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
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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?)
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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?
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