Broke at 50? How to Retire On-Time (Or Early!)
12/20/24 • 44 min
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Are you worried you won’t be able to retire at sixty-five? Feeling financially limited in your fifties and need a retirement plan so you can finally stop working? Well, we made this episode just for you. Today, we’re teaching you how to retire on time at age sixty-five (or even retire early!) if you’re starting from zero with no money to your name. We spell out exactly what we would do to go from a zero-dollar net worth to a million dollars in retirement!
This is a step-by-step plan that anyone who wants to retire on time can follow. We’ll walk through two personas: Barb, a recently divorced stay-at-home mom reentering the workforce with a zero-dollar net worth. Then, we’ll touch on Sally, a six-figure income earner who also is starting from zero. Both scenarios take slightly different steps, so listen closely because your income level could completely change your money moves!
Don’t give up on retirement! No matter your age, these simple steps can help get you to a financially stable (if not flourishing) position. We’ll talk about how to make more money, cut expenses, save every month, which investments you should prioritize for retirement, and what to do if you’re still in debt!
In This Episode We Cover
How to go from broke at fifty to millionaire (and retirement-ready!) at sixty
The one beginner-friendly investment that could make you richer (faster) than traditional retirement accounts
Starting a side hustle and how to make more money so you can retire faster
The passive, stable, and relatively safe investment that anyone can put their money into
When to pay off debt and which interest rates to prioritize first
How to become a personal finance genius in just a year simply by “listening”
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
BiggerPockets Money 586 - Average Net Worth by Age (How Do You Compare?)
Email [email protected] for a Free Copy of Set for Life
Grab Scott’s Book, “Set for Life”
Find an Investor-Friendly Agent in Your Area
BiggerPockets Money 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!)
(00:03) Intro
(02:21) How to Start from ZERO!
(06:33) Stay-at-Home Mom, No Income, Divorced
(20:08) Six-Figure Income, $0 Net Worth
(27:32) Investing Your Money
(31:34) Paying Off Debt
(36:24) Want More Retirement Strategies?
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-591
Interested i...
Are you worried you won’t be able to retire at sixty-five? Feeling financially limited in your fifties and need a retirement plan so you can finally stop working? Well, we made this episode just for you. Today, we’re teaching you how to retire on time at age sixty-five (or even retire early!) if you’re starting from zero with no money to your name. We spell out exactly what we would do to go from a zero-dollar net worth to a million dollars in retirement!
This is a step-by-step plan that anyone who wants to retire on time can follow. We’ll walk through two personas: Barb, a recently divorced stay-at-home mom reentering the workforce with a zero-dollar net worth. Then, we’ll touch on Sally, a six-figure income earner who also is starting from zero. Both scenarios take slightly different steps, so listen closely because your income level could completely change your money moves!
Don’t give up on retirement! No matter your age, these simple steps can help get you to a financially stable (if not flourishing) position. We’ll talk about how to make more money, cut expenses, save every month, which investments you should prioritize for retirement, and what to do if you’re still in debt!
In This Episode We Cover
How to go from broke at fifty to millionaire (and retirement-ready!) at sixty
The one beginner-friendly investment that could make you richer (faster) than traditional retirement accounts
Starting a side hustle and how to make more money so you can retire faster
The passive, stable, and relatively safe investment that anyone can put their money into
When to pay off debt and which interest rates to prioritize first
How to become a personal finance genius in just a year simply by “listening”
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
BiggerPockets Money 586 - Average Net Worth by Age (How Do You Compare?)
Email [email protected] for a Free Copy of Set for Life
Grab Scott’s Book, “Set for Life”
Find an Investor-Friendly Agent in Your Area
BiggerPockets Money 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!)
(00:03) Intro
(02:21) How to Start from ZERO!
(06:33) Stay-at-Home Mom, No Income, Divorced
(20:08) Six-Figure Income, $0 Net Worth
(27:32) Investing Your Money
(31:34) Paying Off Debt
(36:24) Want More Retirement Strategies?
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-591
Interested i...
Previous Episode
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Chris’s favorite side hustle of 2024 that’s making him extra money (nobody has thought of this!)
How to slash your property tax bill in exchange for a couple of hours of your time
Reevaluating your car insurance and why you MUST get new quotes ASAP
Savvy healthcare hacks that could save Chris $24,000 this year alone
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The one thing you can’t (and probably shouldn’t) hack
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
Why You Shouldn't Stop Working Once You Hit Financial Freedom w/Chris Hutchins
All the Hacks 34 - Insider Tricks to Healthcare, Prescriptions and Medical Bills with Marshall Allen
All the Hacks 181 - Making an Easy $3k/mo from Online Deals with Kai
Next Episode
The Mad Fientist’s New Rule To Retire Early Even Sooner
If you want to retire early, the Mad Fientist is your guide. For over a decade, Brandon, more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover which road to early retirement is the fastest. Now, in his forties, Brandon has time to reflect on what worked, what didn’t, and his regrets on the sprint to early retirement and financial freedom. And he’s also got a new update that’ll make your early retirement journey smoother.
After tinkering with the beloved and rarely challenged 4% rule, Brandon decided it was time to sit down and calculate how much you really need to retire early. For decades, financial freedom chasers have been breaking their backs, trying to have as much stashed away as possible to enjoy their well-earned time off from work. But, it turns out that this number might be overinflated, and you can retire with much less than you think. That means your early retirement timeline just got a LOT shorter.
In this episode, Brandon will describe why the 4% rule may be a bit too rigid, how to ensure you’ll have enough during early retirement, what to do during a market crash or correction, and why spending thousands of dollars on a coffee machine isn’t such a bad idea. If you want to maximize enjoyment in early retirement, instead of building a big bank account you probably won’t use, stick around!
In This Episode We Cover
Early retirement rules of thumb you MUST know when on the path to FIRE
The 4% rule and why you DON’T need to follow it to a tee
Retirement withdrawal rules and how much to spend during a crash/correction
The skill of spending and what Brandon regrets most from pre-FIRE life
Tracking your expenses and why knowing your costs is CRUCIAL to early retirement
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
The Problem with the 4% Rule (and Why You Could Retire Even Sooner)
Try Baselane, the One Platform for All Your Property Banking & Finances
Get to Early Retirement Faster with "Set for Life"
Find Investor-Friendly Lenders
BiggerPockets Money 18 - Accessing Retirement Funds Before Age 591⁄2 with The Mad Fientist
Check out more resources from this show on BiggerPockets.com and
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