Let's get to the point....
......you're broke
Ok so you’re not begging bread, but you are living from one pay day to the next. You have little savings for emergencies but that’s it. This could be for a number of reasons…..no judgement here by the way. It could be due to a lack of retirement planning. Many people don’t start saving early enough or underestimate how much they’ll need. Compound interest works best over time and by the time you hit your fifties, catching up can be difficult without aggressive saving.
It could also be due to high debt levels. Ongoing mortgages, credit card debt, or even co-signed student loans for children can drain cash flow and limit the ability to save or invest. For practical ways to reduce these debts Dave's Ramsey's Total Money Makeover and Michelle McGagh 'No Spend Year' offer real life solutions to get this cleared. Or, you could have been caught out by inflation. As income increases over time, spending often rises too – on cars, travel, or homes – rather than prioritising savings. This can leave you very little for retirement. Robert Kiyosaki (the world famous author of Rich Dad Poor Dad) gives a practical and modern guidance for building multiple streams of income and investing in inflation-resistant assets. His book Rich Dad’s Guide to Investing reveals how the wealthy use real estate, business ownership, and investing to beat inflation and create passive income. And offers a High focus on creating cash flow and long-term assets.
Unexpected life events is another reason why you’ve been caught short in your finances. Divorce, health issues, job loss, or supporting adult children or elderly parents can significantly derail financial plans, especially without an emergency fund. Atomic Habits by James Clear will help you rebuild structure and motivation through tiny, manageable steps — ideal when life feels overwhelming.
And lastly, believe it or not, relying too much on Pensions or Social Security. Many people assume the government or employer pensions will cover their retirement needs, but these can sometimes fall short of maintaining one’s pre-retirement lifestyle.
Whatever the reason, it has left you lagging on the wealth creation scene. Others are prospering, and they are heading towards a bountiful future….leaving you far behind.
So, what can you do about it?…..Oh ye of little faith. There is hope. But you must act NOW and FAST and without panicking. You need a cool head on your shoulders. So keep calm. You will need a big dose of pragmatism seasoned with an element of risk.
First, you need to assess where you are financially. You need to see what’s going on. You need to diagnose the problem before getting the prescription for treatment. Take this simple FREE Finance Health Assessment Quiz. to see where you are financially and use this FREE Financial tracker to keep track and on top of your money. In addition, I’ve also given you this FREE Financial Readiness Checklist to help ensure you’re on target for a secure retirement. Lastly, I would highly recommend you find a professional financial adviser to support you on your wealth building journey.
You'll need a big dose of encouragement to keep you moving towards your financial freedom. Learning and developing quickly is key. Get a copy of Myron Golden's book - From the Trash Man to the Cash Man. Why? It will help you learn financial growth intertwined with key financial principles within the story. Yes Myron used to be a dust bin man/ refuse collector before becoming a multi-millionnaire.
I also encourage you to get a copy of the One-Page Financial Plan by Carl Richards
- Why: Simple, actionable advice with checklists for budgeting, investing, and setting goals. A good resource to boost financial education after 50.
- Best For: Beginners wanting a non-intimidating entry point.
Lastly, here are a couple of useful website links for useful money management tips to help you budget smarter not harder:
https://www.consumerfinance.gov/consumer-tools/financial-well-being/ (if you live in the US)
https://www.moneysavingexpert.com/family/ (if you live in the UK)
Now that you’ve got your finances in order you are ready to explore with me Top Wealth Building Tips for your 50’s and beyond
Ok let's begin.