If You're 40+ and Saved Nothing For Retirement, watch this...

Dec 5, 2024

Feeling overwhelmed at 40 with little retirement savings? You're not alone! Discover a game plan that includes evaluating your finances, establishing an emergency fund, and tackling debt. Learn how to make the most of 401(k) matching and Roth IRAs while building wealth through positive financial habits. Explore accessible investment strategies and personal finance tips that boost your income. It’s never too late to take charge of your financial future—it's time to start investing and secure your financial independence!

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ADVICE

Face the Numbers

Face your financial numbers head-on, including income, expenses, and debt.
Gain control by understanding your current financial situation, avoiding self-blame.

ADVICE

Track and Save

Document income from all sources, and track expenses using bank and credit card statements.
Initially, aim to save 10-20% of your income, even small amounts matter.

ADVICE

Build a Safety Net

Build a safety net with $1,500 or one month's expenses in a high-yield savings account.
This initial "comfort fund" provides a buffer for unexpected expenses, preventing debt.

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Welcome to another insightful episode of the Building Your Money Machine Show. If you’re feeling the pressure of not having saved for retirement yet and you’re in your 40s or beyond, this episode is specifically tailored for you. I get it — the future can seem daunting if you're not financially prepared, but I'm here to tell you it's never too late to start.

Many folks aged 40-49 find themselves in a precarious situation, often with less than $10,000 in retirement savings. If this sounds familiar, don't worry, there's a path forward. I’ll walk you through a comprehensive game plan: from evaluating your financial status, to building a safety net, managing debt, and finally getting into the practice of investing.

But that’s not all — I also delve into investment strategies that are accessible and effective for everyone. Whether it’s leveraging employer 401(k) matching or contributing to a Roth IRA, the aim is to cultivate habits that will grow your wealth over time.

So, buckle up for an episode brimming with actionable insights and practical advice to help you face the numbers, build your safety net, eliminate debt, and most importantly, start investing.

IN TODAY'S EPISODE, I DISCUSS:

Facing the numbers: Documenting income, expenses, and debt
Building a safety net: Establishing an emergency fund
Eliminating debt: Differentiating between destructive and productive debt
Starting to invest: Leveraging tax-advantaged accounts
Lifestyle adjustments: Prioritizing future financial freedom over immediate gratification

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If you liked this episode, click here to enjoy these and more:
https://melabraham.com/show/

Ten Tiny Habits That Build Real Wealth (REALISTIC)
Why A Million Dollars Doesn't Make You Rich
The F.U.N.D. Method For Building & Managing Your Emergency Fund
Why Smart People Are Not Always Rich
Why The F.I.R.E Movement Is A Pipe-dream

RECOMMENDED VIDEOS FOR YOU

If you liked this video, you'll love these ones:

Ten Tiny Habits That Build Real Wealth (REALISTIC): https://youtu.be/U2xunyOe-tg
Why A Million Dollars Doesn't Make You Rich: https://youtu.be/S1Wn2n5jIo0
The F.U.N.D. Method For Building & Managing Your Emergency Fund: https://youtu.be/oWFGkpLySag
Why Smart People Are Not Always Rich: https://youtu.be/KknyOr-IU8A

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