Money Management Woes

[FinanciallySMART]

I’m 50 years old and I know I have not always made the best financial decisions. I have a lot of credit card debt and recently lost some money that wasn’t even mine in an alternative investment scheme. Now that I’m approaching retirement I realise that I’m in serious trouble, but I really don’t know how to do any better. Is it possible to learn how to manage my money properly?

[trustno1]

"Though no one can go back and make a brand new start, anyone can start from now and make a brand new ending."
--Carl Bard

You can do anything you believe you can do. In my opinion, attitude can level the playing field of aptitude. A winner is someone who gets up one more time than they fall down. Many times, a success story is just someone who got up one more time than the last guy standing.

You have a choice.
You can ruminate about your past failures and how various different circumstances would have changed the outcome. That is like trying to back out of an auto accident.(impossible) If you do figure out how to change the past, please call me...I will make you a millionaire overnight! (er, I mean "us"...lol)

The other choice is to quit extending the misery. Use all of that time thinking about what you can do NEXT, to make things better! A failure is 1)something you tried that produced an undesired result, or 2)just an undesired result dysfunctionally viewed as a measure of your self-worth.

Ok, here is the good news. The fact that you are "old(er)" is an advantage. You are probably focused more on "what really matters" now, instead of what you think matters to everybody else. Eating is more important than a BMW parked in the driveway, right?

So, how do you "fix it"?
You don't! Remember?...You are doing productive things now, not trying to fix the past! (just a little trick to see if you are paying attention...lol)

So, quit thinking and do something right now. Anything, just do something. Read some basic financial tips online, or buy a book. Keep your immediate goals small and achievable to build your confidence. Remember, sometimes a realistic goal is just to "put one foot in front of the other". We have all been there. The important thing is to do something, not nothing.

One of the best things with the quickest return is to go do something for somebody else. It will make you feel great immediately...

It will get better.

[kenyantykoon]

it is never too late to learn. giving up becuase you feel to olfd to start is unwise. i think that you can gain the discipline and knowledge needed for wise money management and apply then-since you have better expriences than most of us. get busy!!

[ModernTightwad]

All I can say is don't get bogged down. When my dad was about to hit 50 his business failed and he was unhirable because all of the hiring managers were afraid he would get their job. When my grandmother was in her later days (she'd kill me if I said the age, but past the top of the hill) she was stolen from and had to declare bankruptcy.

The best lessons they taught me were to pick yourself up by the bootstraps. Being out there is huge. While I am younger, I have quite a bit of debt, and it gets depressing. If I wait any longer to do things like start a family, it will be too late.

Just remember, when you know better, do better. You know better now, so you're doing better; that's the best!

[starshard0]

Even without money, you can still gain knowledge.

[mtsen]

I guess the first thing is to realize money may not be the only solution ...

Ah Yung's story below may bring some lights ...

http://malpf.com/2009/10/non-money-o...l-finance.html

[Dr Dean]

Asking the question is your first start.

The second would be goal setting and planning. Don't go at this new found desire to get your personal finances in shape hapharzardly. Remember the old saying-"you are the same person five years from now, except for the books you read and the people you meet".

Go to the library, check out books on basic money management. Read them all, until you find one that speaks to you. Then BUY that book and read it over and over, with underlines and highlights, until you come up with your own plan.

Once you have a plan, then execute it daily. Revisit the plan annually, and continue what is working and change what isn't.

It is not too late to become financially sound before you retire. Better yet, if you find your new life satisfying, why shoot for "retirement". The happiest people around are those that enjoy their daily life, and will continue doing "it" forever.

Good luck!

[BuildMyBudget]

Personally, I think you need to start with a budget. Prioritize what you need to spend money on and then do the best you can with the rest. Whether it is to help save for retirement, give back to the community, help your family or otherwise...you simply must know how much extra income you have each month. It is the key to building a strong financial foundation. Good luck to you.

[mtsen]

Budgeting for planning purpose is great, tedious recording every little thing you spend on can be overkill.

Having a strict budget is definitely better than those who do not. However, it is also a fact that only less than 5% of the population can adhere to strict budget. For more practical life style, just keep this month's expenditure at one account and watch the ending balance closely. Whatever extra left in there is a bonus and you can use it to celebrate at month end ... On the contrary, if balance runs out before due time, you should starve for the remaining days ....

[trustno1]

There is a ton of free info on the net. I can give you a list as long as your leg if you are interested. Only thing I would advise is do not PAY or SIGN-UP for anything! You will be paying for education (or a scam) that you can acquire free.

I never trust any "advice" from anyone that has a vested interest in the outcome !! (love, sex, rock-n-roll and money included, lol)

IMO, the "formula" for success is basically the same for any endeavor..."It is not how many times you fall down, it is how many times you get up" that matters. Therefore, the only difference separating success from failure is "one move". In many cases, the "successful" person became that way simply by ending up being the last person standing...(and the intelligent use of experience).

"never give up...never grow up"