Summary
1. Not enough even in your 40ssavingsit is still possible to achieve it in just 10 yearsfinancial freedom. Courtney Robinson, an American yoga teacher and mother of four, is a vivid example. She went bankrupt at the age of 40 and achieved financial freedom at the age of 50.
2. Her tips for success include reviewing her budget, cutting expenses, increasing her income, prioritizing paying off high-interest debt and investing regularly.
3. She also embraces a frugal lifestyle, such as driving a second-hand car, doing DIY without borrowing money from others, and choosing to live in a rural area with low basic living expenses. At the same time, she thinks like an entrepreneur and bravely adds new income through part-time jobs and entrepreneurship. sources, providing more flexibility and opportunity to achieve financial goals.
I feel that if I don’t have enough savings in my 40s, I won’t be able to live elegantly and richly.retire? Maybe you can regain your confidence from the story of Courtney Robinson.
She is a millionaire with a large amount of cash savings, stocks, and multiple rental properties. It is hard to imagine that 10 years ago, she had gone through bankruptcy, debt, and divorce. Now she has achieved wealth and freedom at the age of 50, and has raised four children during this period.
Robinson’s example shows that it’s never too late to manage your finances! The tips Robinson shared on the well-known financial blog Bigger Pockets include:
1. Review your budget and reduce it
Separating needs from wants, prioritizing necessities and wanting less luxuries, allows you to shift more of your money into savings and investments.
2. Increase income
Whether that’s by negotiating a raise, switching to a higher-paying job, or increasing your income through a side gig or starting a business.
It took Robinson four years to increase his income from US$15,000 to US$57,000. Although she owns a yoga studio, she admits that she works 28 days a month with almost no rest. It is important to have an entrepreneurial mindset, which gives people the opportunity to create new cash flow and a sense of accomplishment.
3. Pay off high-interest debt.For example, credit card debt with high recurring interest rates
Milan Ganatra, founder and CEO of fintech software company 1Silverbullet, told Forbes that debt can limit and hinder financial growth. When a person goes into debt, they end up paying more than the original purchase price.
He recommends paying off smaller debts first and putting the remaining money into savings. At the same time, avoid incurring new debt, and ultimately, your savings will allow you to pay off larger debts.
4. Recurring investments
The ideal starting point for investment was 20 years ago, but starting now is better than never starting at all.
Ganatra agrees, saying investing is akin to making money and is a long-term strategy for building real, tangible wealth in stocks, high-interest savings accounts, andreal estateare all common methods.
Robinson also invested in real estate. She bought a piece of farmland, built a cabin, rented it out on Airbnb, and strategically bought and sold properties to make a profit. Real estate appreciation and income can significantly increase an individual’s net worth.
Robert Kiyosaki, author of “Rich Dad Poor Dad” and billionaire Andrew. Andrew Carnegie once said that 90% of rich people got rich through real estate.
Ganatra said real estate gives people a sense of ownership. Unlike stocks and bonds, the qualities of a tangible asset make real estate popular, but maintenance costs need to be kept in mind.
5. Embrace a frugal lifestyle
Robinson said, “I want to be rich, not look rich.” She drives an old car, buys in bulk and relies on DIY to save money.
You can also try moving. For example, Robinson chose to live in rural Arkansas, where prices are much lower than in coastal cities. She earns US$57,000 a year and spends about US$33,000, which is enough to save her family’s emergency reserves and expand investments. principal.
She said she no longer feels uneasy about finances, but there are no shortcuts in the process, only persistence and discipline.
If she had to give one piece of financial advice, her number one priority would be to avoid incurring any debt that has nothing to do with your assets.
From being in debt to becoming a millionaire in ten years, Robinson’s story tells us that even if you are in your 40s or 50s, you still have enough time to build a strong financial foundation and realize your dream of early retirement.
Source: Bigger Pockets, GOBankingRates, Forbes
※This article is published with authorization from Shangzhou.com, and any reproduction without permission is prohibited.
It’s never too late to manage your finances!She was divorced and in debt at the age of 40, became wealthy and free at the age of 50, and raised 4 children.
Do you think you won’t be able to retire gracefully and richly in your 40s without enough savings? Maybe you can regain your confidence from the story of Courtney Robinson.
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2023-11-19 13:29:19
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