guys right now almost half of American households have no Savings in their retirement accounts that's according to the latest survey of consumer finances now guys I don't know about you but to me that sounds pretty scary let me know in the comments below your age and whether or not you have anything saved for retirement or not and if you don't let me know why in the comments below now I get it guys the rise in inflation in the last couple of years has sort of put a damper on a lot of people's savings and saving
for retirement but with that said what do you do if you're 35 40 or 50 years old right now and you have nothing saved for retirement or you have very little saved where do you start that's the question what do you do first now in this video I'm going to give you eight things that I think you need to do first to get started after the age of 40 please stay tuned for number seven and number eight because if you don't do number seven and eight on this list then everything else really doesn't matter so
stay tuned for those hey if you get vou you from this video smash the like button below share the video with your friends your family your network of good people and also please consider subscribing to my channel if you're not already a subscriber now let's jump into it now guys the first thing you got to do if you're starting from scratch and you're over 40 years old is you first have to realize that it's possible right you got to kind of get in your mind that you can do it you're not too old and it's
not too late right that's the first thing you got to think about in your mind get your mind prepared for this journey and by getting your mind prepared prepared for this journey I'm saying Bel Bel believe have faith that you can save up a measure of wealth and you can do it before you get started on this journey that's very important understand that 40 years old is not that important you're basically middle-aged and you have a long time to go the key is to start now and you got to get going right now but first
believe that it's possible cuz everything you're going to do with your money has the first start in your mind now number two is this you have to begin to read and and do some self-learning some self-development some self-education you got to begin to take in new information so you can learn new stuff about money right because everything that you've known about money up to this point has led you to not having anything at all in your savings for retirement so you have to reframe the way you think and the best way to start to do
that is to begin to read and take in new information you should be reading a non-fiction book about money or investing money at at least once a month so by the end of the year you'll have 12 new books that have given you tons of information about this journey that you're about to Embark upon now the third thing you need to do if you don't have any money saved for retirement is you need to write out your plan what do you want and how do you plan to go about it you have to figure that
out and you got to write this plan out on a piece of paper spreadsheet but somewhere it needs to be plastered somewhere where you can see it and have access to it not only writing out a general plan a big vision of what you want but you have to write out spe specific goals and under each specific Financial goal you need to have some action steps things you do on a daily or weekly basis that's going to help you reach each one of those goals now it sounds corny and it sounds cliche is but figuring
out your plan and your strategy and then writing it out is key and it works right so your plan that includes your big vision of where you want to go your goals three or four goals and action steps underneath each goal is one thing but then you have to commit to those things as well but again you have to write it down you got to make the vision plain right because you have to strategize yourself out of this hole that you're in and I call it a hole guys it's not the end of the world
you just have to strategize how you're going to get out of the hole guys if you get value from this video please smash the like button below and please consider subscribing to this channel if you're not already a subscriber and also don't forget to share this video with your friends and your family now the fourth thing that you have to do if you don't have have anything saved is you have to begin to obviously invest money you have to begin putting your money towards appreciating things that are going up in value hey guys if you
just committed $500 a month for the next say 25 years if it's getting an 8% return on investment every single year that's going to total in 25 years $473,000 if you adjust that for inflation over the next 25 years that turns into about $290,000 adjusted for inflation just by putting away $500 a month and getting 8% return an average of 8% return now who wouldn't want to have an extra $300,000 in the next 25 years or so to spend and to live on all of us would be okay with that right so that's just a
small example of what compound interest is all about in terms of you investing your money right you can have that at the age of 65 if you start today and you don't have to just do 500 that's just one example you could do $1,000 right and have plenty more money than that but the point is you have to start and you have to go ahead and get aggressive with it but I want you to get aggressive with it intelligently right not just go out and start putting all your money in these Investments I want you
to know what you're investing in understand compound interest understand tax implications on what you invest and capital gains Etc you do all that by what I said in number two the reading and the learning now specifically in terms of investing I suggest a total stock market index fund that's a good place to start with your learning understanding the difference between individual stocks mutual funds index funds ETFs and bonds right that's something that you should maybe consider learning so do your research on that and also make sure that if you have a job and they're offering
a 401k match make sure you get that match and then if you want to invest more into what the company actually invest your money in go for it or you can simply open up a brokerage account and invest anything above and beyond that 401k match that your job offers invest that into the stock market at a brokerage firm now if you have no money saved you have to concentrate on paying down some of that debt that way you can accelerate your net worth you can grow your net worth but you have to reduce the liability
side of the equation net worth is assets minus liabilities well we want you to invest in appreciating assets but we also want you to lower the liability side the debt so you got to focus on reducing your debt and I would focus on doing that net worth equation at least a couple of times a year so you can sort of focus on it what you decide to focus on with your money is going to grow so if you focus on your net worth and focus on your assets going up and your liabilities and debt going
away that's going to ultimately give you more money everything you're doing from here on out from age 40 on is geared towards reducing those liabilities and increasing those assets and you might consider the debt snowball plan to help help you get rid of those debts that are on things that are going down in value now the sixth thing you got to do which is the big elephant in the room is you got to get your income up so you have more money to invest you have more money to hurry up and pay off debts you
have more money to go towards your emergency fund increasing your income is sort of the elephant in the room right guys you want to raise your income now how do you raise your income over the age of 40 that's something that we got to figure out there's really basically two ways to have more money either you decrease your expenses or you increase your income one of the other right if you're going to decrease your expenses guys that just means you're going to live a little bit more frugally and you're going to cut out some things
that you do right now and that is going to help you have more money the flip side of course is just to go out and get more income so you have more money right the whole key is this guys you want to have every single month when you do a written unique budget every month you want to have as big of a cushion between your expenses and your income as possible the bigger that cushion is the more money that you have to go towards all of that investing and all that emergency fund saving and all
of that debt payoff you have more money the bigger that cushion is that means living well below your means your means being your income and actually increasing your income how do we monetize a gift or a talent or something you enjoy doing or a set of skills that you have how do we monetize that and make more money at what you enjoy doing or what you're already good at remember this guys your two most important wealth building tools is one your ability to keep your expenses low and two your income those are your two biggest
wealth building tools so if you can figure a way to do those things you're going to have more income make more income keep your expenses low now I ask you to stay tuned for number seven and number eight because they're probably the most important things nothing else is going to matter when you get to age 40 and you want to build some wealth and build some Savings in your retirement accounts nothing else is going to matter if you don't do number seven and eight correct now number seven is this you have to be disciplined you
have to be focused you have to be consistent you have to be accountable and you have to be committed if you're not those things then nothing else on this list is going to matter if you can't be consistent with investing in your retirement for your future without touching it having the discipline to not get a loan from it and you're focused on it and you're committed to doing this whole plan if you don't have that guys it ain't going to happen for you you have to be in control of you you have to be able
to tell yourself no you have to be able to tell yourself let's find a different way to do this you got to be able to tell yourself that's not the right way I want to spend my money you have to be able to tell yourself that's not in the budget that's not in the plan you got to be disciplined and if you're not disciplined throw everything else out the wall now let's go to number eight number eight is equally important number eight is this you have to take care of your health you got to take
care of the one body that you have that means you got to exercise it means you got to walk or swim or run or you have to have some movement in your life you have to eat right you have to take care of your physical well-being and also your mental health you have to do the things that de-stress you you have to do the things that relax you right and take some of that anxiety away you have to take care of your physical and your mental health again just like number seven where I said discipline
consistency and being focused and committed just like I said all of those things matter most if you don't take care of your health guys you're not going to be around for the next 20 years to enjoy the fruits of your labor so a lot of folks don't really talk about health when it comes to money but we all know that health is wealth the longer that you're here and the more time that you you have to actually enjoy your wealth and have more fun and enjoy life the better so if you're 40 years old or
over 40 make sure that you're spending good quality time taking care of you eating right exercising walking on a regular basis and just prioritizing your health and your mental well-being that's going to take you a long way towards helping you achieve whatever goal that you're trying to achieve with your money hey you got to take care of the temple that you have and not only does it include your physical and your mental but it also includes your spiritual life as well you got to take care of all of those things so that you're here and
can enjoy all the wealth and all the money and all the good times that you're going to accumulate on your financial Journey why get your income up why lower your expenses and turn your life around with money if you're not healthy enough to enjoy it mentally physically and spiritually so guys take your health serious now listen guys I'm not saying anywhere in this video to not enjoy your life to not have fun you can manage your money well and budget your money and have plenty of fun for some of you it's going to take an
entire lifestyle change because ultimately guys you want to be throwing 1,000 $1500 $2,000 every single month towards your Investments but the big key is this guys you got to have faith you got to believe and understand that it's not too late for you just because you're over 40 Building Wealth is a journey it's a process I look at life in four Cor every quarter is 20 years right now at 40 years old it's just halftime you got a lot more game to go and listen hey if you get to be over age 80 guess what
that's just bonus that's just overtime right but listen you're only halfway done at 40 years old guys so never think that it's too late you're not too old so there you have it guys those are my eight things that you need to be considering and thinking about doing if you're 40 years old or older and you have nothing save for retirement guys don't forget to smash that like button below for me share this video with your friends your family and your network and also don't forget to subscribe to my channel if you're not already a
subscriber hey the best person who's going to take care of the old you is the young you guys take care of yourself and take care of other people until the next video peace
