Money Traps to Avoid in Your 50's | Phil Town

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money mistake, money pits, how to save money, money mistakes, money management,

[PhilTownRuleInvesting]

Have you fallen into any of these money traps? Leave a comment below with your answer!

[AmitSingh-rete]

My trap was that I didn't learn to invest. I am ready now and waiting for an event. Thank you for educating us!

[edumation]

At 50 - don’t borrow money, like taking new loans.
Maximize your retirement benefits

[YamzYamzAndMoreYamz]

Phil: "A middling amount of money: $100, 000"
Me: :(

[scottanderson]

Great points. It's never too late to start and the biggest mistake is to do nothing.

[ttoronto]

Great video Phil! I will definitely follow all the great advice! Just hard to get my husband on board to agree to bigger savings and more investment!

[Chrissers]

One more in your 50s: Avoid upping your lifestyle as your kids are moving out and getting married. That is a great time to put money away.

[ProgressisEverything]

Love your videos Phil! Be good to see some deep dives into specifics in one video. Since lots of Peter Lynch's advice has been overtaken by the new economies, many feel little lost when looking for growth companies..

[PassiveIncomeTom]

In your 50s, you better be not sitting on the sidelines watching the market. If you started investing late, this is the perfect time to grow your wealth. 👍

[ajm]

I fell into a money trap BIGTIME! I bought 10 rental properties in 2012. Paid cash for them, now I've reached "millionaire statues". Looks like money got the best of me! Dam it! Lol...True story!

[annam.]

I love listening to your YouTube episodes, they are very insightful and useful to digest..I tried listening to the invesTED podcast as well and while the content is supreme your co-host, Danielle, is just hard to tolerate listening for 40 mins with all the interupting and out of content jokes she is making...would you consider producing some podcast episodes on your own ?

[bradleylau]

You described me. Im 54, middling amount saved (100k) which is in 2% CD's and fearful of market tanking. So waiting on sidelines for the 50% dip you mention during the next recession and buying cheap.

[timriehm]

Hey Phil
Is there anyway we could set up a time to speak about an investment company I am considering purchasing? Would really appreciate it

[basichistory]

I'm 45 years old and keen to start investing

[lichin]

I retired at age 53 and have no fear of outliving my money due to >$110k per year in pension, medical care covered for me and my wife (she retires at age 54 in a few months, same financial situation as mine) during retirement, and plenty of money stashed away for retirement. Any advice?

[frankyg]

Where have you been lately Phil? Haven’t heard you in your own podcast lately.

[vitaminb]

We live longer.. are we? So many people die in their 50s, 60s, early 70s. Wouldn't that suck to retire with a hefty balance and then die in 2 years.

[gabrielmartinez]

If the market drop because of a recession, how do you know when to get in?

[mmabagain]

If I retire with 700K and withdraw 3.5%/year while making 5%/year in an income fund (80% bonds/20%stocks), wouldn't that be prudent when I am 3 years from retirement?

Edit to add: I also have a pension and SS.

[sobuboss]

Im not even half way there, but im watching it anyways.