Mid-life, CRISIS

Source Material

The Power of Broke by Daymond John

My mom 🙂

How I Adopt / Adapt / Apply

I am 50 years old. I have $131 in savings. I am married, my husband is retired military, his benefits pay “his” bills, we live on my income. My truck is 15 years old and stops cold when I’m coasting so turns and coming to stops have to be done quickly; speaking of stops, the breaks often scream no matter how they’re used.  A $100 plus diagnostic netted close to $2K in needed repairs.

We’re moving from a rental house to a rented apartment – a distinct reduction in space with a marked increase in rent and expenses. Why don’t we buy? Who can afford the down payment or the maintenance costs on an existing house? Have you seen how much most HOA fees are (on top of the mortgage) these days? Side note – I’m a bit of gypsy. The idea of being tied to a house I may not be able to sell quickly cools my desire to buy something I’ll be responsible for making payments on for up to 30 years (HA – 80 years old and still making a house note? I don’t think so, lol). That’s on me, I get it.

So, how do I not freak out every day? You’re reading it. I turned the page and began this Next Chapter in my life by starting businesses around my passions (writing, coaching, consulting). I don’t expect them to make me millions right off the bat, but I do expect them to build to a level that will consistently supplement my current income; that will allow me to increase that savings slowly and surely.  I got the idea from my mom.  While she didn’t start a business, she instead went to work (without a salary) after she retired in an industry that afforded her to travel the world as she wanted to do – she volunteered to help out at a friend’s established travel agency. She also, through her many contacts, began reviewing grants for a fee. She turned her bout with breast cancer into a seat on a panel with doctors, researchers, and survivors that paid a small stipend every once in a while. She did things she loved for enough money to successfully supplement her retirement income for YEARS (she’s 82 by the way and about to take yet another fabulous trip).

How else do I not freak out? I look at other ways my mom worked life. She tucked pennies away at every turn. Went without certain things here and there for YEARS! I have a jar that I’ve kept for years. I add to it but only ever take out in extreme situations. I have a little over $25 in there now. I add all change to it so it may actually be more than $25, I haven’t counted it in a while. I have two envelopes with cash I got for Christmas that are over 20 years old. For real.  I’ve developed a capsule wardrobe and will wear each piece until they can’t be worn anymore. I’m careful and deliberate in my purchases like I’ve never been before and quite frankly, have discovered there’s just not that much out there I NEED.

I’m reading The Power of Broke right now and it’s offered some genuine insight as to how best to go about building my business and that’s a good thing.  Be on the look out for some changes to our services and offerings by the way. I see a YouTube channel and podcasting in our near future ;-).  Different ways that I can continue to make money no matter where I am in the world, no matter what ‘day’ job I have to work.

Bottom line, I’ve got this. And you know what? So do you!

Your Turn

No matter your current age, if you’re freaking out about your financial future, take those first little steps – drop all of your spare change in a jar instead of trying to keep it on hand; do what you can to put any ‘extra’ money away where you don’t see it every day. Let it rest, relax. I get that you’re “supposed” to be investing, saving, making it ‘work’ for you. But the reality at this point, if your reality is anything like mine, you’ve got to make it today and today there’s little to no room to buy stock – you’ve got buy groceries.

Don’t beat yourself up for where you are right now, how tight things are looking. Do the best you can with what you have. Leverage your “power of broke” and I’m confident, things will get better.

Let me know how you’re doing, okay?

The Next Chapter.


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