Broke at 50 - What to do? (3 Steps To Retire)

An email I got said - 50 and Broke. What do I do? This was from a viewer of my channel. Here's my answer - 3 steps for Retirement ► My Stock Portfolio:   / andreijikh   ► Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1000): https://act.webull.com/kol-us/share.h... ► Try Audible and Get Two Free Audiobooks: https://amzn.to/2ouTHKS ► M1 Finance Roth IRA: https://m1finance.8bxp97.net/c/198055... ► Stocking Stuffers for the Holidays: https://www.ipo52.com ► ROBINHOOD Free Stock (grab your other free stock): https://robinhood.c3me6x.net/c/198055... ► How I Make My Videos: https://www.amazon.com/shop/andreijikh ► Music In My Videos: https://www.epidemicsound.com/referra... ►Instagram:   / andreijikh   ► http://www.MAJIKH.com Last week, I got an email from a viewer that read " Broke at 50 - What do I do? " I never responded, so I decided to make a video instead. Retirement planning doesn't have to be difficult. There are 3 simple steps we can take to investing our money and getting back up to speed. The good news, is that 50 years old is still considered young in my perspective. You don't have to be old and broke. Here are the 3 steps to retire. Step 1 - get money. That's an obvious one that most retirement and personal finance guides are missing. We can do this one of two ways, increasing our income or boosting our savings rate. Start shopping around for competitive rates on everything you pay bills on. This includes, your internet, tv services, memberships, insurances, etc. Next, take up some side hustles on the weekends. The video shows the best side hustles you can do. Step 2 - Invest. Forget dividend stocks, and/or chasing the next hot stocks in the market. Instead, open up any qualified employer sponsored retirement programs such as 401k, IRA (Roth or Traditional), and/or an HSA. Start maximizing your contribution to the maximum limit. Money you put in here will be better than investing in individual stocks because the rate of return on your money is 100%. Find out our employer's 401k matching limit and max it out. Specifically, find a plan that has a target date of 2035. I recommend Vanguard's VTTHX ( Vanguard Target Retirement 2035 Fund ). This is one of the best index funds of the broader market with low fees, automatic rebalancing, and massive diversification. Vanguard: https://investor.vanguard.com/mutual-... Step 3 - Emergency Savings. Let's protect your nest egg in case of an emergency. During the last recession of '08, as many as 46% who lost their jobs during the unemployment spike liquidated their 401k to pay for necessities. Don't make this same mistake. This can be avoided by doing some preparation work ahead of time and building an emergency savings fund of at least $ 1,000. Watch the rest of the video to find out more details. Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment and discussion purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful! *Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future. #retirement #broke #investing