Seeking advice from the 60+ OT crowd

If you have anything very physical that you want to do, get in shape and do it now. Hiking Yellowstone, rebuilding an old car, etc. Or for that matter, starting a business or joining a startup company. All that gets much harder after 60.

Don't be too overweight at 60, it's almost impossible to take/keep off

quote:

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what advice would you give to me entering my 50s

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Have more kids.

Dont listen to other people and follow their strategies, you'll find yourself unfulfilled.


Embrace change, realize everything is opportunity and that peace and contentment are more important than chasing trophies at this stage of life.


Trust your intuition, you've spent 5 decades creating it.

I’d like to tell you, but I don’t remember.

We saved up for years and bought a house on the lake. It’s not extravagant by any means, but it’s nice enough and has the right amenities and location. We bought it as our permanent home. We waited for the right timing and bought boats and jet skis so everyone can be entertained. Fortunately, we did so without blowing our budget.

We did this for ourselves, but also for our kids and grandkids. They will find a way to get away and have fun. If it’s fun at your house, they will come and visit. If not, good luck getting them to come back regularly.

Also, don’t buy the new vehicle. Look for a good used one. Pay cash for it and save your money. “No one cares what you’re driving when you pull up to your yacht.”

There is a huge difference between Wants and Needs. I want those LSU football season tickets but I need a new roof. You can watch the games on TV with a new roof that is not leaking. And you do NOT need an 84 inch TV screen to watch the game.

Refinance your home mortgage from 30 years to either 15 or 20.
Accelerate home mortgage payments. Instead of monthly payments, make your payments bi-weekly to save on the interest payments. Every year, check your escrow account for errors.

New vehicles with a payment period over 48 months is a sure way to stay in debt forever. You do not need the latest models with the huge 8 cylinder engines and the latest accessories. Look for used Hondas and Toyotas.

Take the maximum 401K contribution allowable. When you get paid, take 10% minimum and put it in a savings account. This is called paying yourself first.

Do the math about bringing your lunch to work. Going out every day for lunch will cost at least $10 per day, $50 per week and $3,000 per year. No problem going out once a week and you save over $2K per year.

Write down everything you spend in a given week, see what it is for a year and then justify your expense. Take the money you save and pay off debt.

Retirement is coming and it is a lot more fun if you are debt free.

It’s easier chasing old women… They get slower

pay off your debt
frick while you can
stretch
get rid of anything in the house you haven’t seen or used in 6 months
plan to retire at 60 no matter what