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

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 20 December 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: [email protected] Email Scott: [email protected] BiggerPockets Money Facebook Group BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry BiggerPockets Money 586 - Average Net Worth by Age (How Do You Compare?) Email [email protected] for a Free Copy of Set for Life Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate 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 in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So you're 50, you're broke, and you're thinking to yourself, retirement is never going to happen, right?
0:06.1	You're wrong.
0:07.2	Today, we are breaking down exactly how to get started, even if you feel like you're starting from zero.
0:12.8	We're covering actionable steps to take, mindset shifts, and strategies to build wealth, fast, even if you're starting later in life.
0:24.6	Hello, hello, hello, and welcome to the Bigger Pockets Money podcast.
0:27.8	My name is Mindy Jensen, and with me, as always, is my not quite 50, still-fi, definitely someone
0:34.2	you can learn from, co-host Scott Trench.
0:36.3	Mindy, as far as your intros go, that one wasn't the most fire.
0:40.1	Bigger pockets of the goal creating one million millionaires.
0:42.3	You're in the right place if you want to get your financial house in order
0:44.6	because we truly believe financial freedom is attainable for everyone,
0:47.7	no matter when or where or how old you're starting.
0:52.3	I guess how old is when, whatever.
0:54.1	We want a shout out in this episode guess how old is when, whatever.
0:56.1	We want to shout out in this episode.
0:58.3	Our sponsor, Connect Invest.
1:01.6	With Connect Invest, real estate investing is simplified and within your reach.
1:03.6	Now, let's get into the show.
1:07.4	Mindy, let's talk about, let's start with the basic question here. For someone starting at 50, who is broke,
1:10.5	maybe earning a median or a little
1:12.2	bit above median income, hopefully after a couple of decades of work experience, can they still
1:16.4	fire? So fire means financially independent, retire early. And I think if you are 50 years old and you
	...

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