BiggerPockets Money Podcast Broke and in Debt at 50? How to Still Retire On-Time (Step-by-Step Plan)
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Jan 13, 2026 In this engaging discussion, Mindy and Scott tackle the financial struggles of starting over at 50 with $50,000 in debt. They outline a step-by-step plan to achieve a million-dollar retirement, emphasizing income optimization and smart expense cuts. Listeners learn about prioritizing debt repayment while saving for retirement and the importance of aggressive investing strategies. The episode highlights real-life challenges and inspires hope, demonstrating that it's never too late to turn finances around.
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Build A Personal Financial Statement
- Create a personal financial statement listing assets, liabilities, income, and expenses to get a clear snapshot.
- Use that snapshot to project 12-month surplus or deficit and guide immediate actions.
Get An Entry-Level Job And Hustle
- Start with an entry-level full-time job to create stable income and supplement with a side hustle immediately.
- Apply broadly, highlight transferable skills, and write a resume that frames stay-at-home experience as job-relevant.
Lower Big Three Expenses First
- Live far below your means and cut housing, transportation, and food costs aggressively to raise savings rate.
- Get a roommate, sell an expensive car, buy an older economy car, and meal-plan to lower monthly expenses.
