Broke at 50 - What to do? (3 Steps To Retire)

An email I got said - 50 and Broke. What do I do? This was from a viewer of my channel. Here's my answer - 3 steps for Retirement

Last week, I got an email from a viewer that read " Broke at 50 - What do I do? " I never responded, so I decided to make a video instead. Retirement planning doesn't have to be difficult. There are 3 simple steps we can take to investing our money and getting back up to speed. The good news, is that 50 years old is still considered young in my perspective. You don't have to be old and broke. Here are the 3 steps to retire.

Step 1 - get money. That's an obvious one that most retirement and personal finance guides are missing. We can do this one of two ways, increasing our income or boosting our savings rate. Start shopping around for competitive rates on everything you pay bills on. This includes, your internet, tv services, memberships, insurances, etc. Next, take up some side hustles on the weekends. The video shows the best side hustles you can do.

Step 2 - Invest. Forget dividend stocks, and/or chasing the next hot stocks in the market. Instead, open up any qualified employer sponsored retirement programs such as 401k, IRA (Roth or Traditional), and/or an HSA. Start maximizing your contribution to the maximum limit. Money you put in here will be better than investing in individual stocks because the rate of return on your money is 100%. Find out our employer's 401k matching limit and max it out.

Step 3 - Emergency Savings. Let's protect your nest egg in case of an emergency. During the last recession of '08, as many as 46% who lost their jobs during the unemployment spike liquidated their 401k to pay for necessities. Don't make this same mistake. This can be avoided by doing some preparation work ahead of time and building an emergency savings fund of at least $ 1,000.

Watch the rest of the video to find out more details.

Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment and discussion purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!

*Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

#retirement #broke #investing

[AndreiJikh]

Let me summarize the comment section
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.... "ok boomer"

[americanaforever]

Great advice. I was 45, worse than broke ( $275, 000) in debt, no job, no income, no savings, no credit and two teenagers. Went to work on first job I could find. Side gigs at night and weekends. Spent almost nothing. Went through bankruptcy and mortgage modification. Started 401 k and auto deduct from my paycheck to a savings account. 10 years later and my balance sheet i plus about 25k and climbing. The way to the mountain top begins with the first step

[harryfox]

I'm broke at 60. So at this point I'm putting myself up for adoption.

[Quapadople]

W̶o̶r̶s̶t̶Worse than being broke financially...is to be 'broke' mentally.

[djc]

Dude this is one of the best videos I've ever seen and finished till the end. I'm gonna take your advice I'm 53 and in the same issue . Wish me luck here I come. 👍

[timmitchell]

He is 50 and only has 15 working years left? I'm 63 and still working as a sound tech. I carry 8 and ten foot ladders around construction sites all day. One's health is the best investment a person can make!

[tony-ceqp]

im 59 in the same boat...not good i spent it taking care of mom, but im happy that i did it....

[RTK]

I'm 50 been unemployed for 6 yrs. No one will look at you in todays world if your over 35.
But he's spot on with his theory..

[brianvaughan]

16 years ago, I moved my business and family out of CA (after 44 years).
This was the best financial strategy I have ever made.

[hldye]

Well... Was married 29 years when my mom got sick ( schizophrenia and then cancer ) then got divorce papers served. 10 years looking after her and trying to work as a carpenter as time permitted. basically 10 years and no wage hardly. But God has blessed me, that is for sure. I am 64y.o.ReSingled guy and work as a Remodeling Contractor and there is always plenty of work because everything is falling apart or people want room additions or new kitchens or bathrooms etc... I keep it simple by only having one work truck stocked with tools and one small trailer, small yard barn and a computer. Keep debt free in personal and business. I rent a small commercial lot and park my Home a cargo trailer custom built into a rv 8x8x30 and I use a campervan for travels. One can start over with nothing and grown better by being self employed, You can never be fired, and there is no limit on your income.

[norarichardlison]

*The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy*

[toddedwards]

I'm 53 this July and work Midnight's as a security guard. No chance to save money. I'm about 10000 in debt. Life sucks but I just never surrender and take it one day at a time.

[michaelszczys]

Broke at 30, broke at 40, broke at 50, now broke at 63

[SPEAKEASYAZ]

First thing get the hell out of calif.

[amills]

Thanks for good advice. The funniest thing you said was your Dad is 53 years old and can still do push up and handstands. Wait until you are 53, you will realize how YOUNG 53 is!!

[DisabilityExams]

Cutting little expenses won't get you there. You need to cut big expenses: #1 housing, #2 automobile, #3 foood.

[kevinkeating]

I have been broke my whole life so when I get to 50 it won't be such a shock.

[CaptainChris]

I'm 67, have been working since 17. I'm drawing SS, $2350 working full time, have no desire to stop. I'm a tugboat Captain in the Houston ship channel, working the Port of Houston, and the Intracoastal waterway from Panama City, Fl. to Corpus Christy, Tx. I make $550.00 a day, and am broke, happy, and don't give a damn about saving a dime. The only thing I own that's paid for is my home. I spend the shit out of everything I make. I, my friends, live life in the moment, because that's ALL we have. I'm the happiest person I know.

[DividendGrowthInvesting]

Most finance or investing YouTube channels are either flashy but the content is bad or not flashy but the content is valuable. With this dude you get both. Great advice/tips Andrei!

[Producerukoh]

The goal for me at 37 is actually to work like hell, make money from online businesses and live in someplace like Romania, Serbia, or Tanzania for retirement. The U.S. Dollar goes farther and the quality of life is great!