Broke at 50? How to Retire On-Time (Or Early!)

[@TheRothschild770]

My retirement account has gone down by 13.7% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.

[@RoseBalerus]

People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.

[@OwenFlex]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether l'll have sufficient funds for retirement.

[@GibsonJames-gr3on]

It's recommended to save at least 20% of your income in a 401k. Joseph Nick Cahill taught me to estimate how much you should save based on your age and income. I've been with him for years now and his decades of experience in the markets translate to chunks of value in so many ways! He has upscaled my portfolio and even got me reading self help books haha

[@John-ww2fv]

Impressive! How can I contact this advisor? My portfolio has underperformed, and I need guidance.

[@GibsonJames-gr3on]

JOSEPH NICK CAHILL is his name. He is regarded as a genius in his area and works for Empower Financial Services. He is quite known in his field, look-him up.

[@JacksonLeoWtah-b2i]

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Evelyn Infurna. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.

[@kristenxmarie00]

As a newbie, what do I need to do? How can I invest, on which platform? If you know, please share. I'm new to this, please how can I contact her?

[@JacksonLeoWtah-b2i]

Use her name to quickly conduct an internet search.

[@JacksonLeoWtah-b2i]

SHE’S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME.

[@JacksonLeoWtah-b2i]

Infurnaevely1 she’s verified

[@NianLisa]

This is helpful, thanks ....gotta message her right away.

[@marleyjansen1306]

51 years old, starting with very little. Yes, I would love more content like this.

[@Thomasdavis-u6h]

The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It's so difficult for people who are retired and have no savings to fall back on.

[@Sharon0154]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment.Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@RobertAdams-d6x]

I completely agree; I am in my mid 40s, approaching retirement, and have approximately over million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@Markkelley-v7d]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you've got it all worked out with the firm you work with so i surely wouldn't mind a recommendation.

[@RobertAdams-d6x]

I've experimented with a few over the past years, but l've stuck with Kathie daisy bosco for about three years now, and her performance has been consistently impressive. She's quite known in her field, look her up.

[@shekusheriff1438]

This is more relatable to many people in the country.

[@kenmaylin4744]

As to paying off debt. I got mine paid down to be manageable before I started investing. The most important thing is time in the market. At 53 I don't have time to waste paying off all my debt before I start investing.

[@lilygirl05]

Mindy and Scott, it would be beneficial to include visual aids to effectively engage those who learn best through visual or kinesthetic methods. I appreciate both of your hard work.

[@ritaplatz5013]

Where are these 50k a year entry level positions?? In my area entry level positions are around $20/hour.

[@ozzyngcsu]

$20/hr is fast food wages in most major US cities.

[@janitoronfire]

Scott’s voice sounds totally different must’ve gotten a new microphone.

[@sophietan4394]

On investment strategy, I would and have recommended 100% stocks for my sister (50) with 3 kids under 18 who has limited pension investment, barely any savings and a good but not huge household income with her partner in a super high cost of living city. Their current rent is about 50% of their pre-tax income but because of community based work, and the kids schooling they cannot move

[@charlesgavero2112]

They should NOT diversify based on the fact that they have no wealth to protect. They need to concentrate their money into assets that will build their net worth as quickly as possible.

[@Hera-y9u]

Hello. I'm kind of a newbie to the crypto space, what crypto to invest in right now? the most term is futuristic investments

[@ZeusBoris]

As a newbie, I want to remind you that crypto investing can be risky and volatile, so always do your own research and invest only what you can afford to lose

[@ZeusBoris]

Bitcoin moves fast. And with all the talk of strategies reserves and treasury assets, 2025 is shaping up to be wild.

[@DiegoEstaban]

As a beginner, it's essential for you to have a mentor to keep you accountable. I'm guided by a widely known crypto professional

[@DiegoEstaban]

Beatrice Anastasia is the consultant that guides me.

[@GulitRodri]

I am currently guided by (Ms Beatrice) for a long time now wondering if I'm the only one under her custody well is nice to hear that she has been good to other people and let her kindness speak for her

[@tacrewgirl]

Thanks for this video for us starting late in investing.

[@KathyWerner-r8p]

I am older than 50 and fall into 90% who don't have enough saved for retirement. Thanks for very good suggestions and please keep them coming. Do you have a list of 50 financial books to start with. Thank you.

[@karenholloway3940]

I literally love this content! Thank you for the generous offer of your book for free! My email has been sent. Starting from scratch here and finally feel like there’s a little bit of hope. Thank you, thank you thank you

[@thomasreedy4751]

I learned of the fire movement 7 or so years ago. I think a 10 year plan is perfectly reasonable if you are willing to make the sacrifices and are not in large debt. Maybe less time if you can live comfortably with low expenses. It is clear that the majority of the comments are form people looking for a quick fix rather than being interested in learning about how the FIRE 🔥 movement works.

[@Penelope-rosa]

What to do when I am starting with nothing saved and a lot of debt?

[@TizzyA34]

I think a good future topic for some listeners would be escaping the “middle class trap” of too much in retirement accounts. For those of us who went heavy in retirement accounts, what can we do for more flexibility? I know Mad Fientist has some great ideas, so a refresher on that would be great. Also are there things like would rolling over Roth IRA earnings into a Roth 401k to reset the contribution basis when you separate from a job Ben something that could work?

[@kenmaylin4744]

50 books in a yr? That's a lot of time that could be spent making money.

[@SolMari1976]

My thoughts exactly. They're telling her to get a main job, a pt job, and a side hustle.😬🤯

[@Mr_New_Vegas_685]

Scott is becoming a less snazzy hipster version of Grant Cardone.

[@gi2man3468]

I think Mindy needs a better sidekick.

[@Nerdvona]

Sorry, but some of your advise just doesn't make sense for most people. "Get a side hustle that pays $30k a week"...... Or....... Just invent a machine that turns plain rocks into gold.... For some people, that later idea is just as plausible as getting a side hustle. You're talking about people in their 50's and suggesting they not only get a full time job, but also work a "side hustle" that takes another massive commitment of time. Oh, and don't spend money on anything. Not even to the doctor when your worn out 50+ year old body runs down from the constant stress, heavy workload and long hours. What people need is investment strategies, not unrealistic demands on their time.

[@louhooslife4722]

Being in sandwich time period taking care of things for elderly parents and older kids too also takes up so much time and energy!

[@thomasreedy4751]

What advice are you expecting? Maybe have the person locate a money spell in the book store personal development section? If you want an average life and no retirement in 10 years, do what you just said. If you want to retire in 10 years then you are going to need to focus on money accumulation. Point Blank.

[@Mr_New_Vegas_685]

Skipping traditional retirement accounts and jumping straight to real estate is totally unrealistic for the average person. He keeps pushing this concept in recent videos and it shows how out of touch with reality he is.

[@Faben202]

Traditional retirement accounts work great when you have time on your side. If they’re 30-40 and they’re behind, great, use those vehicles, but if you’re in your 50’s, you won’t be able to accumulate a large enough nest egg in traditional retirement accounts unless they can invest $5k+ per month. That’s why Scott is pushing this idea, because it will let them reduce their living expense by house hacking, they can save more, and repeat the process. If they get to age 65 with 4 duplexes, plus social security at age 67 or 70, that will be more impactful than having $400k in a 401(k).

[@Mr_New_Vegas_685]

@ Not being ready to retire at 60 is the cost they pay for doing nothing with the previous 50 years. It’s unrealistic to expect to start with nothing and retire in 10 years and if you’re not retired at 30 you prove my point.

[@Faben202]

@@Mr_New_Vegas_685 No one mentioned early retirement. Early retirement is It is out of the question in any of these scenarios. We’re talking traditional retirement age. If one’s investment timeline is 25+ years, use the traditional accounts. If you only have 15 years, house hacking will likely yield better, quicker results. It’s not unrealistic.

[@thomasreedy4751]

@@Mr_New_Vegas_685 Not realistic? Maybe, but it certainly is not impossible. You just have to make some big sacrifices that a few determined younger people do to amass wealth early on in their working careers. A 10 year retirement timeline requires about 65% - 70% of your income allocated to investments. Real Estate investing helps achieve this if you can lower your mortgage/rent expenses by renting out a part of your property. It all comes to your personal motivations. As you said a 50 year old will likely not want to give up their lifestyle to achieve this. But if you have a so called “come to Jesus” moment, it is not impossible and you shouldn’t agonize but organize.

[@msnatural2219]

Concentrate

[@boysherman]

You lose me at the house hack idea. It is worse than Ubering in my book.

[@janitoronfire]

Wrong

[@kenmaylin4744]

Ok all the men listening to this know that Barb is a fictional character. No woman divorces a man after 25 yrs, and has no net worth. She would have gotten atleast the house, and half his retirement. Probably got spousal support too since she was a stay s home mom.

[@Steve-yd1ze]

She’s more than likely “been awarded” 60+% of his retirement in addition to the house and the poor schlep is left trying to pay for 100% of the college tuition for the kids (because mama is a victim divorcé and he makes sooo much money), rent for some crappy apartment, and trying to scrape by enough to be able to have any semblance of a retirement at 70 if he’s lucky. No consideration in this equation for dating, vacations, or any sort of lifestyle.

[@thomasreedy4751]

AW …. Nothing like the MGTOW crowd spreading their self pity

[@kenmaylin4744]

@@Steve-yd1ze in thier defense, @ 53 I don't have much of a lifestyle. Most of my off time is spent researching investments, and figuring out how to cut costs so I can invest