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Money Lessons From Older Americans Who Learned The Hard Way | Business Insider

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When you CASH OUT / withdrawl ALL of your 401k at once and rollover noneof Course you'll lise a HUGE chunk to Taxe$ -smh
Comment from : @jjoutback

I NEED A WAY TO DRAW UP A PLAN TO SET UP RETIREMENT WHILE STILL EARNING PASSIVE INCOME TO MEET MY DAY TO DAY NEED, AND ALSO GET CHARGED LESSER TAXES EVEN WHILE IN A HIGHER TAX BRACKET I WANT TO INVEST AROUND $250K SAVINGS
Comment from : @Maxime-b5y

“I forgot 1 credit card payment”
Comment from : @rickwilliams9001

Retirement is not stop working It is doing the work you want to when you want to
Comment from : @rv003yt

I grew up with not knowing a thing about savings let alone investing Probably because we were homeless so much as a family However, something told me to open up a 401k with my employer at age 18 I'm 46 now, and retired last May Not bad for a cashier job
Comment from : @206-HoneyBadger

If you're young believe it when we older people say "put away when young" The battery will start to deplete so energy and not enough money can be a real problem😮😮😮
Comment from : @bernardsnow6655

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them Well, at least my advisor does too, jokingly
Comment from : @BarbaraMartens_02

Age discrimination is flourishing as much as ever It was difficult getting back into the work environment after staying home and caring for four children under the age of ten Getting a job, even part-time was not easy but eventually, with constant effort, I finally succeeded After finally obtaining full-time work, the company had deep layoffs and my turn came at age 60 I was forced to take Social Security at 62, thereby losing 30 percent of SS for the rest of my life I've learned from a reliable source that employers don't want to hire older citizens because insurance companies charge high premiums to insure older employees for health and life insurance benefits
Comment from : @noraarico1313

Boomers that didn’t plan Bootstraps Mother Fuckers……
Comment from : @JK-bf1tw

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money I started investing with $120k and in the first 2 months , my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and gets more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @YinusaSaheed

Wow, $2500 out of pocket max? That’s a good plan Ours is $10k out of pocket max each year Be grateful
Comment from : @readyornot316

Life should get softer after retiring, it all depends on how prepared you were for it Many people of old school worked for 40yrs only to have $1m in their retirement, while some others who are already living in the present age decided to put a percentage of that into the digital market and in just few months to a couple of years, they're multi millionaires I hope that anyone reading this becomes purposeful and stops thinking about life in circles It's no more a factor of how hard you worked but how good were your decisions
Comment from : @FloScidmore

I love this so much I shared it with my 17 yr old son as he needs to hear it now and hopefully make better decisions tomorrow
Comment from : @moniquestaple9887

Don't retire earlywork until you're days before death so you can save more for retirement
Comment from : @lefiesalinwood4413

👁👄👁 me looking their houses 😂
Comment from : @nochildsupport4889

Thank you to the lady who said that you have to invest your roth IRA money and not just let it sit there I opened a Roth IRA when I was 23 and let the money sit there (now I’m 26) Thank you for telling me that very crucial detail!!!! We are invested now!!!! 😅
Comment from : @Majesticflora

It’d be interesting to watch videos of those that thought they’d like to retirement only to find that they’re dying in their 30’s or 40’s I hear what you’re saying, but at the same time, our future isn’t guaranteed
Comment from : @CptnCobblestone

This was well done
Comment from : @TyWerks

My husband and I are the couple featured in this video We had several unfortunate circumstances happen before and during our marriage that affected our finances Unfortunately, this video doesn't cover all the life situations that threw us into our demise When your credit is ruined due to a divorce, job loss or major health issues it's hard to recover Savings get depleted due to many unfortunate circumstances that are too numerous to mention NO ONE can fully understand a person's situation unless they have walked in your shoes We did a 5 hour interview and only a small portion of it was played Those that judge us that were on this video didn't actually get the full story and may be the lucky ones that didn't suffer any of life's unexpected situations that we did Sure, we would have loved to have been in a better way As always "hind sight is 20/20!!
Comment from : @maryreneecyrdacus3422

Stop Voting Democrat and Stop taking Experimental Vaccines 💉 like these Brainwashed Sheeple 🐑 😂😂😂😂 br401k 🤡 clowns
Comment from : @JT88JT

Stop Voting Democrat Morons 😂😂😂😂Brainwashed Sheeple 😂😂😂
Comment from : @JT88JT

Decades ago I invested in myself by buying a failing company, changing the business model, growing it, and earning my golden parachute when I sold it a couple of years ago and retired as a multi-millionaire Came at a cost though: decades of stress resulted in an emergency triple bypass 30 days after the sale closed and a heart attack 2 years after that I started working a man's job for wages at 11 and always had side gigs in addition to my "regular" jobs while moving up economic ladder Even when I owned my factory I did side gigs: buying,fixing,and selling most anything as a doctor ordered "stress relieving hobby" In over 50 years of working I can count the real vacations I took on 1 hand: waste of time and money to me The problem with trying to give financial advice to young people is that few can see the wisdom Even something as simple as NOT pissing money away at Starbucks for their crazy over priced "coffee" is seen as poor advice to them I gave my wife a $2500 gift card to Starbucks for valentine's day She likes it and her friends go there too For that $2500 I can buy enough Folgers coffee to make close to 500 cups of coffee I drink 3 pots or 36 cups of coffee a day That would be $15000 at Starbucks plus the fuel to get there
Comment from : @amossnowdaharleyman9179

Yes, family/friend network, socializing, purpose-driven activities But in addition people need to be more politically active in order to secure a fair share of income/wealth they help create in this country
Comment from : @DC-uc4sh

Maybe walk into a forest at that age and never walk out I don’t think they understand how little young people care to cling to this type of bs world I’m just being honest Gen z has no desire to play this game
Comment from : @BraveNewgirl100

I am so glad I woke up and got serious about saving for retirement at 40yo I didn't have anything saved at that time I'm 56yo now and I have a little over $500K saved for retirement My goal is to hit $1M by 65yo I am planning to retire at 63 or 64, depending how much cash savings I have saved to pay my bills and my health insurance on the affordable care act for one to two years
Comment from : @dtr579

Some of what they said is not true or best advise
Comment from : @realestatecoach8626

Make SURE you are paid what you are worth 💯💯💯💯brRemember you have to retire on the money you are paid!!
Comment from : @DallasSan1

Boomers facing the current job market and assuming that younger people have it easier… nope, it’s awful for all of us!
Comment from : @rowandaly2826

With everything I know Is this the way of God? To struggle?
Comment from : @tlcain7064

I retired early bid mistake bored to death my friends all died early impossible to make friends in your sixties wish I could join them!
Comment from : @JeffPhillips-u1w

“Don’t take financial advice from poor people”brbr-Dave Ramsey
Comment from : @Myles_Deep12

The reason should be invest early to be able to retire early!brbrBuy what you need not what you want!
Comment from : @bruceperez2283

Sounds like the issue here is people making their job their entire life why are you so bored outside of work?brbrYour job is to support your life, not the other way around brbrThey say they're bored when they retire Volunteer, get some hobbies, visit family and friends Take some road trips Heck I can think of a million things that are not a 9 to 5 job or sitting on the couch watching TVbrbrPS this did encourage me to get an IRA!
Comment from : @katiefountain2407

I feel like this is why work and career shouldn’t be our entire lives I recently have desired to start creating a more full life outside of work and family Volunteering and finding organizations to join I’m passionate about
Comment from : @sillybrittbrat

Why don't your children take care of yourself? I can proudly say I take care of my parents age 57 and 49 They live with me and are happy and they dont have to earn a penny
Comment from : @lifehacksgadgets1311

Just common sense
Comment from : @lot2196

Failure of School SystemNot educating to children about finance
Comment from : @lanuiiohu

I don't believe that an American should tell someone who is NOT an American that he or she shouldn't RETIRE ABROAD Because a person have every right to RETURN to their homeland and occupy their private properties located in another country under another jurisdiction without OTHERS poking their nose into your businessor taking the liberty in offering unsolicited information 24/7
Comment from : @mayangoddess9949

Most Americans find it hard to retire comfortably amid economy downtrend Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Comment from : @ChamberlainFaye-i8v

This is sad, everyone are nothing but workhorses for Uncle Sam and the lazies until they die
Comment from : @nraughmoobusa8926

I’m sad for these people honestly They didn’t know exactly what they were doing and thought they were going to be ok
Comment from : @kimrumph1547

"I wish i could have worked longer"said no one everexcept this person
Comment from : @ohio-e1n

Not so much a question of retiring too early, but starting to save too late
Comment from : @acornsucks2111

I take this very seriously Its easy to listen to these folks and face palm and ask "how did you not prepare for retirement?" and yet perfectly intelligent people I work with on a daily basis who have high incomes will openly discuss how they didnt start saving until just recently They maybe have 10-15 years left to prepare for potentially a 30 year retirement Dont know how or why it is so common for people to not adequately save but we as a culture seem to be in trouble here
Comment from : @spenceregger860

I lost over $80k when everything started to tank Not because I was in an exchange that went belly up I was just stupid to hold and because that's what everyone said I'm still responsible It just taught me to be a better investor now that I understand more of what could go wrong It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly Thanks Suzanne
Comment from : @Lourd-Bab

This is something luckily younger generations have easier brIm 32, and I dont have alot necessarily in a Roth IRA My TSP has around 75K and my employer matched 401(k) has 28K brI have 175K in stocks, all tech ones And 6000 in acorns, because why not brSet it and forget it until im 50 or so brKeep building it up brI also have a buddy who is 28 and still in the military who barely puts into his TSP, but has over 250K in stocks brNow all this being said, we have more info available to us, but everything is so expensive most people dont have extra cash lying around that they can invest
Comment from : @SantoryuKauboi

Dear younger self, put God first in everything you do and love one another as He has loved you Quit chasing money and chase a relationship with God Retirement is nice, but salvation in Christ is way better
Comment from : @arlenem9697

These people did no research in the 40 years leading to their retirement It’s a shame Take their warnings with haste Become financially literate Plan for retirement Invest
Comment from : @Derpy1969

Word to the youngens (men) Don't get married and don't have any kids Both will be a negative impact on your life in the long run When you're young, stay out of debt and put away cash, precious metals, and buy real estate Stay away from modern feminist women and single mothers
Comment from : @raymondpalacios3032

most of this "advice" could just be filed under "duh"
Comment from : @moriscondo5511

Less than 100k saved?brMid-30's, give a thumb 👍br40's, give a simple smile emoji😀br50's and up, give a teeth smiley 😁brbrAnd, please, tell me your story Let's find community here
Comment from : @AntiquityIsResurgent

Do not use 401ks Read "Killing Sacred Cows" by Garrett Gunderson You're welcome
Comment from : @rickdarone

I feel like this is a psyop “Work as long as you can”
Comment from : @HoldenHartung-h8t

Retirement planning is honestly overwhelming I keep hearing different things about investments, savings, and banking strategies I just don’t want to end up regretting my choices later
Comment from : @Maxie6846

Unfortunately these folks stories will be very common as the boomer generation departs the workforce in next 5-10 yrs
Comment from : @mattdeyoung5917

This is crazy so sad! Work all you can instead of start a business and invest long term smh
Comment from : @all4Dorian

At 40 I have 39 million, no debt and live like a pauper
Comment from : @ANPennsylvania

Did she say 2,500 out of pocket maxium? That some good insurance
Comment from : @UberAsteve

One thing I could suggest you to do is do not have pets They are very expensive over time I mean, food, care, toys, health care etc
Comment from : @jorgebenavi7295

True Story: I started working while in high school Bought my first house at age 20 At age 21 my company started a 401-k plan A presentation was given and while sitting there looking at the guy I kept telling myself "Yea Right" "I'm not joining this garbage You see all I cared about at that time was partying and girls Two weeks later on the final day of open enrollment in the 401-k plan my Manager called me into his office and asked me why I wasn't joining He quickly realized I just did not understand how it worked So he took the time to sit me down and explain it on my level I went ahead and joined That was in January 1980 Today I am 66 He retired about 12 years ago Everyday, and I mean everyday at some point I smile and thank him
Comment from : @masterlee4370

The US retirement system was created by billionaires who also run (or ran) the federal government Educate yourself because these rich pigs don't give a $hit about you Plain and simple
Comment from : @andrewcustodio1306

I'm not swayed
Comment from : @nessapalmer5316

"you're good at it" "ab wa- thank you" - So cute!!
Comment from : @YurraArts

I was born to work until the day I die Unless I am forced to, I don't care how much money I have; I will continue to work
Comment from : @DonaBranca735

People think that retiring is a good thing? Being inactive kills you super fast, if you are not born rich, KEEP WORKING is the only way
Comment from : @sergioordaz5680

I would love to max out my 401kright after I pay for inflation!
Comment from : @JohnSmith-qe6fb

I couldn't imagine only having 500k and thinking I could retire at 58 we plan to have 2 million by 62 and thats probably not enough
Comment from : @potterportraits

Your house is not an asset Your income is
Comment from : @Pian0Mon

Time is not the main thing, it is the only thing
Comment from : @NNokia-jz6jb

❤
Comment from : @dimediamond

I bet they buy things they dont need
Comment from : @althyk

Retired 3 months ago Never been this happy
Comment from : @striperkid

Ive never had a 401k Ive never made a livable wage And ill never retire This video isnt for me
Comment from : @jchastain789

It's so sad to see people that work their entire life be broke and begging to go back to work Not enjoying what little bit of life they have left All thanks to these politicians that have systematically destroyed our economy destroyed the value of our dollar and destroyed the life that these people thought they had waiting for them when they retired
Comment from : @walkerholmes4426

Get your finances in order and definitely retire as early as possible Left at 50 and traveling ever since Tomorrow is not promised!!!
Comment from : @bmwmission70

Money doesn’t grow on trees BUT it does grow in investments
Comment from : @TheWholeTruthAndNothingBut

Retire as soon as you can, period
Comment from : @user-ob2ti5oq9w

7:10 no its not cuz they don't want to hire an old guy because he's going to take a day off to go to the hospital they just flat out and don't want to hang around an old person 8hrs a day for 5 days a week
Comment from : @SuperSlimshady1

6:17 the problem here is that these people their whole lives all they did was work, work, work, work, work, work, etc So when it's finally time for them to have fun & chill outt they don't know how to do that they don't know how to have fun they don't know how to spend their money they don't know how to spend their time enjoying things so they just want to go back to work cuz that's all they know
Comment from : @SuperSlimshady1

Listen to my mother’s stories of growing up during the blitz and what it took for her country to survive listened to my father in law growing up during the depression and having to be sent off to live in another family members home because his parents couldn’t feed all the kids even tho they were doing everything they could Don’t have anything on credit other than your mortgage new cars with large payments is an ego thing not a NEED credit is promising away any future choices live way below your means always invest in utilities and be happy with slow steady growth save and never touch try and stay healthy it’s not always guaranteed it will work but try
Comment from : @christinamarie3598

This is just in time for Social security failing Way to go Business Insider Keep everyone working as long as possible 👍
Comment from : @aribbonatatime

The lesson here is simple brAll these people are bad at maths, and have been for decades
Comment from : @villastraylight

lol this is so obviously a skill issue
Comment from : @simunator

Interestingly I haven't heard anything mentioned about their children except the black woman which is not surprising Here in Africa and the middle east , the secure retirement fund for every senior is their children They invest so much in their children and it comes back paying well Family is the way to go!
Comment from : @realDAYA

It's not don't retire early; it's don't retire poor br brDon't retire from something; retire to something
Comment from : @Azel247

Stop spending money on pink hair dye
Comment from : @wb1340

I’m going to Mexico to retire if I make it to retirement age Can’t afford it here regardless of what I do
Comment from : @BabeArixo

I never understood why people never put health first or retire 90 of their diseases/ ailments were preventable They chose their retirement belief system Don't be too proud to be a cashier at 70
Comment from : @suniL

Dear Younger Self, br brI wish I had learned true financial literacy in my late 20s—how to use debt to build wealth and invest in assets that appreciate in value This knowledge could have prevented me from working 9-5 jobs for 30-40 years and investing in 401ks, social security, pension funds, and life insurances that are merely eroded by government appropriation and inflation If I had, I might have been able to retire in my late 30s, enjoying vacations, avoiding the need for medication and maintenance, and relaxing while still strong, rather than facing old age with possibly only 10-20 years left to live br brThat is what should be included in your "Dear Younger Self" lettersbrbr"They learned the hard way because they did not understand how the monetary system works"
Comment from : @DM9007-s5p