[Music] Humpher Yang has a question. Oh, holy cow. All right, so get ready. All right, buckle up. No, it's a great question. It says, um, how does one catch up if you're on the older side? So maybe you are in your 40s, um, with a little retirement savings. He says, I'm never sure what to tell people. What would you tell people? 'Cause we talk about this. We get this question a lot. It's really hard, and I feel bad continuing to use, um, I feel bad continuing to use health analogies, but there is such a, like, like such a very weird parallel between, like, our health and our wealth, our finances and our physical being, right? Like, it's so interesting, um, at some point, like, when you're young and, uh, and early on in your life, and you're like, man, I'm just not in great shape. I want to, I want to get in better shape. The advice could be easy. Hey, cut out soda, stop drinking Coke with your meals.

and start drinking water, and that'll have like a meaningful impact you get later on in life. And you're in your 40s and 50s, and maybe you've let your health go, and you're not at the best place, and maybe you're overweight, and you have, you know, high blood pressure, whatever. Just cutting out soft drinks might not be enough. You might have to, okay, I got to take on a workout regimen, and I have to change what I'm eating, and I have to change what I'm drinking, and I have to change my lifestyle. I have to improve my sleep. The older you get and the further, quote-unquote, behind you are, the more severe the changes have to be. But it's not necessarily a bad thing, but it's not too late. Like, that's at the heart of that what I tell people who are later on, they haven't taken it seriously, someone in their 40s or in their 50s is, if you want, this is again, this is such a cliche, such a cliche, if you want to be

Somewhere you've never been before, you got to be willing to do something you've never done before. So in your 50s or even in your 40s, it might require making really hard decisions. Hey, you know, I bought that BMW because I, you know, got the promotion and I deserved it and I put the time in. Hey, it might be time you got to, like, get rid of that car and get a more affordable car and take that savings and start dumping it into savings. Hey, you know, we used to do these massive vacations every year and it's amazing. Hey, maybe we're not doing massive vacations for a few years, maybe we're doing weekend getaways. You know, you have to figure out what are the things that you can cut to get more dollars working for you 'cause no matter whether you are 22 or 62, when it comes to impacting your finances, we all only have two options. We can either figure out how we spend less money or make more money, and sometimes the spending less

money is the thing we have to do because we can't go out and make more. Now I get, yeah, you can Uber and you can side hustle and work through that, but you know, if you're in your 40s and you got family, have all these other things, not Val, you might not have the time and the space and the capacity. So you have to be relentless with the things that you cut. And a really great thing to do that I tell people, humph, especially if it's like a couple that are married, hey, sit down and write what are the things that are the most important to you. Like, what are the things that really, really matter? Like, okay, we want to do a trip with our kids, great. We want to do this, we want to do that. Hey, I noticed on here eating out wasn't one of those, but when I looked at your budget last month, I noticed you ate out a ton. Oh, well, we just get busy and Chick-fil-A's right there, we can just stop by and well on

the weekends. You know we want to do this after church and da D and okay great. You got to exercise discipline if eating out is not something you value. How do we eat at home? How do we put together groc? How can we cut down those expenses? Okay cars. I didn't say driving a nice car. Okay why do you drive that car? What and and You Begin really focusing on and this is a this is totally a thing from R. He says you know spin relentlessly on the things that you love and the things that you value but on everything else cut mercilessly. I think that is especially true for people that are behind your dollars right uh when we are young at 20 years. You know I got this Koozie. This $1 beer cost me $88 cuz for a 20-year-old 21y old $1 can turn into $88 by the time that they get to 66. It's so powerful by the time that you get into your 40s by the time you turn 40.

It's down to seven, so the value of your dollar turning over gets smaller and smaller and smaller and smaller. So, you have to focus more on the behavioral stuff that can get more dollars working for you. Don't need $1 to turn into $88. If you need $88, you got to do a couple dollars to be able to get the... you got to get like $11, $12, $113 to turn into $88 by the time you get there. So, that's what I would tell people. What do you tell people that are older that need to catch up? You got to make hard decisions if you want to change your outcome. If you want to, you know, get to the place you want to be, it's not going to be easy, but if you can do it, it's worth it. And we've seen people that we've... we've heard from you guys. We get emails and comments and stuff all the time that say, Man, I wish I would have found you guys when I was 22 years old. But man, here I am at 39 and

it's like a light bulb went off. It's like I saw the light for the very first time. That's great. It's not too late. The best time to start taking your finances seriously was yesterday, which by default means the second best time to start is today, right now. So, you can do it, absolutely. I really appreciate that about you guys because even though, like, I appreciate that you're so honest about it, like, Hey, it's going to be harder. Here are the things you have to consider. But it's rooted in this belief, like a firm belief, that how your journey started does not define how it ends, and it is not too late. So, um, honestly, very good question that we get a lot, and that's why we continue to talk about it. That's why Brian actually put, uh, like a whole chapter about this in his book, Millionaire Mission, the boiling point chapter. Normally, well, I mean, it's behind me. No, and I think we have a graphic for it potentially too, but um, yeah, Millionaire Mission, definitely check that out 'cause it definitely, uh, you know

It's a great place to be introduced to some of these things that we talk about all the time, and that's why we're going to keep talking about it. So, thanks for being here, Humphrey.

What Is the Best Way for Older People to Catch Up on Investing?

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