Late Start, Early Retirement Planning Tips & Becoming a Millionaire in Your 50s
E conheça também sobre o Melhor Bot Para Opções Binárias 2022
Que tal um robo gratuito para IQ Option? Sistema Para IQ Option Grátis
In the early retirement movement, becoming a millionaire is a crucial part of the financial path. While everyone has different spending habits, the first million will allow you to start pivoting so you can make choices for your enjoyment, not just for the sake of money. But when is it too late to start making these moves? Is there a certain point where early retirement, or retirement at all, is off the table? If you think so, listen to today’s episode with Courtney Robinson.
Courtney was raised frugal, and unlike most, she never strayed off that path. Buying old cars, eating at home, and seeing matinee movies were the norm for her, but this began to get harder and harder as her family grew. Courtney was raising four children on her own, making only $15,000 per year, with multiple debts to pay off. But now, only ten years later, she’s a millionaire with equity, retirement investments, a large cash reserve, and multiple rental properties.
How did she make the switch in the later period of her life? Courtney goes over the tips and tricks that led her and her husband out of bankruptcy, into investing, and eventually to millionaire status. By no means was this an easy or quick journey, but Courtney serves as living proof that even if you’re in your forties or fifties, you still have plenty of time to build a strong financial foundation, and maybe retire early!
Show Notes at:
~~~~
Join the BiggerPockets Money Facebook Group:
~~~~
Reaching Financial Independence Despite a Very Late Start:
~~~~
Starting Late? Early Retirement Is STILL Possible!
~~~~
Early Retirement by 30 with $20K/Month in (Actually) Passive Income:
~~~~
7 Tips to Overcome Bankruptcy & Build Lasting Wealth:
~~~~
Grab Courtney’s Book:
~~~~
Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests:
Finance Friday:
~~~~
Connect with Scott and Mindy on BiggerPockets:
Scott:
Mindy:
00:00 Intro
01:24 Learning Frugality and Living Lean
07:20 Bankruptcy, Debt, and Budgeting for 4 Children
17:27 Buying, Building, and Selling Their Homes
28:09 Retirement Accounts and Emergency Savings
32:25 Millionaire in Just 10 Years!
40:01 Current Costs and Retirement Goals
47:15 Famous Four
50:43 Courtney is Coming Back!
#biggerpockets #biggerpocketsmoneypodcast #episode333
Link do Vídeo
As long as you have 10 good years left in you, you can probably hustle up a retirement of some sort.
I love the point s that you made. Thanks for that BUT she is not a single woman in that situation so this does not pertain to all of us. Not fair. Lets talk to someone that isnt ina relationship with someone. Some of us are on our own. Thanks but title is misleading.
I was 71k in debt but now debt free thanks to Brian👆, I could not hold my excitement when my debt got cleared. My credit also got fixed up by him. I am now Debt free with a great score.
What an inspiration!
The flaw in her story – she inherited $70,000 in her 20s from her grandparents and was able to buy a family lakehouse property from her mother. The vast majority of children won't inherit from their grandparents, as their grandparents will pass the wealth to their children rather than their grandchildren.
Im 52 – I have 3 degrees and have spent my life building 3 careers and losing everything 3 Times!
I lost everything when 9/11 happened and I was working for a .com start- up.
I changed careers and worked my butt off for 10 years and bought a home at 36 and single but then Lost my job and home basically everything again and went bankrupt in 2008 when the market crashed.
I took my emergency fund and put it toward massage school in 2011-
I became a medically trained massage therapist. I moved to the ghetto — lived very low and made A lot – No vacations, no fancy dinners I did nothing but work night and day for 10 years and built everything back as a single woman.
Last year after covid I left the cess pool of the city and moved to Florida on the beach, within 6 months I bought a home, secured new work and continue to work my butt off only now Im in the sunshine, near the beach and a home owner.
I walk to work my car will be paid off next year then I'll bust ass paying off the mortgage.
I have a side hustle as an Artist that I work on in the evenings and will turn into a passive income business.
Moral of the Story-
Can't stop Won't Stop.
Life owes you nothing.
Grind or be Ground.
Time and health are your most valuable assets!
Excellent story and financial journey!👏🏾👏🏾👏🏾👏🏾
What I don't understand is why would anyone go on to have THREE children if they're financially suffering.
This was great and has really sparked my mind set I'm really inspired thanks for sharing awesome tips I'm financially free and currently growing a solid retirement plan. It takes a positive and consistency to learn new things, unlearn the old habits ms Important to get a mentor/coach to lead you all the way. It's great to start young too!
“I would rather be rich than look rich” love that! 👍
I love the journey you shared… I have many less successful helps for my husband who was saddled by choice and ignorance with repeated debts… When I t "old him "you lose the house you lose me" it woke him up to being reliable and we did pay off our house recently!
Needed to hear this, I'm in my forties, lived frugal all my life, still drive a 20 year old car to work but had a massive financial set back which has gutted me every which way. So good to see someone able to make it at 50 wow.
Failure to launch? I know of a 51 yr old male who has left home only for 2 years since age 23.
OK I want to say one thing, she mentioned in the statement, that SHE SHE HAD A GREAT CREDIT SCORE as she didn't understand why the banker, friend would give her a loan, well it was obviously, because YOU HAD A GREAT CREDIT SCORE, you do not have to have money, you just have to have potential. Potential is why you got the services you did!!
70k small inheritance??🤦🏻♀️
She could live in the small cabin and Air BnB the house. Air BnBs are not free money, so I understand why she doesn't want to do it forever. But she could retire and live off the Air BnB from the large house.
Awesome story but she had help from her grandparents. She bought a house cash from her mother. Sounds Iike she owned her home free and clear.
Highly recommend a better camera angle – not the most flattering camera angle. Thank you for the content.
Is there a doll in the ceiling
Great episode! She is so humble and knowledgeable about financial growth. Thank you very helpful
I make 80k in Arkansas and I feel broke lol
That's A LOT of lovers
This is so inspiring. Thank you!
What amazing life story! I'm from Brazil and I just knew this channel right now. Great content. I wondering and I'd like to hear from Courtney. Could the Yoga had contributed to the success she got? Analyzing all the scenario, all difficulties, 4 children and all the pressure of the bills and debts, could attribute the mind sanity and self control to the Yoga knowledge she has?
Id love a story from someone that did not receive a “small inheritance of 70K”. It’s great for her and others that receive but I’m in the group of people whose parents really struggled and my inheritance was working to help my mom during college and afterward. I tuned out after hearing the inheritance honestly.
What is doll on the ceiling for?
Our biggest expense is our house. Right now our goal is to find ways to make more money. We don't expect to inherit anything from our parents, they have their own financial troubles.
This was sooooo inspiring!! I am 43 and I seriously began my FI journey last year. This gives me so much hope and confidence!!
Her resilience is what got her through…..liked the way she told her story….listening to her story and reading the comments has helped me to see, the struggle for Americans does not exclude whites…while some races have a harder fight than others we all have it hard in some way or another….would be so great if regardless of color, we start loving on each other, teaching each other, stop being evil to one another, and uplift each other 💚💫🌟 We all have a dream, let's make them come true by loving and helping each other
LOVE Larry Burkett
😱Why, with the horrendous music in the background?!?
Very proud of her, but next time can we at least put the inheritance part in the description
Larry Burkett! Yes!
How is 70,000 inheritance and 90,000 in 401k plus 14,000 in a yoga account, plus 20,000 in savings broke? lol thats $194,000. I would say she came out of the divorce better than 50% of americans if most can't afford a $400 emergency expense without taking a loan. She grew that in ten years but also had her new husbands income to contribute. I'm not trying to say she didn't accomplish anything but she definitely was not broke.
Way to go Courtney!!!
Wow great story, so relatable from South Africa 🇿🇦
This story is very long. Is this a story about saving money or bad investments or bad personal decisions.
SS Q. I never get the same answer form this Q. I will retire next year with 39 years for the Gov. I will retire under the 30 years MRA 56.5. I will receive Full pension, TSP and social security supplement. So, Will my 39 years count for Social Security at age 62? or do to not working for the next 5 years add a 0 for those years and just count the last 35 years from 62 back? From one retirement class no worries you have 35 plus years. The other said NO! it says if you work till 62. Very confused on this. So if I wanted to wait and get a bigger Social security pay out and waited till 67 or 70 , that would be 11 years gone for 67 and 14 years for 70. A huge penalty just for starting my career at 17 years old. Please help on this . Its getting frustrated to think I will need to work till I have either 44 or47 years to retire when more people retire with 30 years. Mike V
I’m 49 and feel like I’m late. I have a $301,000.00 portfolio right now and I feel so late. I recently changed what I was invested to into index funds and etf’s. I’m maxing out a Roth IRA (included in that figure above) and also I have a small account I play with and buy index funds all the time now. I just want to boost my portfolio. I will retire from my police job but will only likely have 45% of my salary, so I’ll get a less stressful full time job after that and continue to contribute to my portfolio. I’m sort of confused.
Thanks for sharing this, because I Am recovering from some much and catching back up to REBUILDING.
I applaud her for digging herself out. However, I think the story is very different for 80% of the people that have no generational wealth. That makes all the difference in the world. Not judging. I had no generational wealth, but I plan on my boys having some from me. It makes all the difference!
I love this episode!!! I'm starting "late" as well… but on the FI journey! Hustle and grind! Way to go!
I love this. Good for her to stick it out and help her man learn financial discipline. Women nowadays would rarely if ever do something like that.
Teacher, I am a sub teacher, I need to know how you started? Each one teach one.