401K, just straight pay. At the beginning, I contributed the minimum to the 401K in the seasonal job for the match, and gave the max to my IRA. I also established a brokerage account, which I earmark as my Outside of IRA account, another retirement account. In my 4th year, I started an HSA which I have not done any withdraws and see it as a Medical IRA account to support me into retirement. I'm in my 8th year of this money habit. (I reassess every June 30th to see if I need to extend my plan for one more year) I now saved on the las paycheck for the seasonal job - I have been extended - 60.8% of gross, not net, gross. It can be done, but with a lot of sacrifice. I need to fix up my house, and had started savings for this in my third year in conservative mutual funds. I have a 9 mos emergency fund. Am I a millionaire, now. With properties - I now rent out one of the properties - yes. Do I have a million in spendable retirement, no. I'm 42.8% from that number. Will I ever, have a million in spendable retirement, I may not need it as I get closer to full social security age. Is my life still H E double hockey sticks, yes, as I still work seven days a week. The only debt is the one mortgage, and, of course I am no longer upside down. Have I had to give myself pep talks, yes, so many times, they are countless. Yes. Mine is a more realistic story, a story of an average worker making average to below average pay.
Thank you for sharing your story, it’s truly inspiring. I work a seasonal job and they have a 401(K) that they match what you put in. I’m a single parent newly divorced and don’t have a lot of earning potential( I was the stay at home mom, raising my kids and worked support jobs but not the high earner) It’s very scary and exhausting but I need to figure it out alone. Again thanks for sharing your journey because it’s encouraging for me.
I’m sorry. I’m 59 and don’t make the “low” of $70k. I’ve raised 2 daughters on my own and only make $53k and there are NO bonuses. This isn’t inspirational. It’s depressing.
It's understandable that you're feeling depressed. I grew up in a low income household and never made more than $66K a year in any of my jobs. At the age of 58 I realized how screwed I was and that I would probably be living under a freeway overpass when I was older. I decided to change my life by giving up my secure, low paying job and went into commissioned sales. This way I could decide how much money I would like to make, not have someone decide for me. I decided to try my hand at selling cars; turns out I am pretty good at it and make great money. I also decided to get my real estate license so that I could become a part time Realtor. I got rid of my car payment by selling off my fancy car and bought an old beater with a heater. It's now two and a half years later and I am comfortable financially, Not rich, but comfortable. I leave on a cruise to Mexico in August and will be going to Australia in 2024. I also have a decent emergency fund set aside and a decent amount in my Roth IRA and 401K. Don't ever give up!
Agreed. It’s easy to catch up when you’re making these very high incomes, especially once the kids are grown and on their own. This episode is not relatable for about 90% of the population.
The big whoop is that they did it in a short time. If they started early in their 20's/ 30s, there would have been less stress and likely double the amount they ended up with.
Yeah she says starting from anywhere in her intro but clearly that's not true. If you're starting with such a high income and you're making money, then of course you're going to be in a position to become a millionaire.
I retired at 32 now 40 and debt free except for house but quickly paying off . I bought my home /homestead in 2015. I raised my 4 sons alone with no help or even contact with thier dad, now 15 to 22 and independent with youngest I homeschool. I got remarried 4 years ago and my husband is in late 40s but has successful business and loves what he does and could retire now too but probably will in next yr or 2 . My money pays all bills and everything else we need and his is fun and saving and paying extra on home (he makes over 100k and my retirement is over 70 but also have all our medical covered and other things and I also have all my kids colleges paid for though oldest just finished 1st 4 yrs in military overseas and set to retire by 38 he has saved almost all his money last 4 yrs)
Becky and Bill did not exactly start from zero compared to other people, no. But they were in deep financial binds. AND THEY GOT OUT AND MADE IT BETTER. Moral of each story is that IT CAN BE DONE. You just have to decide WHAT you want to do. How hot is the motivation to change? We all gotta start somewhere.
I've listened to these stories for a decade. It always comes down to someone getting or having a W2 job in the top 2.5%+ income range. At that point anyone with an IQ over 105 can figure the rest out.
Yeah, that is a brutal truth that is hard for people to wrap their minds around. I grew up without a lot of money so when I graduated college and got good jobs, I was buying a ton of stuff. Mainly shoes and clothes. I was born in a third world country and walked mostly barefoot up to age 8. Now at 49 with one child in college and another that is four years away, I don’t have nearly enough saved for retirement. I’m not worried because I’m in the top 2% of wage earners. My cars are paid for, I live in a moderate cost of living area of MD, and my daughter got a full scholarship to a major university. I plan on paying off my house in the next 5 or 6 years and from there, stockpile cash as if our lives depend on it because our lives literally depend on it. 😂
Totally agree so I am not impressed. Show stories who have made on their own without parent financial support. He comes from a privileged class, a male, and a doctor. My parents never paid for my college and I had to work and earn my way through college. I, too, came from a third world as well. If you are a woman and were born from a third world, then, you have more odds against you. That said, we can still overcome by changing our mindset.
This episode was inspiring and I appreciate their stories. It would have been extremely helpful to know the HOW and exactly WHAT they did to get to these states of financial wellness. What steps should we take?
Thank you for this conversation. I'm almost 55 and I just bought a house. I have a pension and a 401k, but it's nowhere near what I'll need to be comfortable. This podcast gives me hope.
Watch velocity banking to pay off credit cards and reduce the principal your mortgage, using a personal line of credit you can attach to your checking Account, put your income in and start paying off your debt.
Oh man this is so inspiring! I'm 54 and just last year started figuring out how to budget, pay down debt and maybe someday have some money ready to retire. Seems so unattainable right now but I'm powering forward. Thanks for the topic and the inspiration!
Where are the stories of single people who are making under 100k a year with children? I'm not impressed by someone who already makes a lot of money and then decides to quit spending and start saving.
Great message. Planning is key. The wild thing about both of these stories is that they both started looking good to the world from the outside, but their internal finances were a mess. It just shows even if someone makes "enough" money, budgeting is key to financial success. When I didn't make a lot, it was little monthly bills that let me get overextended to the point where one emergency threw me upside-down. It was so hard to turn it around.
As these pod casts are high income earners, they all have partners. It's not the reality for everyone so put on people in low income jobs, single income and older.
Wish they gave more details of how they started saving, like stocks , real estate , nest egg .. real numbers. time flys when u don’t save! I think if u can , accumulate 4-5 rental properties in 10 yrs , that will help your retirement or semi retire
Not helpful. They just flipped a switch and suddenly everything was OK, probably because it was essentially Ok in the first place. I need something better for people in 50s.
Thank you! I have been wanting to get into investment properties for 17 years now and I’ve never taken action! So now I am 52 years old and I’m ready to take action! Thank you for this amazing information!
Not awe inspring because they are upper middle class earners. He is a doctor and she is psychiatrist. Both of their annual income can be easily over 400K. They can be easily be a millionaire over three or four years with simple arithmetics. Of course, their velocity for building build would be easier and much shorter. They have a lot more advantages than would be those who are single parents who are under earned after stay at home and taking care of children. For example, a level I LCSW who works at a government job in the Silicon Valley can earn over 82K; for a licensed shrink, the salary is over 150K annually so of course both she and her husband have no lifestyle deprivation. Married couples also have each other to support emotionally and spiritually. Please show case of true inspiring stories of single moms or immigrants who overcome finanical obstacles.
Now this video is the best video I’ve seen yet on utube. This very informative and real down to earth people. This is so inspirational. Thank you guy for this one. All people need to really hear this.
Love the playing with fire tips. I would love to know more about how to start at 40 especially on a low income. Thank you all for sharing your experiences!
If you’re employer offers 401K and if you’re not contributing that’s where you can start. Additionally, most employers will match your contributions up to a certain amount. Many times people feel like they cannot afford to put anything in their 401K but there’s a process I’ve taught many of my coworkers. My wife and I are financially independent millionaires because of our 401Ks. There’s nothing fancy about how we did it. I’ve always felt that if I could help others I would. So, there’s a lot of different ways employers manage their 401K programs but almost always they use someone else’s services like Fidelity. My employer allows me to change my 401K contribution amounts anytime I want via an app. Some do not allow you to change that often but that’s ok. You start out with some amount, say 3% of your paycheck going into your 401K every paycheck and do so and leave it alone for 20 years. My employer will match me up to 6% at a 50%, meaning if 6% of my salary is $500 they will throw in $250. You see how much your paycheck changes, and tweak it along the way until you’re giving the annual maximum allowable by law for your age. At some point you’ll notice that even though you’re contributing you’re still taking home the same amount of money and that’s because your contributions are pre-tax, meaning the money that you contribute is done so before taxes are assessed against your paycheck. Therefore your tax rate could go down or at a minimum your taxed on less money. If you’re gross pay (before taxes) biweekly is $1500 and you contribute 1% that’s $15 so you’re taxed on $1485 instead of $1500. 2% is $30, 3% is $45 and so on, and let’s say you’re employer matches you 50% up to 6% {$45 + $27.50 = $62.50} So now you have $125 a month going into your 401K but only $90 of it came from your pay. That just at 3%. Before you tell yourself you can’t afford it you need to try and I bet you as you see your account building up you’ll figure out what you truly need and don’t need to be spending money on so that you have more to invest. Some other advice, do not panic, do not look at your account every 8 minutes either. When the market goes down just remember you’re buying your Shares at a discount! That’s what you want. The stock market fluctuates, always has, always will. When the market is down your money invested is buying more ownership in a company. Don’t make you’re investment strategy complicated. Select a mutual fund that is diversified and just stay consistent with your contributions. I like Fidelity’s FXAIX because it’s heavy in the S&P 500 (top 500 companies in U.S.) but there are numerous ways to invest on autopilot. You’re going to be fine, just get started. Good luck. PS. If you’re employer doesn’t offer 401K or you’re self employed, open your own retirement account via a reputable company (App). I do both, my current employer offers Fidelity, and I was using Fidelity already after my first retirement at age 50. You do not need to do both.
Here is a REAL challange: how about a single mother aged 47, renting and paying off debt. No partner for a second income, pre-teen children to support for at least another 10 years and no inheritance or other family to fall back on. She had to go back to uni and start a new career at almost 50 - and has just started her own business. How does she get to even trying to buy her own home, let alone try to save for retirement? What financial skills does she need and where does she go to learn them? There are MANY 40-somethings who, following a divorce are starting from the ground up, can't just go and earn 200k a year plus a partner salary. This was a nice video but not a huge challenge considering the easy starting platform example used.
This is the first time I’ve watched the podcast. Nice stories, but as many people have already said, it’s not hard to dig yourself out of a hole when you’re making 3X the median, household income, or more.
Total waste of time watching this episode. Guy makes $200,000 a year and retires with $1.3 million dollars. Gee that sounds so hard to do. Try doing that making $20/hour like most Americans.
I love to hear their stories of Becky and Bill. I'm also 50 now. I can say that I'm not financially stable and I don't have savings as well. I'm working right now as caregiver but the salary is kind a low. I want to change my mindset when it comes to financial stability.
As much as I push the investing strategies the debt elimination is the true way to live free, if you can manage to pay down and eliminate debt you suddenly have money to invest. Finance is simple when you break it down to spend less than you earn and invest on a regular basis.
I’m a primary care PA who became a PA later in life with a lot of debt. I found hope and camaraderie in this story. At first I thought what I would have given to have had that opportunity to be free of student loan debt - I would have done so much! But then I thought wow what great vulnerability to tell this story. And would I really have made different choices? I’m not so sure. I imagine it’s taken a lot of humility to share this story. And burn out in the physician world is very real so the thought about how to balance nose to the grindstone to retire faster vs part time and shorter FI was cool. I’m early in my journey but hope to connect to others in the medical world. Thanks for telling all stories!
Everybody has their own story and "bottom" where they determine a significant change has to happen no matter if there is a lack of financial education or awareness. When the wake up call comes, that's when major action and mindset shifts need to happen. To degrade peoples story is not necessary. I commend Bill & Becky for sharing their stories and their passion to help other people find their financial way forward and live in a way that's comfortable for them.
I get the burn out. I’m 60 and not quite ready to retire - financially - mentally, I am more than ready. Fortunately I will have a small pension and supplemental medical for life. I went through a divorce, during the GFC, which cost me a lot and lost my house. Today, I am remarried and own 3 homes (2 rentals) and our IRA’s are building. Had I not lost my home in the GFC, I could be retired. The plus is that if I was still married to my ex, I’d still be in debt and never savings because I’m frugal and a saver but she was a spend-a-holic.
Excited for this! I’m 55, got some inheritance a couple years ago, I’m debt free, but have also been lower income for several years. I do think I could be making more. All my inheritance is invested, though, so it is building wealth. I want to power up and learn how to achieve financial independence! 🙏
I disagree with the doctor that the income doesn’t matter. The Dr stated that together him and his wife brought in $700,000/yr. I don’t know if a median salary of an average earner is $70,000! The size of the shovel very much matters. With $700,000 most people can put away a few million dollars in less than 5 years. For someone that earns $70,000 it’s a barely achievable dream. Please interview people with a median income that doesn’t exceed $100,000 so the rest of us can see how it’s really done. It would be great if everyone earned $200,000+ annually but it’s not realistic in our capitalist society.
16:30 veeerrryyy important. You don’t need as much to retire. In my opinion you can cut back by living in lower cost areas that most working Americans can’t because of jobs that tether you to a metro area that has a high cost of living. Especially if you pay off your home early and save not crazy.
I appreciate the variety of all your guests and the differences and commonality of their stories. However, I would never take financial or medical advice from someone with Dr. Yount’s proclaimed net worth who (along with a spouse) would be ‘uncomfortable’ living on less than 175k a year in TN. This person would have a serious vice or a seriously consumer driven life. As to forcing yourself to keep working to make ‘mo money’ with a multi million net worth, when you no longer love the work, makes me sad for the good doc.
For many docs, it's a huge identity thing to stay in the field - plus, once you retire, it is nearly impossible to restart because of licensing/skill currency. Much better to cut back until he's really, really sure.
English is my second language. This is a great finance education video even I can’t understand all of it. The young host asked very nice questions like how about people who are 60! Thanks a lot! I’m going to subscribe .
Becky and Steve, America’s finest and represent the true American story. Thanks for the transparency! Happy Independence day, congrats on your rise and recovery 🇺🇸🦅
I’m the 59 year old founder of an Inventor based electronic OEM technology startup company and I’m dead broke. But not for long. At age 60 l will be the next General Electric! ⚡️
Financial planners are qualified advisors who help consumers. Be cautious of listening to professionals who are not trained in finance giving financial advice. Great recovery stories! Really awesome!!
Second thing to do maximize your 401(k) contributions. If you’re over 50 and in your 40s, your mindset should be towards saving every dollar you can pay yourself first.
Shouldn't be saving dollars , should be saving as much per Month as possible and buying crypto or something deflationary not the dollar which Lost 20% of value in 6 months and more countries are dropping the US dollar . Get that into your head or You Will be broke despite how much useless paper US dollars You sabe .
Thank you team for deep insights and having wonderful guests on your podcasts. Dr Bill thank you for opening up. I served in public healthcare 17 years of prime time from 29 to 46 of my life, serving thousands of patients. Lived paycheck to paycheck bringing up family of two kids and paying expensive school fees from primary to high (with no education benefits where I live). I quit my job amidst pandemic 😅regret that decision later, planning of opening own health care clinic(used up all my savings setting up eye clinic). That is true we were never taught FI anywhere from school, college or med school. At 48 now I’m looking for every clue to FI. I will watch Catching up to FI definitely. Thank you for sharing your insecurity and vulnerability .. it’s comforting to know 😂 I’m not alone. And I can achieve FI even at my age. Fingers crossed 🤞 despite I’m a late starter 😀 Subscribed your channel 🎉 and many yours videos on my list to watch. Hurray to team for sharing and spreading self awareness and knowledge with us. ❤🙏🏼 🔥
Excellent Interviews! I'd like to commend your Guests and their Spouses for holding their marriages together and 'waking' up to the situation TOGETHER to be able to swivel and turn things around! So many marriages fall apart under financial stresses and both people (and their kids) all end up in the poor house! My parents were both children of the Depression but managed to piece together a comfortable life (mid-upper middle class) for themselves. In doing so, they taught my sister and I NOTHING about money or how they had navigated their finances! The neighborhood I grew up in was filled with families who were super diligent about financial literacy for their children but I think it was because they were 3rd and 4th generation 'money' whereas, my parents were 1st gen and didn't realize the importance of passing on their knowledge to us kids.
I lost my house in 2013. I did a short sale my house it was upside down. The bank backed out of the deal and I got foreclosed on. So I rented and started looking for cheap houses. I bought a house for 10k in a small town outside of Gainesville Fl. I was an RN and worked part time and my husband worked full time on remodeling this 720 sq.ft. house. Prior to this I tried Dave Ramsey method to pay my debt down. I took a loan from my 401k and a private loan. I haven't paid rent or a mortgage since. I am an RN and was trying to catch up for retirement. I then went to travel nursing in 2018. I invested in stockmarket in Roth and had a roll over. I am still stuggling to save enough for retirement and am 56 years old. My husband started a business but taxes and mental health issues really messed stuff up. I am now burnt-out RN after 29 yrs and working on my mental health. My low self esteem kept me out of the real estate and lack of trust with my husband gambling and alcohol addiction. I am debt free. I just thinking I might never be able to retire and work rest of my life. I look at houses and property but just afraid. I would love Airbnb or Furnished Finders. I also thought of renting my house out and travel the county. We would work along the way. Fear keeps me out of the market. Her husband is a doctor so sorry he is not the normal middle class family. Down sizing to 2500 sq. ft is a joke. This story is not inspirational. My kids are successful. My 26 yr old son has a computer engineering degree and has saved 100k already on his 160k salary. My other son has post office and Army National Guard duel retirement. I was an RN and worked per diem asca single nurse. Hurricanes hit my house I put money to fix it up and then ended up in more debt. So yeah I cut my losses. I started all over. RN don't make a lot in Florida. I never could afford vacations. Interest rates are too high to buy real estate. I have saved a lot but fear in investing in real estate. Some of my stocks made a 50 percent return but then I lost on some bad advise. I love house hacking. I also like the advise that at my age I might only have 1000 good weeks left in my life. So why should I kill my self working to save money I won't enjoy.
free education, grants, and scholarships were not available for 50 + year old. Never the less, their debts remain even with years of monthly payments. Federal Governments loan forgiveness programs continue to forget this group of people whose loans had no cap on interest. It’s not uncommon that a Bachelor degree cost 60-90k is 125k today due to interest compounding. When older adults research how to create wealth and invest, they find themselves frustrated with advice that’s geared towards 20-30 year olds rather than targeting parents and older adults.
I see everything Mindy says in a different light after seeing her on Ramit’s show. Things seem more real and relatable now. Thank you for being so raw and vulnerable on that show! And shout out to all named Mindy. Mine is 28, and I’m so glad we heard the name and picked it that long ago in our early 20s :)
You put out some valuable content. A little off topic maybe, but there’s this woman I got in touch with during the lockdown which cost me my job. Ms. Olivia Gardner helped me manage my assets by introducing me to the best investing platform and strategies, I earned a lot of $$$ working with Gardner in the comfort of my home. I still keep in touch with the amazing lady
As a single mother with 3 kids, it wasn’t easy having to raise them alone after my husband had passed. I remember the hardest part was when my eldest son got into college and having to pay for his tuition would not have been possible without the help of Ms Gardner whom i had gotten in contact with the previous year. she assisted me and taught me how to earn extra income
Love and light from San Diego, I’m trying to create long-term wealth to set towards property one day. How can I reach out to her? She could be of great help
Love and light from San Diego, I’m trying to create long-term wealth to set towards property one day. How can I reach out to her? She could be of great help
Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.
I would really like to hear more stories of average income earners starting later. I agree with other comments that the Dr story isn’t terribly inspirational for those of us making less than $100k as single parents like myself who got divorced and in too much debt and turning 50 this year.
Could you partner with someone, split the cash flow for further solo investments? Plan to hold property for 5 years and then reassess.
It could be that there are very few, if any such stories. A scary thought to be sure, but perhaps you could become one 😃
Plenty of those stories based on 95 likes. I’m one!
I agree! I have a training replay on “The New Retirement Paradigm” with examples of solutions and case studies for people who AREN’T big earners!
(Link pinned in recent videos on New Retirement Paradigm and Un-Retirement.)
I started late at age 50 making less than $100k. After kids graduated and moved out, I downsized and took a govt job with a pension. Debt free was key. I'm 63 and have $750k net worth. I took on a side hustle for 2.5yrs and significantly paid down the mortgage. I'll retire at 66 with no mortgage. It can be done. Spending moratorium, pay off debt, adjust monthly costs.
Starting with 700k in invest-able assets is waaaaay different than stating at 0
I think $200,000.00 a yr income is not realistic for most of us. Probably would have been more helpful to see people making an average income.
this is like the Dave Ramsey formula where you can only have wealth if you're already making a lot of money.....
I agree he is a doctor making a lot of money. This is not the average American.
Yes, I think the average household income is more like $60K/year. Unless you're gonna live in a used cargo van, and get a second job, I don't think many people are gonna put aside more than $1M in 10 years. BUT people can definitely take away some of the habits these folks are using. I have a sibling over 60, making less than $50K/year and little to nothing saved for retirement, no major assets. What are their options?
@@HLB512 I agree 100%
It's something like ~12% of HOUSEHOLDS make over $200K / year in the US. That's including multiple income households. I.e., this video speaks to very few people...
I started saving at 48. 12 years later I bought a 4 plex using a loan from my 403B for the downpayment and 4 months later I bought a 12 plex using a HELOC from my paid off house for the downpayment. I sold the 12 plex five years later for 1.5 mil (over market value). I am just shy of 2.4 in net worth now, most of that is in DSTs.
WOW!!! Impressive. I'm 47 and have been looking at 4 plexes but scared to pull the trigger and borrow from my 457b.
@@Nola1176 don’t be afraid. If you have 100,000 in your retirement fund, as long as the numbers work, you should be able to do it. I borrowed my downpayment on my 4 plex and I still have it.
That is very inspiring
Awesome!
Excellent!
You guys need to get to interview regular people with regular salaries / the ones we make less than 50 thousand a year and I guess is more than 50 % of Americans
Exactly!
Why?
@@chanyoung3725 because we are the majority
The whole point is to get "the majority" into a higher income bracket. It's that same whiney mindset you have which keeps you average. Maybe try learning something from those who've actually broke the glass ceiling.
@@MHK956 - what did you do to get in a higher income bracket?
By the way, this video didn’t talk about increasing their W-2 income, but only about how they were able to cut their spending and increase savings to reach their savings goal.
They didn't explain exactly how they became financially free! Just talked around it and they started out making huge salaries!😂
She said they lived off Steve's base salary and planned expenses for bonuses, stopped buying new cars and changed mindset.
But still didn't tell us how she/they got to their millions? Did they hire a financial advisor? Did they take a loan? Did they invest in stocks? Details please
Rich people who decide to stop overspending 😂.
Yup. Ridiculous podcast topic
Agree, she did bugger all, stay at home mom, then stay at home daughter for 20 years. She just sounds like a moocher. Needed new cars everytime.... OK. I was interested till she said those things.
Baffling...😆
Right. Not inspiring
Show us a 50+ couple who had to restart from zero, significant loss of income going from a six-figure income to barely $50k.
THIS!!! We are currently in this situation and not sure how to get ahead.
@@Sparkleon123 been there done that be really tight and disciplined and over time the small wins will snowball, i have paid a water bill a bit extra over 4 year now got an credit of $1,400 so looking at a water tank install to help offset ongoing water bills which are set to risse here so many different ways to accumulate small wins
I HAVE BEEN LOOKING FOR SOMETHING LIKE THIS!!!
Turning 47, working paycheck to paycheck, zero network, poor credit and my list goes on. I'm excited to watch!!
Don’t give up! 🎉
Yemon money
Me too. Also turning 47, same situation
So how much did this vid disappoint you?
Find someone such as a divorce woman with no house and no assets and I’m sure the story is not the same. No happy financial ending. The majority of American live paycheck to paycheck and have no savings.
I agree. A 50 SAHM who is divorcing and entering the workforce at this age and has a single income coming in will not have the same experience as someone with a dual Dr. income or the 200K salary these two examples have. If your "shovel" is smaller you may not be able to reach a savings level before traditional retirement age that allows for early retirement. If your shovel isn't big enough, it simply isn't a possiblilty for you.
Agree. They gave out the standard advice for people who already have money but only need to consolidate their gains. If it were easy to go get a well-paying w2 job, I'd be there already. For some of us it will take more creativity and possibly more risk.
House hacking of a sort is likely key.
This is exactly my situation. No house no assets. Nothing. Went back to school and even worse has debt...400k
And by house hacking I mean renting a place and then finding safe roommates. This is obviously harder for a woman. There has a be a no-guests rule.
Please add more information for single parents with moderate incomes ( less than 60k) who are starting later in life. It sounds like there are many of us out here and we would love some more tips. Thank u!!
Sometimes people who make a lot of money, have big bills and are not good with money. I can relate. Been there. Now I'm constantly educating my kids on finances and the importance of starting early. My parents never had one conversation with us about finances.
Thank you for this. I’m 51 single parent home 3 kids late starter. Have to make some hard decisions this year 🙏
I was so eager to hear about how they overcame and became millionaires, but all I could hear was doctor salary, doctor salary!😭 But, thanks for sharing!
Absolutely makes no sense
If I was making $200k I could start investing and making money too. As it is, I make around $55K a year working 2 jobs (work for non-profit and a travel agent). My mortgage takes about half my pay and I’m in debt following a divorce. I am trying to save when I can but I have absolutely no retirement. I do have a lot of equity in my home but that’s it! I don’t have a husband so no double income. I wish you’d have more realistic people on here.
It's important to realize that the woman explained that her husband received 4 bonuses a year when on a W2 job. FYI, most folks don't get even one of those, especially people like me who work for the local govt. The second guy and his wife had large, professional incomes and spent alot. So right there they had more resources than most to use for assets and investing. These podcasts really need to speak to folks who make less than 75k with kids, specifically single parents, who barely make the bills, and ask THEM how they became wealthy. I don't see any of these youtubers focusing on people later in life with little to nothing, who basically have no money to begin with, and they found a way to suddenly turn in around. After lots of research, I've found noone addressing these folks. They're either young people with some time on their side, or professionals with skills who mismanaged their funda and then wised up. I guess the rest of us late bloomers in a one income household, with kids and making less than 65k to barely make the bills are just screwed.
"Build Residual Income!" Ask how?
My daughter works at a car plant called bmw. They recoeve bonuses through out the year. I just started driving for a truck company, and they give bonuses through out the year for doing certain things.
My first W2 job was $4.25 per hour in 1988 not enough to live in America so I enlisted in the forces in 1989..retired 10 years ago. This is what I called Fire...
It is tough to be empathetic towards people who made great incomes their whole lives, never had any serious disasters (family or medical catastrophies) squandered it, and suddenly learn lessons that most of us are forced to learn in our 20's.
Be grateful that you’re learning it in your 20s. Every generation before you did not have the internet or any easy way to learn on our own. And our parents were no better.
@@JayElls I'm not in my 20's, and I didn't earn squat when I was.
Thank you so much for covering late starters. I would love to hear stories of people starting in their 60's. Single parents with moderate income.
Only if your living in your car, van or camper.
And retire with 85
Real Estate! Start with wholesaling. Ignore the negative comments. Start!
@@LysetteOne if you have never done it, don’t start with 60! It will be too late in your life to recover from a mistake or a price drop as your time horizon is not long enough.
I recommend to INVEST (not trade!!!) into Bitcoin with a weekly or monthly payment plan. But start to educate yourself about it to avoid any scams or mistake.
@@LysetteOnehow?
I know the comments are critical here but this episode was 100% applicable to my husband and I. We both watched it twice. Thank you.
Yes, i agree with other comments. I was hopeful since i just turned 50 and am behind but this did not give much detail in terms of HOW they saved and in what. Only relied on their big incomes and stopped blowing through money, I guess!?!
I wondered the same thing. What did they actually do to get such a financial gain in their retirement?
@@nonikaallen2030¹1
The title wasn't quite right, but I think the main points to take away are to make financial sacrifice today for your future self. Diversify your finances by making good investments. Cut interests that you are paying and put your money into assets that are going to earn you passive income. Study money velocity and various methods for earning interests on your money rather than paying interests on your money. I don't think this video was meant to be an end-all-be-all guide. If anything, it's a reminder to start taking steps to secure financial independence (sooner rather than later), and that even if you made a lot of money, it doesn't mean you are going to be in a good position for retirement.
Just heard her say she stopped getting her nails done every week. Yeah, like I'm paying 30+ weekly to have my nails done! Wish this was on a couple that made the normal average income.
I agree. Sure you make a lot of money it is easy to save.
Here's a story of someone who is of average to below average pay. At 50, my total net worth including two properties - I had bought after the property crash - was maybe 150K, that's being optimistic. I had a small IRA. I was in credit card debt and switching cards for good deals. I was upside down on my main residence despite buying at the lows, the market continued down. I bought more house than I could afford, but looking back, it was a great decision. It will be my forever home. And, my mortgage is low, and cheaper than renting.
My decision moment, and I knew exactly where I was when I made that decision came early one morning.
I was working two jobs. The realization came when I was driving to my Crappy year round job (CYRJ) - minimum wage - which I still hold. The early morning sun was blaring in my eyes. I knew I had to make a change whatever that will take. I decided on a three year money habit change, and told myself, let's see in three years. I committed to that time frame. I was 53. I had been working a seasonal job, not great pay, but working from home. This is the job I want to keep and into financial independence and retirement. The two jobs, the CYRJ and the seasonal, support each other. The CYRJ allows me to save as much as I can from the higher paid seasonal job.
The seasonal job lasts from Jan to May, and had a 401K. Some years like this year I am extended into July. The year round CYRJ has no bennies, no 401K, just straight pay. At the beginning, I contributed the minimum to the 401K in the seasonal job for the match, and gave the max to my IRA. I also established a brokerage account, which I earmark as my Outside of IRA account, another retirement account. In my 4th year, I started an HSA which I have not done any withdraws and see it as a Medical IRA account to support me into retirement.
I'm in my 8th year of this money habit. (I reassess every June 30th to see if I need to extend my plan for one more year) I now saved on the las paycheck for the seasonal job - I have been extended - 60.8% of gross, not net, gross. It can be done, but with a lot of sacrifice. I need to fix up my house, and had started savings for this in my third year in conservative mutual funds. I have a 9 mos emergency fund.
Am I a millionaire, now. With properties - I now rent out one of the properties - yes. Do I have a million in spendable retirement, no. I'm 42.8% from that number. Will I ever, have a million in spendable retirement, I may not need it as I get closer to full social security age. Is my life still H E double hockey sticks, yes, as I still work seven days a week. The only debt is the one mortgage, and, of course I am no longer upside down. Have I had to give myself pep talks, yes, so many times, they are countless. Yes.
Mine is a more realistic story, a story of an average worker making average to below average pay.
Nice. Congrats!
🎉
Good job. You explained it well to the point. Thank you
You should be on the show!!
Thank you for sharing your story, it’s truly inspiring. I work a seasonal job and they have a 401(K) that they match what you put in. I’m a single parent newly divorced and don’t have a lot of earning potential( I was the stay at home mom, raising my kids and worked support jobs but not the high earner) It’s very scary and exhausting but I need to figure it out alone. Again thanks for sharing your journey because it’s encouraging for me.
I’m sorry. I’m 59 and don’t make the “low” of $70k. I’ve raised 2 daughters on my own and only make $53k and there are NO bonuses. This isn’t inspirational. It’s depressing.
It's understandable that you're feeling depressed. I grew up in a low income household and never made more than $66K a year in any of my jobs. At the age of 58 I realized how screwed I was and that I would probably be living under a freeway overpass when I was older. I decided to change my life by giving up my secure, low paying job and went into commissioned sales. This way I could decide how much money I would like to make, not have someone decide for me. I decided to try my hand at selling cars; turns out I am pretty good at it and make great money. I also decided to get my real estate license so that I could become a part time Realtor. I got rid of my car payment by selling off my fancy car and bought an old beater with a heater. It's now two and a half years later and I am comfortable financially, Not rich, but comfortable. I leave on a cruise to Mexico in August and will be going to Australia in 2024. I also have a decent emergency fund set aside and a decent amount in my Roth IRA and 401K. Don't ever give up!
I guess I would say to investigate side hustles as a way to earn extra cash.
Yeah. I agree. Let's go kill ourselves doing side hustles so by the time we retire we are worn out.😂😢🤪
Agreed. It’s easy to catch up when you’re making these very high incomes, especially once the kids are grown and on their own. This episode is not relatable for about 90% of the population.
I agree.
Title should be how to start investing in your 50s as a doctor sheeeshh
So he earned over $200,000 a year for 10 years? So a high income allowed them to save? Big whoop.
100000×10 yrs saved would be easy 1 million
The big whoop is that they did it in a short time. If they started early in their 20's/ 30s, there would have been less stress and likely double the amount they ended up with.
Yeah she says starting from anywhere in her intro but clearly that's not true. If you're starting with such a high income and you're making money, then of course you're going to be in a position to become a millionaire.
I retired at 32 now 40 and debt free except for house but quickly paying off . I bought my home /homestead in 2015. I raised my 4 sons alone with no help or even contact with thier dad, now 15 to 22 and independent with youngest I homeschool. I got remarried 4 years ago and my husband is in late 40s but has successful business and loves what he does and could retire now too but probably will in next yr or 2 . My money pays all bills and everything else we need and his is fun and saving and paying extra on home (he makes over 100k and my retirement is over 70 but also have all our medical covered and other things and I also have all my kids colleges paid for though oldest just finished 1st 4 yrs in military overseas and set to retire by 38 he has saved almost all his money last 4 yrs)
What’s your point?
Great for you, but how did you do all that?
@@fayesikora3433😂
Lies 😂😂😂😂 These trolls, man smh
Smart!
As an ER Doc and a Psychiatrist, they each made over 300k a year
Lol real talk
Right, try 400K or even more.
I loved this podcast! I’m 50 and decided to take advantage of my age. Thank you for sharing this. Success!
Becky and Bill did not exactly start from zero compared to other people, no. But they were in deep financial binds. AND THEY GOT OUT AND MADE IT BETTER. Moral of each story is that IT CAN BE DONE. You just have to decide WHAT you want to do. How hot is the motivation to change? We all gotta start somewhere.
I've listened to these stories for a decade. It always comes down to someone getting or having a W2 job in the top 2.5%+ income range. At that point anyone with an IQ over 105 can figure the rest out.
Yeah, that is a brutal truth that is hard for people to wrap their minds around. I grew up without a lot of money so when I graduated college and got good jobs, I was buying a ton of stuff. Mainly shoes and clothes. I was born in a third world country and walked mostly barefoot up to age 8. Now at 49 with one child in college and another that is four years away, I don’t have nearly enough saved for retirement. I’m not worried because I’m in the top 2% of wage earners. My cars are paid for, I live in a moderate cost of living area of MD, and my daughter got a full scholarship to a major university. I plan on paying off my house in the next 5 or 6 years and from there, stockpile cash as if our lives depend on it because our lives literally depend on it. 😂
U still need to start saving now because jobs go, sickness can come..... I always say save invest and spend 😊
@@africansister in that order!
Facts! From the position where the education and savings positions, they had an pre -understanding. They had to take action though.
Totally agree so I am not impressed. Show stories who have made on their own without parent financial support. He comes from a privileged class, a male, and a doctor. My parents never paid for my college and I had to work and earn my way through college. I, too, came from a third world as well. If you are a woman and were born from a third world, then, you have more odds against you. That said, we can still overcome by changing our mindset.
I’m pretty sure I could figure this out on my own if my income were around $200k per year.
My income was between $70,000 and 115,000 depending on how much overtime I worked.
I retired at 65 and owned 18 units.
@@ginalowe9103 Yeah, but you were diligent and purposeful. Most people are not.
@@ginalowe9103 Congrats! They need to interview you instead of that couple! Do you have a channel?
Me too even at 120K. It's simple basic arithmetic.
This episode was inspiring and I appreciate their stories. It would have been extremely helpful to know the HOW and exactly WHAT they did to get to these states of financial wellness. What steps should we take?
Exactly!
Agreed.
I don"t need there story for too long. I need the HOW they make the money!
That's why I'm not going to the nish, no real information other than "I done good".
I agree
Thank you for this conversation. I'm almost 55 and I just bought a house. I have a pension and a 401k, but it's nowhere near what I'll need to be comfortable. This podcast gives me hope.
Watch velocity banking to pay off credit cards and reduce the principal your mortgage, using a personal line of credit you can attach to your checking Account, put your income in and start paying off your debt.
Great episode. Hope we can do more interviews with people who are late starter
Got to find those unicorns first.
I can't believe this, especially the negative net worth of 1M..scary. I need to hear from the average person .
This video is not for average incomers age 50 & beyond, but for those with huge incomes who can afford to catch up & retire a millionaire.
Oh man this is so inspiring! I'm 54 and just last year started figuring out how to budget, pay down debt and maybe someday have some money ready to retire. Seems so unattainable right now but I'm powering forward. Thanks for the topic and the inspiration!
Gaaah! You’ve started your own RUclips channel for this! Excited to follow your journey - I’m 41 and need the inspiration ❤
@@SeaSault 🙏 thank you!
Where are the stories of single people who are making under 100k a year with children?
I'm not impressed by someone who already makes a lot of money and then decides to quit spending and start saving.
Great message. Planning is key. The wild thing about both of these stories is that they both started looking good to the world from the outside, but their internal finances were a mess. It just shows even if someone makes "enough" money, budgeting is key to financial success.
When I didn't make a lot, it was little monthly bills that let me get overextended to the point where one emergency threw me upside-down. It was so hard to turn it around.
These people were not dead broke. They were very educated, and that is worth A LOT! Anyone can stop spending frivolously and retire early.
There's a glaring difference in how people view their late start with little at middle age. This convo is not for most folk...
As these pod casts are high income earners, they all have partners. It's not the reality for everyone so put on people in low income jobs, single income and older.
They can't because it's not possible😢
Need more podcasts like this !!
Wish they gave more details of how they started saving, like stocks , real estate , nest egg .. real numbers. time flys when u don’t save! I think if u can , accumulate 4-5 rental properties in 10 yrs , that will help your retirement or semi retire
its BS dude
"Build Residual Income" Ask how?
Not helpful. They just flipped a switch and suddenly everything was OK, probably because it was essentially Ok in the first place. I need something better for people in 50s.
Thank you! I have been wanting to get into investment properties for 17 years now and I’ve never taken action! So now I am 52 years old and I’m ready to take action! Thank you for this amazing information!
52 you look so young 👍
Not awe inspring because they are upper middle class earners. He is a doctor and she is psychiatrist. Both of their annual income can be easily over 400K. They can be easily be a millionaire over three or four years with simple arithmetics. Of course, their velocity for building build would be easier and much shorter. They have a lot more advantages than would be those who are single parents who are under earned after stay at home and taking care of children. For example, a level I LCSW who works at a government job in the Silicon Valley can earn over 82K; for a licensed shrink, the salary is over 150K annually so of course both she and her husband have no lifestyle deprivation. Married couples also have each other to support emotionally and spiritually. Please show case of true inspiring stories of single moms or immigrants who overcome finanical obstacles.
The best part of this show is Mindy's puns. It must be the sun that helps Mindy generates all the good puns!
Now this video is the best video I’ve seen yet on utube. This very informative and real down to earth people. This is so inspirational. Thank you guy for this one. All people need to really hear this.
Love the playing with fire tips. I would love to know more about how to start at 40 especially on a low income. Thank you all for sharing your experiences!
Pay yourself first
If you’re employer offers 401K and if you’re not contributing that’s where you can start. Additionally, most employers will match your contributions up to a certain amount. Many times people feel like they cannot afford to put anything in their 401K but there’s a process I’ve taught many of my coworkers. My wife and I are financially independent millionaires because of our 401Ks. There’s nothing fancy about how we did it. I’ve always felt that if I could help others I would.
So, there’s a lot of different ways employers manage their 401K programs but almost always they use someone else’s services like Fidelity. My employer allows me to change my 401K contribution amounts anytime I want via an app. Some do not allow you to change that often but that’s ok.
You start out with some amount, say 3% of your paycheck going into your 401K every paycheck and do so and leave it alone for 20 years. My employer will match me up to 6% at a 50%, meaning if 6% of my salary is $500 they will throw in $250.
You see how much your paycheck changes, and tweak it along the way until you’re giving the annual maximum allowable by law for your age.
At some point you’ll notice that even though you’re contributing you’re still taking home the same amount of money and that’s because your contributions are pre-tax, meaning the money that you contribute is done so before taxes are assessed against your paycheck. Therefore your tax rate could go down or at a minimum your taxed on less money.
If you’re gross pay (before taxes) biweekly is $1500 and you contribute 1% that’s $15 so you’re taxed on $1485 instead of $1500. 2% is $30, 3% is $45 and so on, and let’s say you’re employer matches you 50% up to 6% {$45 + $27.50 = $62.50}
So now you have $125 a month going into your 401K but only $90 of it came from your pay. That just at 3%. Before you tell yourself you can’t afford it you need to try and I bet you as you see your account building up you’ll figure out what you truly need and don’t need to be spending money on so that you have more to invest.
Some other advice, do not panic, do not look at your account every 8 minutes either. When the market goes down just remember you’re buying your Shares at a discount! That’s what you want. The stock market fluctuates, always has, always will. When the market is down your money invested is buying more ownership in a company.
Don’t make you’re investment strategy complicated.
Select a mutual fund that is diversified and just stay consistent with your contributions. I like Fidelity’s FXAIX because it’s heavy in the S&P 500 (top 500 companies in U.S.) but there are numerous ways to invest on autopilot.
You’re going to be fine, just get started. Good luck.
PS. If you’re employer doesn’t offer 401K or you’re self employed, open your own retirement account via a reputable company (App). I do both, my current employer offers Fidelity, and I was using Fidelity already after my first retirement at age 50. You do not need to do both.
Here is a REAL challange: how about a single mother aged 47, renting and paying off debt. No partner for a second income, pre-teen children to support for at least another 10 years and no inheritance or other family to fall back on. She had to go back to uni and start a new career at almost 50 - and has just started her own business. How does she get to even trying to buy her own home, let alone try to save for retirement? What financial skills does she need and where does she go to learn them? There are MANY 40-somethings who, following a divorce are starting from the ground up, can't just go and earn 200k a year plus a partner salary. This was a nice video but not a huge challenge considering the easy starting platform example used.
This is the first time I’ve watched the podcast. Nice stories, but as many people have already said, it’s not hard to dig yourself out of a hole when you’re making 3X the median, household income, or more.
I like his saying " the numbers could be different, but the problems can be completely the same"
Total waste of time watching this episode. Guy makes $200,000 a year and retires with $1.3 million dollars. Gee that sounds so hard to do. Try doing that making $20/hour like most Americans.
Thanks for letting me know saved my time - not listening.
Thanks for the heads-up, man. Saved me 58 min.
😂🎯
Thank you...tuned out and saved valuable time
It should've been how the rich get richer🤣🤣🤣 THANK YA!!!
My kids in kindergarten, I’m 57 with zero savings. Y’all started way better. Good good
@BigPockets77 about what
Please do more of these FI series for the Gen Xers. Thanks!
Finally a podcast I can relate to!
I love to hear their stories of Becky and Bill. I'm also 50 now. I can say that I'm not financially stable and I don't have savings as well. I'm working right now as caregiver but the salary is kind a low. I want to change my mindset when it comes to financial stability.
As much as I push the investing strategies the debt elimination is the true way to live free, if you can manage to pay down and eliminate debt you suddenly have money to invest. Finance is simple when you break it down to spend less than you earn and invest on a regular basis.
I’m a primary care PA who became a PA later in life with a lot of debt. I found hope and camaraderie in this story. At first I thought what I would have given to have had that opportunity to be free of student loan debt - I would have done so much! But then I thought wow what great vulnerability to tell this story. And would I really have made different choices? I’m not so sure. I imagine it’s taken a lot of humility to share this story. And burn out in the physician world is very real so the thought about how to balance nose to the grindstone to retire faster vs part time and shorter FI was cool. I’m early in my journey but hope to connect to others in the medical world. Thanks for telling all stories!
Pay yourself first
Save until it hurts
Everybody has their own story and "bottom" where they determine a significant change has to happen no matter if there is a lack of financial education or awareness. When the wake up call comes, that's when major action and mindset shifts need to happen. To degrade peoples story is not necessary. I commend Bill & Becky for sharing their stories and their passion to help other people find their financial way forward and live in a way that's comfortable for them.
Congrats for both guest! 👏 you are inspiration for many👌👊
I get the burn out. I’m 60 and not quite ready to retire - financially - mentally, I am more than ready. Fortunately I will have a small pension and supplemental medical for life. I went through a divorce, during the GFC, which cost me a lot and lost my house. Today, I am remarried and own 3 homes (2 rentals) and our IRA’s are building. Had I not lost my home in the GFC, I could be retired. The plus is that if I was still married to my ex, I’d still be in debt and never savings because I’m frugal and a saver but she was a spend-a-holic.
"Build Residual Income!" Ask how?
Excited for this! I’m 55, got some inheritance a couple years ago, I’m debt free, but have also been lower income for several years. I do think I could be making more. All my inheritance is invested, though, so it is building wealth. I want to power up and learn how to achieve financial independence! 🙏
I disagree with the doctor that the income doesn’t matter. The Dr stated that together him and his wife brought in $700,000/yr. I don’t know if a median salary of an average earner is $70,000! The size of the shovel very much matters. With $700,000 most people can put away a few million dollars in less than 5 years. For someone that earns $70,000 it’s a barely achievable dream. Please interview people with a median income that doesn’t exceed $100,000 so the rest of us can see how it’s really done. It would be great if everyone earned $200,000+ annually but it’s not realistic in our capitalist society.
16:30 veeerrryyy important. You don’t need as much to retire.
In my opinion you can cut back by living in lower cost areas that most working Americans can’t because of jobs that tether you to a metro area that has a high cost of living. Especially if you pay off your home early and save not crazy.
Lower cost areas usually mean high crime.
Summary: Triple your income and live on 33%.
H, yeah. That's easy! 😂
Tell how you got such a high paying w2 job at 50. This is not average person out here.
So very happy and greatful to have found this podcast.
Welcome aboard!
I appreciate the variety of all your guests and the differences and commonality of their stories. However, I would never take financial or medical advice from someone with Dr. Yount’s proclaimed net worth who (along with a spouse) would be ‘uncomfortable’ living on less than 175k a year in TN. This person would have a serious vice or a seriously consumer driven life.
As to forcing yourself to keep working to make ‘mo money’ with a multi million net worth, when you no longer love the work, makes me sad for the good doc.
For many docs, it's a huge identity thing to stay in the field - plus, once you retire, it is nearly impossible to restart because of licensing/skill currency. Much better to cut back until he's really, really sure.
Great show , so informative, inspiring ❤❤❤
English is my second language. This is a great finance education video even I can’t understand all of it. The young host asked very nice questions like how about people who are 60! Thanks a lot! I’m going to subscribe .
Use closed captions in your first language. That should help.
Becky and Steve, America’s finest and represent the true American story. Thanks for the transparency! Happy Independence day, congrats on your rise and recovery 🇺🇸🦅
I’m the 59 year old founder of an Inventor based electronic OEM technology startup company and I’m dead broke. But not for long. At age 60 l will be the next General Electric! ⚡️
Financial planners are qualified advisors who help consumers. Be cautious of listening to professionals who are not trained in finance giving financial advice. Great recovery stories! Really awesome!!
Second thing to do maximize your 401(k) contributions. If you’re over 50 and in your 40s, your mindset should be towards saving every dollar you can pay yourself first.
Shouldn't be saving dollars , should be saving as much per Month as possible and buying crypto or something deflationary not the dollar which Lost 20% of value in 6 months and more countries are dropping the US dollar . Get that into your head or You Will be broke despite how much useless paper US dollars You sabe .
Thank you team for
deep insights and having wonderful guests on your podcasts. Dr Bill thank you for opening up. I served in public healthcare 17 years of prime time from 29 to 46 of my life, serving thousands of patients. Lived paycheck to paycheck bringing up family of two kids and paying expensive school fees from primary to high (with no education benefits where I live). I quit my job amidst pandemic 😅regret that decision later, planning of opening own health care clinic(used up all my savings setting up eye clinic). That is true we were never taught FI anywhere from school, college or med school. At 48 now I’m looking for every clue to FI. I will watch Catching up to FI definitely. Thank you for sharing your insecurity and vulnerability .. it’s comforting to know 😂 I’m not alone. And I can achieve FI even at my age. Fingers crossed 🤞 despite I’m a late starter 😀 Subscribed your channel 🎉 and many yours videos on my list to watch.
Hurray to team for sharing and spreading self awareness and knowledge with us. ❤🙏🏼 🔥
What a Great vid! I will listen to it a few more times I'm sure..
Watching you from klamath Falls Oregon working for Goodwill 5 years don't pay enough for rent or bills makes me more handicapped than independent
Excellent Interviews! I'd like to commend your Guests and their Spouses for holding their marriages together and 'waking' up to the situation TOGETHER to be able to swivel and turn things around! So many marriages fall apart under financial stresses and both people (and their kids) all end up in the poor house! My parents were both children of the Depression but managed to piece together a comfortable life (mid-upper middle class) for themselves. In doing so, they taught my sister and I NOTHING about money or how they had navigated their finances! The neighborhood I grew up in was filled with families who were super diligent about financial literacy for their children but I think it was because they were 3rd and 4th generation 'money' whereas, my parents were 1st gen and didn't realize the importance of passing on their knowledge to us kids.
This was pure gold 🏆🏆
It’s never too late. Yes, you won’t have as much but at least you will be better off than you would be otherwise.
This video gives me hope! I got negative net worth at 50!
I lost my house in 2013. I did a short sale my house it was upside down. The bank backed out of the deal and I got foreclosed on. So I rented and started looking for cheap houses. I bought a house for 10k in a small town outside of Gainesville Fl. I was an RN and worked part time and my husband worked full time on remodeling this 720 sq.ft. house. Prior to this I tried Dave Ramsey method to pay my debt down. I took a loan from my 401k and a private loan. I haven't paid rent or a mortgage since. I am an RN and was trying to catch up for retirement. I then went to travel nursing in 2018. I invested in stockmarket in Roth and had a roll over. I am still stuggling to save enough for retirement and am 56 years old. My husband started a business but taxes and mental health issues really messed stuff up. I am now burnt-out RN after 29 yrs and working on my mental health. My low self esteem kept me out of the real estate and lack of trust with my husband gambling and alcohol addiction. I am debt free. I just thinking I might never be able to retire and work rest of my life. I look at houses and property but just afraid. I would love Airbnb or Furnished Finders. I also thought of renting my house out and travel the county. We would work along the way. Fear keeps me out of the market. Her husband is a doctor so sorry he is not the normal middle class family. Down sizing to 2500 sq. ft is a joke. This story is not inspirational. My kids are successful. My 26 yr old son has a computer engineering degree and has saved 100k already on his 160k salary. My other son has post office and Army National Guard duel retirement. I was an RN and worked per diem asca single nurse. Hurricanes hit my house I put money to fix it up and then ended up in more debt. So yeah I cut my losses. I started all over. RN don't make a lot in Florida. I never could afford vacations. Interest rates are too high to buy real estate. I have saved a lot but fear in investing in real estate. Some of my stocks made a 50 percent return but then I lost on some bad advise. I love house hacking. I also like the advise that at my age I might only have 1000 good weeks left in my life. So why should I kill my self working to save money I won't enjoy.
Now this a story folks. That ER doctor and wife are not exactly floating our boats.
free education, grants, and scholarships were not available for 50 + year old. Never the less, their debts remain even with years of monthly payments.
Federal Governments loan forgiveness programs continue to forget this group of people whose loans had no cap on interest. It’s not uncommon that a Bachelor degree cost 60-90k is 125k today due to interest compounding.
When older adults research how to create wealth and invest, they find themselves frustrated with advice that’s geared towards 20-30 year olds rather than targeting parents and older adults.
AWESOME!!
you guys have a great, comfortable life already even before you became financially literate.
I see everything Mindy says in a different light after seeing her on Ramit’s show. Things seem more real and relatable now. Thank you for being so raw and vulnerable on that show! And shout out to all named Mindy. Mine is 28, and I’m so glad we heard the name and picked it that long ago in our early 20s :)
You put out some valuable content. A little off topic maybe, but there’s this woman I got in touch with during the lockdown which cost me my job. Ms. Olivia Gardner helped me manage my assets by introducing me to the best investing platform and strategies, I earned a lot of $$$ working with Gardner in the comfort of my home. I still keep in touch with the amazing lady
As a single mother with 3 kids, it wasn’t easy having to raise them alone after my husband had passed. I remember the hardest part was when my eldest son got into college and having to pay for his tuition would not have been possible without the help of Ms Gardner whom i had gotten in contact with the previous year. she assisted me and taught me how to earn extra income
Love and light from San Diego, I’m trying to create long-term wealth to set towards property one day. How can I reach out to her? She could be of great help
Love and light from San Diego, I’m trying to create long-term wealth to set towards property one day. How can I reach out to her? She could be of great help
the handle
SPAM... reporting you now, a-holes.
Thank you guys for sharing your incredible stories. ❤
Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.
Financial literacy should be taught in high school. How can we begin to make that happen?
Oh I feel so much fun enjoying saving money and when you see it grow that I can retire early
Very good episode I loved it 👍
This is totally useless for the average consumer and a disappointing waste of time for those of us who aren't on the high middle income
Yes well if I made $200K starting at 50, I would have been able to retire more securely as well. Maybe they live in CA.
Great stories but these guys incomes are by far not average. They are top earners.
Yeah, and they just don't know it
Great video saying how important is to know how to saving and invest even you have high salary
I contacted an FA for first time yesterday. Felt overwhelmed.
I really really like these guys!! I love the boat name! Yolo! Hahaha everything he says could be put on a tshirt. So many value bombs!
Bill says that he believes it can be too late and 5 min later he’s saying it’s never too late to start because of its negative connotation.