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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's never too late to become wealthier, but you will have to break your financial habits of a lifetime. Those evidently are spending too much, and saving/investing too little. Income levels matter in that the more you bring in the more you can potentially invest, but even modest incomes can create wealth over time if spending is restrained relative to whatever income you have. So, spend much less than you bring in, prudently invest the difference (as opposed to gambling and speculating with it, e.g., buying single "hot" stocks, crypto, and the like) in widely diversified, low-cost ETFs like those offered by Vanguard, don't reflexively exit the market during downturns, and let compounding do the work for you. That requires time, so the longer you wait to reform your financial life the less you'll be able to accumulate for a secure and comfortable retirement. [/quote]
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