10 HARD Money Lessons In My 40s: What I Wish I knew Sooner

h have you ever felt like you're doing everything right with your money but somehow you're still not getting ahead financially maybe you're in your 40s or even in your 50s and you are getting frustrated because you feel that at this point you should be further ahead financially than you are right now if you identify put a yes in the comments now maybe you save you budget you try to be responsible with your money but at the end of the day it just doesn't seem to be enough and you feel that you don't have enough time to play catchup same with me there was a time in my life when I thought that I was doing all the right things but yet I was struggling financially i have made many massive financial mistakes in my 40s and I have learned many lessons along the way some of them painful lessons but I believe that I am in a better place financially and I can now share my wisdom with you today I'm going to share some of the biggest money lessons I wish I knew sooner lessons that would have saved me time stress and honestly a lot of money grab a cup of coffee settle in and let's talk about the financial game changers that made a real difference to my life and maybe they can do the same for you please share your thoughts as we go along lesson one income is not wealth for the longest time I thought that if I could just earn more money my financial problems would disappear and while earning more is great I learned that income alone doesn't equal wealth it's actually what you do with that income that truly matters i know people making six figures who are drowning in debt and others making way less who are financially free the difference is that they understand how to use money as a tool not just as a means to survive that's one of the biggest lessons I learned lesson two your health is your biggest financial asset this one is nonnegotiable by your 40s and 50s your health and finances are more connected than ever medical expenses reduced any potential or early retirement due to health issues can significantly impact your financial future but that's not your portion there are certain things that I have learned to prioritize in my 40s one investing in preventative health care doing regular checkups keeping fit and healthy habits are great especially in your 40s and your 50s getting adequate life and health insurance to protect my family and wealth i am also considering long-term care insurance to safeguard against unexpected health care costs this is not a sexy subject I know but protecting your health protects your wealth because if you're not healthy making money would be the last thing on your mind and you will just spend the little money that you have just to get better please prioritize your health above everything else lesson three multiple streams of income are a must see one of the best lessons I ever learned in this life is that you should never rely on just one source of income never oh h you get why even if you have a highinccome job have a side stream of income as well whether it's investing freelancing digital products or real estate having multiple streams of income provides security and freedom if I could go back I would start building extra streams of income much earlier than I did if you haven't started yet now is the perfect time i will leave a link here that can help you get started if you want i will leave it also in the comments and in the description as well lesson four investing early changes everything i wish I had understood the power of compound interest when I was younger the earlier you start investing even if it's just a small amount the more time your money has to grow waiting until you feel ready often means that you are missing out on years of potential gains if I could give my younger self one piece of advice it would be this start investing now even if it's just a little money at a time if you have not started investing and you feel that just because you are in your 40s or 50s you are late think again lesson number five lifestyle inflation will keep you broke i am ashamed to say this but before in my former life every time I got a raise I thought to myself yes now I can afford nicer things and while there's nothing wrong with treating yourself I learned the hard way that constantly upgrading my lifestyle just because I got a raise meant that I was never truly building wealth simple if I got a tax refund before rather than invest it I would spend it because it was literally free money right but I have changed now whenever my income increases or I get a windfall I make sure to increase my savings and investments first that's how real financial freedom is built at this point if you are getting any value show love by liking the video and if you are feeling generous share it and also subscribe to the channel as well lesson number six financial education is more important than ever see if you don't take the time to educate yourself about money you'll always be at the mercy of someone else's financial advice whether it's good or bad you will not even know you would not even be able to distinguish good and bad advice learning about personal finance changed my life and that's why I love sharing these lessons with you the more you know the better decisions you can make for your future the less you know the more harm you are doing to yourself get financial education and get it fast lesson number seven debt is easy to get into but hard to get out of yes debt debt is not a good friend though it can feel like a friend when you first swipe that credit card but it quickly turns into a suffocating enemy in no time i learned the hard way that minimum payments keep you in debt longer so this is what I will say to you if you owe $5,000 at 18% interest and you only pay the minimum it could take decades for you to pay it off the lesson I learned here and that I am sharing with you is that prioritize paying off high interest debt fast is the best policy and please avoid unnecessary debts in the future lesson eight emergency funds are nonnegotiable no plans for emergencies but they happen some of the emergencies that have really gotten to me include car repairs sudden medical bills and job loss all three have happened to me and all three can derail your finances i remember I was driving to Hamilton and my car then stopped on the road i saw some warning signs on the dashboard that something was wrong with the engine so I packed and I called CAA they told me to a repair shop and when I was giving my bill for the repair I had an instant headache h what about losing a job unexpectedly it's happening oh and it's happening to so many people who didn't even expect it if they don't have an emergency fund they would be in serious trouble so an emergency fund is a must go build one today the lesson I want you to learn here is that your emergency fund is your safety net build it before you need it lesson number nine budgeting isn't about restrictions i used to think that budgeting was all about cutting back and sacrificing everything that I loved you know I hated it but the truth is a budget is just a plan for your money it actually gives you permission to spend on what truly matters to you once I started seeing my budget as a way to align my spending with my values I felt more in control and less guilty about my purchases i knew what I was spending on and what I was spludging on so I have learned that having 3 to 6 months worth of expenses saved gives you financial breeding room it prevents you from going into debt when life throws a cough ball and those are the things that a budget can actually help you prevent against the lesson I want you to learn here is that your budget will help you make a plan for your money make sure you create a budget today it will save you a lot of wastage trust me lesson number 10 your relationships shape your wealth this is the 10th lesson and somehow I think it's probably the most important of them all the people that you surround yourself with have a direct impact on your financial future for better or for worse i learned this lesson the hard way as per romantic relationships being on the same financial page with your partner is essential you have heard that who you marry is the most important financial decision you make right that thing is true money fights are one of the top causes of divorce which can be financially devastating so please choose your partner well for family dynamics set healthy boundaries with financial dependent relatives it's okay to help but don't let it derail your own financial security what about friendships surround yourself with people who inspire positive financial habits in you if your social circle encourages reckless spending it can affect and derail your own financial goals regarding professional relationships networking is a wealth building tool strong professional connections can lead to better job opportunities mentorship and business growth the lesson here is that your financial health is influenced by the company you keep so choose your company wisely i have learned a lot of lessons but I have shared 10 of the most important lessons I wish I had learned sooner but which I am glad I now have learned now tell me which of these lessons resonated with you the most share it in the comments and which lesson have you learned yourself that you can share with us remember it's never too late to make smarter financial choices never please share this video with a friend i invite you to watch this video next and I'll see you in the next one bye