I’ve received a number of letters from readers of mine who are in their 60s and have no savings, no significant assets, and bad credit due to having to file bankruptcy.
‘On top of all of that,’ Paul T. wrote, ‘I’m about to hit 60, and I feel like everything is suddenly starting to go wrong with my body! Is it even possible to save myself at this point?’
The answer is yes. And not a qualified yes — a definitive yes!
You may be feeling run-down and beaten-up, but your life at 60 is far from over. In fact, 60 is the new 40!
What you can do in your 60s
I come from a family that is not only depressed but also overweight and uncoordinated, but I consider myself to be in good health. I am able to practice jujitsu five days per week and work 60 hours per week with no problem.
You can have this kind of physical stamina and personal productivity in your life too. It is just a matter of intelligence and persistence.
Before I get to your financial needs, let me give you a few examples of what these well-known people have been able to do in their 60s — or thereabouts:
Harland Sanders, better known as Colonel Sanders, was 65 when he started Kentucky Fried Chicken. As demand for his tasty chicken grew, Sanders opened a restaurant. And the rest, as they say, is history.
Laura Ingalls Wilder was 65 when she began writing her beloved Little House on the Prairie series. She went on to pen eight books in the series — in addition to being a journalist.
In 1954, at the age of 52, Ray Kroc opened a hamburger stand — when most people his age were retiring. Kroc revolutionised the fast-food business when this hamburger stand eventually became McDonald’s.
Car icon and businessman Henry Ford was 60 years old when he created the first car assembly line.
At 70 years old, Golda Meir became the fourth prime minister of Israel — and the first woman to hold the post.
In 2004, at the age of 82, Robert Galvin, retired long time CEO of Motorola, started Galvin Electricity Initiative, a non-profit dedicated to transforming and improving the US’s power grid to 21st century standards.
As of 2009, the latest year for which information is available, persons reaching age 65 had an average life expectancy of an additional 18.8 years (20 years for females and 17.3 years for males).
This means you have many more years to live well and thrive!
What to do about your financial future
The first thing I’d recommend is that you stop reading all the doom-and-gloom material that is out there. Yes, debt burdens our world economy. And yes, that debt will be paid one way or another. But you are not going to make yourself any richer by worrying about it.
The second thing I’d like you to do is to believe what I’m about to tell you: It is perfectly possible — even likely — to eliminate debt and acquire wealth within seven years if you are willing to do the right things.
That seven-year term is a personal projection, but it’s not without basis. It comes from what I’ve done many times over in my own life and what I’ve been able to help other people do many times over.
When you are young, seven years seems like an eternity. But at 60, you now know that it will pass faster than the blink of an eye.
That’s why it’s so important for you to take my advice seriously and put it to work immediately. If you wait even a week to get started, you will find it easy to push it off another week and then a month, and before you know it, those seven years will have passed, and you will be in the same bind you are in now.
Being 60-plus years old is not a problem. It’s an opportunity. You are older now, and that means you should be wiser. You should be able to use that wisdom to make good choices. The good news is that anyone who is in their 60s (or younger) can eradicate debt and build wealth within seven years.
For The Daily Reckoning
PS: 11 Secrets That Made a $60 million Fortune from Scratch
Coming soon…you’ll get access to a free 11-part online series for Australian wealth builders. In it, Mark Ford will share 11 of his best kept moneymaking secrets with you. These are the secrets he credits as some of the most important factors in his own personal success (he’s worth more than $60 million — built entirely from scratch).
He’d like to share these wealth building secrets with you – one a day across two weeks, by private email.
Mark’s a plain speaker. There’s no complicated business theory involved at all. There’s very little mention of stocks, or trading, or anything risky like that. And no obligation on you to do anything — except read, learn and absorb.
The 11 lessons you’ll learn are simple and practical…and are designed to help you increase your net worth even if you don’t have a lot of money right now (in fact, he assumes you’re starting from a fairly low financial base).
Look out for your special invitation in The Daily Reckoning…coming soon…