I have written about this before
- Can I Catch Up if I Started Investing Late?
- Starting late? Here is how you can get your finances on track!
- Am I too late to have a safe retirement?
Then we have some inspiring reader stories
- How a couple reached their desired asset allocation after starting late
- A late (and flawed) start, but finally on track to financial freedom
- Never Too Late to Start: How I became financially savvy at 40
- An investor’s mid-life crisis: the dilemma of delayed financial gyan
- My financial journey: How I missed the Compounding Bus!
Without significant net worth in your 40s, health management becomes more important than usual. Take care of it so that you can work for the next two decades. Some may have to work more depending on their income and personal circumstances, or be ready to lower their lifestyle immediately or at least after retirement.
Do not enhance your lifestyle significantly in the coming years. Think twice before you make a big purchase. Any home loan or any other kind of loan (unless essential) will significantly damage your chances of achieving financial independence during retirement.
Take professional help! Consult a SEBI-registered investment Advisor who charges a flat fee independent of your net worth and without any commissions from any product manufacturer. This link will take you to our curated list, which is more than 12 years old. At the time of writing, at least 2000-25000 members of our community are working with these advisors.
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Do not try to DIY at this stage. You do not have the time to make mistakes and learn from them. You immediately need to know “where you stand” (however unpleasant that may be) and “where you can realistically go”. The SEBI-registered advisors will help you with this and tell you precisely what you need to do. Do not think twice about paying the fees (it will drop to 50% in the second year for most advisors).
Then comes the action! This is the tough part. You will have to start investing as much as possible, like a machine, and increase the investment as often as possible by as much as possible. This means reducing some wants, cutting down your lifestyle, and trimming down some of your dreams.
Good luck.
Use our Robo-advisory Tool to create a complete financial plan! ⇐More than 3,000 investors and advisors use this! Use the discount code: robo25 for a 20% discount. Plan your retirement (early, normal, before, and after), as well as non-recurring financial goals (such as child education) and recurring financial goals (like holidays and appliance purchases). The tool would help anyone aged 18 to 80 plan for their retirement, as well as six other non-recurring financial goals and four recurring financial goals, with a detailed cash flow summary.
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Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over 13 years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), LinkedIn, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free, AUM-independent investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,500 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
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