Reply to In our 50s, have never been able to create wealth

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[quote=Anonymous][quote=Anonymous]I've been a public service on my life, spouse has been in general low-paying jobs. We have never been able to save much and now kids will be going to college. I feel like we missed the boat on financial advice and what we should do to build wealth. Is there anything that can be done at this point?[/quote]

My immediate thoughts are:

- spouse in low paying job needs to step it up more. Try to find a better paying job.

- be SMART about college. You simply MUST NOT take any debt. Let your kids know, NOW, so their expectations are set. Kids themselves can borrow about $5,000 a year if that will make a difference in what you can afford. But if you don't have much saved for them or for retirement, you simply cannot afford to spend for your kids to go to college. There are ways for them to still get a 4 year college degree without spending much money.  They are not nice, fun ways. They may involve living at home for example.  Or kids taking a gap year and working the year after college to save up a year of tuition. DO NOT take on any debt for college.

- Financial Advice:  I would contact a reputable Fee Only financial advisor who will talk with you without selling you anything. Moderate income people  can just speak with someone for a couple of hours. It might be the best thing for you - to see what you should be doing now.  Make sure that they are a fiduciary. I have worked with this company that gets good reviews:  https://hellonectarine.com

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