How To Retire Comfortably Even If You Are Broke

BY: - 26 May '17 | Money

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By Douglas Barnes

Ok, so you’re at retirement age, and you’ve got no money, you’ve got no job, no marketable skills and your credit sucks eggs.  What options do you now have, and what are you supposed to do at retirement time.

You’ve begun to realize that your finances have never been this bad, and mentally, you are so depressed, that you are about three to four French fries short of a happy meal.

Alright…here’s the raw deal.

  • One option is you could go rob a bank.  Hey, isn’t that where all the money is.  However, I don’t advise that option.  Because you see, the chances of you getting caught are extremely high, and the penitentiary ain’t no joke.  Particularly if you are pretty.
  • You could sell drugs.  However, one of the problems with many of the dope dealers out there, is that they usually consume most of their own products.  Plus, there is a ton of heavily armed competition out in the streets. Therefore, the risks heavily outweigh the rewards.
  • You could start, or continue ‘milkin’ your parents if they are still around, particularly if you are residing at their home in their plush guest suite (namely the basement or the attic).  The problem with that is they may soon be graduating to the ancestors.  So, how are you planning on handling all the family, estate and property issues.

Alright, alright, alright, enough of the crap.…..now let’s start looking at some safe, honest and serious options.

  1. Start saving money.Let me say that again, start saving money.  Even if it’s only a dollar a day.  Make it a top priority.  Hey, I used to own a plastic jar that I used to place all of my loose change in, and I would drop at least a dollar into it every day.  Believe me, it starts to add up.  Once you have several hundred dollars in that jar, put those funds into a money market account or consider investing it in the stock market or mutual funds.
  2. Get you butt out of debt.  Cut up all those high balance and high interest rate credit cards, (it’s called plastic surgery).  Contact https://www.usa.gov/debtand make an appointment.  They offer tremendous help in clearing up your credit.  (Ask me how I know!)
  3. Develop some sort of a side hustle.  (I’m not talking about selling drugs)  Start out as a small business owner and master the techniques needed to build on it.  If you are good at computers, learn how to sell products online.  People good at sales, always find some way to locate a job or make some extra money.  Find saleable items that you can buy wholesale or at a discount, sell those items and then make a profit.
  4. Financial Assistance: If you know where to look, you can find financial assistance for food, housing, and utility bills.  Contact your local social services or Social Security Administration office to ask about any programs you may be eligible for due to your low income.

Click here to see the full list of options and more information on preparing for retirement at BlackandRetired.com.

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BMWK Staff wrote 1227 articles on this blog.

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How to Stop Fighting With Your Honey Over Money

BY: - 5 Jun '17 | Money

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Money issues can sap the bliss out of any relationship. In fact, according to a MONEY magazine survey, 70% of married couples argue about money. They fight more about money than they fight about household chores, spending time together or even sex. But you don’t have to let finances become your downfall. Consider these simple steps for bringing financial peace back into your marriage.

Don’t Judge

It’s easy to judge. We’re all critics at heart. But that criticism can be devastating when directed toward your significant other. Perhaps your husband thinks your ever expanding shoe collection is one of the dumbest, most financially reckless things ever. Maybe you consider the $250 he spends on fantasy football to be absolutely insane.

Despite how ill advised their purchases appear to you, it’s imperative not to judge your partner’s discretionary spending, especially if it makes them happy. What is important, however, is to budget their spending so that it doesn’t derail your financial plans as a couple.

Consider creating “ours”, “his” and “hers” bank accounts. The common “ours” bank account is where you as a couple combine all your finances and pay for household spending and financial priorities. Each month have a set amount of money automatically transferred from the common account into two separate “his” and “hers” accounts. This “allowance” allows each partner to have money that they can spend guilt and judgment free.

Agree, for instance, that each spouse will receive $200 a month to spend as they wish. And if they want to purchase something more expensive than $200, they’ll just have to wait and save up for it. In this way couples can enjoy spending freedom while practicing financial discipline at the same time.

Get on the Same Page

A house divided can not stand. Couples with conflicting money goals are headed for trouble. One partner may have a goal of purchasing a larger home in the future while the other partner dreams of building a sizable retirement account. That’s why it’s important to get on the same page financially. Sit down and map your financial future together. Determine your mutual short term, medium term, and long term goals. It may require a good deal of compromise but the results will be well worth the sacrifice.

Be Honest

So you lied about a purchase. Maybe you’re keeping a secret cash stash, or perhaps you have debt you don’t want your partner to know about. Harmless? Not really.

Financial lies can quickly undermine the trust in any relationship. According to a SELF and Today.com money survey nearly 46% of people admitted to lying about financial issues to a significant other. And financial deception has consequences. A National Endowment for Financial Education survey, for instance, found that 75% of respondents admit that such lies have adversely affected their relationship.

Financial lies can quickly undermine the trust in any relationship.

Whatever the reason for the financial infidelity, couples must be honest and come clean. First create the safe space in your marriage needed to discuss financial shortcomings. This space should be a safe harbor of forgiveness and understanding. Then both partners need to lay all of their cards on the table, including an accurate accounting of all debts and spending. Only after being completely honest with each other can you build a foundation for true financial success.

Make Time to Talk

Communication is the key to a successful marriage. No where is this more evident than with finances. According to a TD Bank Love And Money study, couples who discuss money on a regular basis are happier than couples who talk about money less frequently.

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Make plans to discuss your financial situation at least once a week. If you must, schedule the time. This is the opportunity to assess your money situation, identify financial challenges and opportunities, and make plans for the near future. When you make talking about money a priority, your financial progress as a couple will blossom.

Unearth Your Hidden “Money Scripts”

Let’s face it. When it comes right down to it, much of our spending is based on emotion. As human beings we all have “money scripts” or core beliefs about money that we subconsciously developed growing up watching our parents deal with money. It’s these money scripts that, for better or worse, guide our financial behavior as adults.

A wife may hoard money because growing up her family never experienced real financial security. Alternatively, she may spend money whimsically because she desires to enjoy the things she never had as a child. A husband may dress to impress and purchase the latest model automobiles as a way to provide himself with the validation he never received as a child.

It can be a painful challenge to unearth the underlying psychology behind our destructive spending patterns. It’s even harder to share these with our spouse, but a strong relationship embraces vulnerability. As a couple, once you face the uncomfortable money scripts which drive your bad financial decisions, you can address them and begin moving your finances in the right direction.

BMWK, How do you avoid fighting over money with your honey?

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Alonzo Peters wrote 292 articles on this blog.

Alonzo Peters is founder of MochaMoney.com, a personal finance website dedicated to helping Black America achieve financial independence.

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