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Money and Finances
Reply to "In our 50s, have never been able to create wealth"
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[quote=Anonymous]It isn't too late. I read books to learn what to do. Basically, I invested into Vanguard's S&P fund. If my company at the time had a 401K with a match, I put money into that and had it taken directly from my paycheck. We also controlled spending. Bought a house in a neighborhood many would be too snobby to live in but the house is paid off now. We drove old cars and never had a car loan. My cars never impressed anyone and neither did my house. The Millionaire Next Door is a good book to read. I also recommend Mr. Money Mustache: https://www.mrmoneymustache.com/tag/investing/ Also, read about Wade Pfau's 4% rule. This rule states you can live forever off of 4% of your investments. If you have one million saved, according to his theory, you could live off of $40K without touching the principal. This rule may not be quite right if you are in your thirties (for any younger people reading this). Hope it all goes well! [/quote]
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