What would you do if you are starting over at 40 y.o.?

[dkelley84]

I know people might castigate me for this. But then again, I might gain some insight from people who actually have invested something.

I'ma be turning 40. I don't have any savings or investments. Basically it's like I'm starting over.

Am a single dude by choice. Would personally choose bachelor hood for the rest of my life (though I might be open to have a family of my own in the future).

Working as a freelance digital marketer working from home. There are the ups and downs of clients. There are some periods where I don't have income.

I believe that my goal is to be financially free by the time I'm 50 y.o. I also want to leave something na mapapamana sa aking siblings. Would also want to have some investments and stuff.

I'd like to know from people in this subreddit about...

1. Where should I begin first?
2. What kind of steps should I take?
3. What kind of skills should I learn?

Either way, thank you for your future responses. I appreciate this subreddit.

 

[resjudicata]

@dkelley84 I'm not brilliant with money, but I have gotten myself out of a pinch quite a few times and broke out of a very bad financial situation at least thrice in my life. I'm going to chime in.

If I were starting over at 40, I'd put on the brakes at keeping up with appearances, spending on new things, giving or lending other people any money, and incurring any unnecessary expenses. If need be, I can go back to a dumbphone, forget about Facebook, Reddit, Instagram, Tiktok, and what have you. I'll sell everything I can. I'd take stock of the assets that I have left. If I didn't have savings, but then I had a home (however simple it is) and a car (however simple it is), that would affect my strategy. If I was renting, I'd immediately downgrade to the cheapest apartment I can live in. I'll probably sell my car (but that's not a decision that's set in stone). I'll check which trades I can get into, or if my current job can give me what I want. The outcomes of the above would inform my subsequent strategy.

For example: If my mental health had been impacted by COVID, but my heart and lungs and body are still great at 40, I'd seriously consider commercial diving. Magaling kasi talaga ako lumangoy, and my body is incredibly quick to get fit. I was already 31 when I thought of doing this crazy One Punch Man challenge, and I managed to pull it off. But that's me. I also don't mind working with ex-cons.

I'm also good with computers. Maybe I can do that, too. I taught myself Excel, R, QGIS, and PowerBI. SQL na lang, baka puwede na akong magsimula as an analyst. Hindi naman mahirap mag-aral ng Python. I took a look, and most of the skills are in demand abroad. Getting any experience in those here, however, is difficult without first being exploited. I'm not sure I'm going to let that happen.

I'm also a healthcare worker. Maybe I can take out a personal loan to migrate? Or raise money doing my regular job so that I can migrate on my own funds?

In my case, I chose the third option. But I am going to get certified in diving while I'm here so I can do the rest in Spain during my off days. You can turn your life around in ten years, for sure. But you would have to be very real with yourself, be willing to sacrifice, and be brutal with your choices. Assuming you are like the average Filipino male, you will likely have more yesterdays than tomorrows. It's time to make the hard choices now so you can move on with action as early as tomorrow. For now, until you get up tomorrow morning, you make peace with all the things you cannot do anymore because you decided that financial freedom at fifty is worth it.

 

[jonnybuck]

@resjudicata

Assuming you are like the average Filipino male, you will likely have more yesterdays than tomorrows. It's time to make the hard choices now so you can move on with action as early as tomorrow. For now, until you get up tomorrow morning, you make peace with all the things you cannot do anymore because you decided that financial freedom at fifty is worth it.

This. Thanks for sharing!

 

[kikikookoo]

@resjudicata "make peace with all the things you can't do anymore" very insightful, thank you!

 

[blintze]

@resjudicata This is very inspiring po

 

[123cfmlovesyou]

@resjudicata Lot's of wisdom here, friend.

Good on you for having the discipline AND fortitude to power through, and a strong mindset to keep you on that proper course.

 

[whyneedaname]

@dkelley84 It’s never too late to start, OP. It’s good to have a goal, but also manage your expectations. If it doesn’t happen at 50, then maybe it will happen at 55 or 60.

60 is retirement age but for enterprising people there is no such thing. Maybe they will slow down due to age but will always keep busy.

Set mini-goals per year to enable to reach your main goal. Have two or more income streams. Good luck!

 

[dkelley84]

@whyneedaname Thank you. I understand that I might not get the goal of financial freedom at 50 y.o. But I guess it's a way to aim at something. I know it can be impossible, but why not try to do something about it? I can still do something, right?

Also, I understand if people here would castigate me for not starting early. It's my fault that I made mistakes in my nearly 40 years of existence. People are welcome to give me their brutally honest feedback. Chances are, what they say might be able to help me out either in my mindset, habits etc.

To quote Dr. Sharon Fieldstone from Ted Lasso, "The truth will set you free. But first it will piss you off."

I'm really pissed off with myself now for all the wasted years I've used up. But I've still got some good years left in me. I believe that somehow I can learn some gems from this subreddit that can help me.

So again. I appreciate this subreddit and the people here for the knowledge and wisdom they impart.