Are you gone past age 50 but you still want to retire rich and travel the world? If YES, here are 33 guaranteed ways to build wealth from scratch after 50.
If you ask anyone they would tell you that one should have already started acting on wealth creation from age 25 at least. This could give the impression that 50 is too old to begin building wealth from scratch. But the first thing I would want to do with this article is to challenge that belief system. You are never too old to start growing your wealth and let me add that it is never too late either.
Not every millionaire in the world started with great advantages on their side, in fact most of the billionaires in the world started from very impossible situations. Most of them were born into poverty, others had various challenges standing against them, if they had looked at those challenges they would have said to themselves that it wasn’t possible to achieve millions.
Today as one in their fifties, you may be thinking you are too late in the game of wealth creation, asking how you want to begin, looking at those who achieved the millionaire mark in their twenties or thirties and asking yourself if it is possible. The question of possibilities in this world has been answered by science and other innovations that has shaped the world we live in.
Anything can be achieved if the right processes are taken. Here is how to build wealth after age 50.
33 Guaranteed Ways to Build Wealth from Scratch After 50 Years
- STOP THOSE LITTLE SPENDING THAT ADDS UP
You would be surprised by the number of little things we think we need, but don’t. We buy these things almost daily, sometimes weekly and really, we can actually live without these things or at least reduce the rate at which we purchase these things.
If you go through your expenses on a weekly bases you may find exactly what these things are. It may be that favourite snack of yours you think you need to have daily or that usual morning beverage that you can actually make at home and then take to work.
The truth is that over time these little luxuries we tend to enjoy may be hurting our pockets when we add them up. So, do not think to yourself “what’s a little bit of this got to do with a whole lot of that?” It matters, it accumulates over time and hurts your pocket in the long-run.
2. SELL OFF UNUSED VALUABLES
Okay, so you love that boat, but tell the truth, when last did you actually go fishing in the lake, or maybe even that recreational vehicle or that condominium in the outskirts of the country. The truth is that over time you may have acquired some of these things that may just be taking space and doing nothing.
Now that you are thinking of building your wealth, your priorities will begin to change. Sell off these items and make the money you get from the sales available for your passive income investments.
From this stage you should be thinking about generating more income from various financial instruments that do not necessarily demand active endeavours from you. Selling off some of these are a great way to further increase how much money you have in the money markets and such.
3. BEGIN TO DEVELOP MULTIPLE STREAMS OF INCOME
In as much as you should have already started this practice a while back maybe when you were still in your late twenties, but it’s never too late to start building wealth through establishing multiple avenues by which money flows into your possession. The thing about wealth is that it takes time to build, so in as much as the zeal may be there to hit it big in a short time, the reality may still be the case.
These different pathways by which income may flow to you, may have to require some type of patience before substantial money may be seen. But if you can see ahead of you, seven to eight years from now, should you have invested in establishing this manner of receiving money, you wouldn’t just be dependent on your retirement funds, but also the various money avenues.
4. SET UP SOME TYPE OF RETIREMENT PLAN
Yes, at this point in time, it’s not too late to start planning for your retirement. It is estimated that most people are expected to retire at the age of 60, such an experience is possible for you too. Simply find some type of retirement plan offered by an agency you can trust and begin to make money available for it.
Set aside a percentage of your income for this very purpose, it wouldn’t hurt, to know that some time in future you can simply choose not to work anymore or even reduce the rate at which your work, because you have a solid retirement plan to fall back on.
5. STOP BUYING ON IMPULSE
Nothing sets you backwards than purchasing things you didn’t plan for. These items where not in the budget, they add nothing to your end game and usually they are not priorities in your life. You may have seen your neighbour get something really nice, or you could be walking down the street and you pass by a store advertising discounts on items you may think you need.
Whatever the temptation is, develop the much-needed discipline to make sure you do not buy on impulse. Impulse buying disorganizes your entire financial plan and goes against the goals you have set for yourself, not to mention compromise your wall of discipline you may have been building.
6. GET YOUR SPOUSE INVOLVED
It would be close to impossible to build wealth if your spouse is not cooperating with you on the vision. If you have a spouse with a bad financial habit, it may jeopardize the entire plan, you may not be able to build your wealth like you want to. It could even be worse if your spouse does not believe in your ability to do this, if your spouse brings negative energy to your plan.
However, if your spouse is supportive and becomes your number one fan in the plan of building wealth then it could be a serious motivational factor. Actually, having someone to encourage you as you go, or someone you are accountable to concerning your finances will strengthen your resolve.
7. COME OUT OF DEBT
Coming out of debt is definitely not as easy as it sounds, but it is possible. At this point, there may have been things that have built up debt for you like your home mortgage. Start out by looking for the high-interest loans, make sure you plan out some type of financial strategy to pay those off first, and then move on to the rest that may have accumulated over time. This particular endeavour could take up to ten years depending on how much debt you are in, but the truth is when you are out of debt, you are in a much better place to enjoy financial freedom.
8. SET FINANCIAL GOALS
See what your money will accomplish in the future, have a plan for that money today against the desired objectives you may have placed in your heart for tomorrow. Having a financial goal can be a strong motivational factor, it can cause you to express discipline on levels where you may not have been able to imagine.
Most people do not generate wealth because they cannot really see what they need that much money for. But when you sit down to deliberately put down the various goals you are hoping to achieve with your money, you will be inspired to do what you need to do to achieve it.
9. IMPROVE YOURSELF EVERYDAY BY READING
You evidently want to be wealthy, one of the major things 60% of wealthy people do is read. It is advisable to spend at least 35 mins a day, reading materials that would help inform you about wealth accumulation. There are quite a number of helpful books out there, you can pick from any number of listings.
It is said that if you go to the house of many wealthy men, you would see their library, the place where they continue to studying well after college. The truth is you cannot go higher than your previous intellectual ability; to continue to grow your wealth you must continue to increase your thinking ability by reading helpful materials.
10. BE FULL OF COURAGE
It takes courage to be rich, it takes courage to be wealthy, it takes courage to go into a financial path with its challenges with the aim of coming out richer. Before you take that step, there would be a lot of doubts going through your mind, but the truth is that everyone who has ever achieved anything great had such doubts in their minds as well. Eventually through inspirational and motivational help, most arrive at their desired objective. However, without courage, there would be no major steps taken towards the right path to building wealth.
11. GET MOTIVATED FROM WITHIN
Making the money alone is not the motivation needed to get you there, most people have had the desire to generate wealth but have not made it a reality because their motivation is not rooted in real things. Your motivation should come from a real desire to be financially free, or to have enough money to help others, or even to give back to the community. Your reasons and motivation for acquiring this level of wealth has to come from a much stronger place if you intend to actually achieve this goal.
12. USE OTHER PEOPLE’S MONEY
It would be wiser to discover how to best use other people’s money to generate wealth for yourself and of course give the ones who made the money available to you their investments with interest. To be able to do this, you need to first of all understand how you would make your money from whatever investment you are going to be using the money for. You need to know how to get your profits back, so that you can actually make money enough to give your investors interest on their investments.
13. USE OTHER PEOPLE’S TIME
You only have twenty-four hours in the day, there are quite a number of things you need to do, so engaging other people in money making ventures is one of the ways to make money off of other people’s time. Get people to put in their time in activities that generate money for you, of course they too will be compensated for their efforts. You will find that you are able to do more, when you have other people working for you.
14. REPAIR THINGS
Sometimes when things get damaged, we tend to proceed to buying a new one, especially if we have some type of money. A better approach would be to repair most of these things, so that money is saved from buying them afresh.
15. DEVELOP WEALTH BUILDING HABITS
Changed outcomes are a function of changed actions, these actions usually lead to various results on the outside. Most people do not see the actions most people take in order to achieve certain goals, all they see is the goal achieved.
Well when it comes to building wealth, it is a function of daily habits that ensure that wealth is built. Discover what those habits are and begin to engage a lifestyle change in that direction. Commit to making those practices a lifestyle and you will see wealth accumulate over time.
16. SPEND LESS
If you make a certain amount of money and you spend more than that every single month, you will not be able to grow your wealth. This kind of practice will only make wealth building a fantasy, begin to make sure you spend less than what you make and then invest whatever money is remaining from that.
17. INVEST! INVEST! INVEST
This is the sure way of generating wealth, you have to invest in various financial instruments that ensure that your money works for you. Passive income is the way to go, but make sure you understand exactly where you want to put your money in. Look into the investment opportunity and find out if it is the best for you, avoid taking crazy risks with your investment habits, at this age, you should be looking more into sustainable investments.
18. SAVE UNEXPECTED CASH
From time to time, we receive unexpected cash, while most times what we do with this money could be very unproductive, but if we begin to make it a point of duty to save these extra monies that come our way, we may have begun a journey to a place of much better finances.
19. COMMAND MORE INCOME
At this point in time you should have gathered a particular level of authority in your chosen profession. Look for ways to make it work in your favour, seek for more income, based on the level of expertise you bring to the table.
20 .ELIMINATE THE USE OF CREDIT CARDS
The use of credit cards is deceptive, so ensure that you begin to come out of credit card debt and you also minimize or even eliminate the use of credit cards. Credit cards cause you to use money you don’t have today so it will eventually put your future earnings on hold. This isn’t what you want to do at this point in time.
21. GET PROFESSIONAL HELP
There are certified financial planners out there that could help you put your finances in order. They could show you a clear way of investing your money so that you can better achieve your goal. Their job is basically to develop a plan to improve your financial situation, so you can trust them because they know how money works in the world of finance. This does not mean that you won’t do your own personal findings so that you wouldn’t fall prey to certain oversight on their part.
22.USE OTH ER PEOPLE’S RELATIONSHIPS
You would be surprised at the power people have in their social relationships, people know people who can make things happen. Leverage on this, make sure you meet people who have connections with various other people of great influence than can help your wealth generation goals.
When you have these types of relationships, the sky can be your starting point. When you surround yourself with people who earn as high as you desire to be, you will be motivated to believe that such a thing is possible and of course it would be easier to engage these relationships for wealth creation.
23. TAKE WEALTH CREATION SERIOUSLY
Yes, take it as a very serious business because it is. This will affect your life, it will affect your health and it will affect your relationships with others. Yes, it is a serious business to look into generating wealth, you have to take it as seriously as you take your job, only then will you make the necessary sacrifices needed to ensure that the desired objective is achieved.
24. SEE SAVINGS DIFFERENTLY
Saving could be very difficult for some people, basically because of how they see it. If you see saving a little bit of your income every month as some type of prison that restricts you from doing all the thing you love to do, then it will be a very difficult habit to cultivate. But if you see it as a needed practice to lead you to your ultimate goal of financial freedom, then every time you put something away, you will be filled with inspirational energy.
25. WAKE UP EARLY
More than 50% of the wealthy wake up at least two hours before the day breaks, this will help you be more productive as those initial hours give you time to prepare for your day. The more productive you are the more income you can make or the more you can be able to study up on your investments, look into your financial plans, strategize and much more.
You have to know where your money is going to, what it is doing and how much is going to what it is doing. Write down your budget and stick to it, even those with a lot of money have personal budgets they would not compromise for any thing because they understand how important it is to obey the budget.
27. BE DISCIPLINED
Every single tip we have given here would make no sense without this particular one. You have to practice self-control, when it comes to financial matters. It is just like dieting when it comes to losing weight, you have to ensure that you do not eat what is not necessary for you to eat. The same goes for finances, all the suggestions made above will only come to you achieving your financial goal if you practice discipline. So, focus on discipline as you explore these tips mentioned above.
- HIRE A PROFESSIONAL FINANCIAL ADVISER
You may have to squeeze out some money to hire a financial adviser for a one-time service deal or if you have the money, you can retain him/her for longer. The professional financial adviser will look at your current financial situation, your assets, your liabilities, your expenses and your excesses.
Your adviser will be able to hint you on how to put your finances in place for the purpose of investing them wisely in order to create wealth within the next coming years. Your adviser will also help you develop a plan. You need a plan, everyone who intends to go into business first of all puts together a business plan, without a business plan one would not know which way the business is to go.
29. SEPARATE YOUR SAVINGS
It would be very smart to have different accounts for different things if generating wealth is what you want to achieve. Have an account for expenses, for projects, for investments and so on, this will give you more control over what your money is doing and remove the sense of a lack of power from you.
30.ENSURE YOUR CHILDREN GRADUATE EARLY
University fees could be very expensive, if you ensure that your children graduate early enough, they can begin to work so they too can help lift the burden that comes with student loans. Also with your children helping out with the student loans taken, you can have more finances to invest in other things that will help generate wealth for you over time.
31. INVEST IN REAL ESTATE
The normal tendency is for landed properties to increase in value over time. It’s time to become a land lord, have people move into your property and pay you some type of rent. This is just one of the various passive income investments you could make so that your wealth can continue to increase overtime.
32. ALLOW YOUR INVESTMENTS COMPOUND
At this point in time both you and your financial adviser must have developed a proper investment plan. Give your investments time to build up wealth for you, a farmer does not continue to bring out the seed from the ground after planting it to see if it is growing. He simply plants the seed and continues to water it over time, and over time it produces the harvest for him. The same goes for multiple investment portfolios, keep them going over time they will yield great returns for you.
33. EARN MORE
At this age you should have already gotten some type of expert knowledge in your particular field of profession. Leverage on this to make more money before you arrive at retirement. As you earn more money, make sure you invest them appropriately as suggested to you by your financial adviser.
We have seen in recent times that anything is possible. It is possible to grow your wealth even from a distant age of 50. I hope the tips given above and the specific suggestions will help you get the much-needed inspiration to start your journey into wealth creation. All you need is already made available for you by the world around you, all you have to do is believe it is possible and begin you steps into the new world.