January 5th, 2011

Over 50?—Three Steps to Fixing Your Financial Problems

Our generation wasn’t taught to expect we’d be fixing financial problems for ourselves once we hit our 50s.  Our grandparents and parents were able to sell their houses and live from that income combined with Social Security and their pensions.  In fact, our parents did better financially than their parents did—and our grandparents did a lot better financially than their parents!

It would be easy to look at those financial problems and resent the times we live in today.  It would be easy—but it won’t get us anywhere.  Instead, here are three tips you can use to fix your financial problems and start getting ready for retirement:

1.  Downsize your housing.  If you can sell your house—even if you can’t get much equity from it by now—you’ll be giving yourself a lot of financial savings.  Renting a house or apartment can cost half of what you’re paying for housing now.  That’s a lot of money to throw at other problems!

2.  Are you trusting a banker or broker to manage your wealth?  If so, it’s time to stop that and take over your finances for yourself!  I’m using a financial management system that lets me grow my own wealth without having to pay much in the way of commissions to anyone.

3.  Look at ways to bring in multiple streams of income.  Did you know that you can start some Internet businesses for free, for example?  Others don’t cost much at all, especially compared to the financial cost of starting a brick-and-mortar business.  Better yet, an Internet business earns you money even when you’re not working!

I understand how overwhelming financial problems can be.  Here we are just trying to live our lives, but it’s hard to do that with money problems hanging over our heads!

But if you take control of your finances, downsize where you can, and create multiple streams of income for yourself, you’ll be well on the way to fixing financial problems for good.

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