Money Lessons From Older Americans Who Learned The Hard Way | Business Insider
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These are not very financially intelligent individuals. I'm 47 and I'm way, way ahead of where these guy were.
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Thank you for this. Allowed me to give myself some grace. Thank you.
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Im 65 and have enough to live two more lifetimes without working. Yet I have no intention of retiring. I'd be bored out of my mind.
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I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
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Retiring comfortably in the US these days is almost impossible. I'm planning to retire at 59 in another country outside the US that is free, safe and very cheap with a high quality of life and good healthcare. Here in the US more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
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Hag to watch this twic, make sure I doing what they say. Every year, I max out all my tax-free saving accounts, research all new tax benefits I can capitalize on, keep expense low, only donate to animal shelters (humans should earn their own money), get my job to pay for as much as my WFH expenses as possible.
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The 👧🏿 is exactly why Steve Harvey says the "BEST THING YOU CAN DONFOR POOR PEOPLE IS NOT BECOME ONE".
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Really?
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this is a topic of concern but it's usually swept under the carpet.
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Fail to plan you plan to fail…
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F-that. I'm retiring early. Why? Because I live below my means for decades and save for it!
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My generation wont get to retire at all except those born into wealthy families. Thanks boomers.
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A very misleading title.
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I have both my 401K and IRA accounts with Fidelity for years. I just found out that money not insured by the FDIC or anything like that. What happens if Fidelity goes down or bankrupt or anything that? Do I lose it all?
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$2500 out of pocket maximum… I would be so lucky. How about $9500 out of pocket maximum.
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Most people in financial trouble LIE about the real problem! Budget, live in your means. Too many people lie about the overindulgences they spent on instead of living responsibly.
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Work more?!?!? 65 is already a loooongggg time and they're saying to work more 😩
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Retire as early as humanly possible and live your best life!!!!
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"I needed the shiny car. I needed the big house. I needed vacations. Everything I can't afford I need."
Now: "I can't retire because I spent all my money young and thought I'd drop dead at 62 YOLO."
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you have to be in federal reserve to know about money
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This has nothing to do with retiring early. It has everything to do with making poor financial decisions and not planning properly. You shouldn't retire when you have debt, mortgage, are using credit cards to pay for things you can't afford. You're asking for disaster.
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This is one of the best videos I've seen in a bit. And I really appreciate that these people have given their best advice and I hope to take it to heart.
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Retirement is becoming harder for many to achieve. Low-paying jobs, high inflation, and steep rents make saving a challenge. Even middle-class Americans are finding it difficult to buy homes, leaving them without a stable retirement plan.
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What kinda propaganda is this?
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These are heartbreaking stories. And I suppose there are millions of people out there with similar stories. We must push for financial education in our schools because parents generally know nothing about money. A generalization, I know, but sadly true.
My own parents were stupid with their money and from a young age I resolved to never repeat their mistakes. I started saving for retirement when I was thirty, although twenty-five would have been smarter. I scrimped and saved, never took vacations, drove an old car and still managed to marry and raise two children. I called myself 'frugal' but my own mother called me 'cheap'! I taught myself how to invest in stocks, bonds and GICs. And I always took investment dollars off each and every paycheck, then raised my family with the rest. At any rate, I was mortgage free at forty-seven and retired early. My wife and I are living the dream in the country on a small farm. But all around me are folks who don't have two nickels to rub together. They just never thought ahead to retirement.
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Life is terrible because all yall stayed in america 😂 its wild here
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Government planned for this to happen to keep Americans poor and give migrants and other countries wealth
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Did they purposely find the least financially literate people? I’m really thankful for the internet and all of the information that is out there.
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Part of it sounds like propaganda to increase the retirement age for social security recipients
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1:17 should be the thumbnail.
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Invest in a good house, to live in primarily. Your job should have a pension as part of your salary, at least 10-15% invested safely (broadly at least), so that inflation doesnt lower the money's price. Be prepared to work until late 60's. Take care of yourself ❤
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I thought, "Get your house paid off and live on social security." But now SS pays the taxes on the house.
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Working a government job with a good pension was my wisest decision.
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Thanks for sharing your stories. Everyone should watch this video.
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1. Prepare early for the retirement. 2. Save, save, save. Save 20% yes you can. 3. Self finance education. 4. Learn how to invest smart.
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Financial ignorance seems to be the common theme here!! Why did they not get educated to know about money and how to use it? The education system totally failed them! Hope for the best but prepare for the worst! Fail to plan is plan to fail!! They have my sympathy!!
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Financial management and investing should be a MANDATORY course in high school! I remember learning how to write checks, balance a checkbook, and savings account but that was it in the 1980's. I got lucky and began investing heavily at 20 years old. Now at 57 I am very prepared. We are letting ourselves fail by not teaching these essential tools to our children.
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Has Ramit Sethi seen this? @ramitsethi
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Thoroughly enjoyed the video. Especially the single (?) elderly gent, and the librarian. It would be great if Internet had more genuine videos like this rather than hype and fast fashion.
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If you take your entire pension money out at once (so you pay the maximum possible tax) you kind of deserve this for being an idiot.
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For someone claiming to be "poor", they seem to have very nice kitchens and living rooms in the background 🙂
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