The mistakes to avoid in your 40s and 50s are: sacrificing health for career, wasting years impressing others, lifestyle inflation, ignoring finances, and assuming your job will always be there.
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00:02 If you're in your 40s or 50s, I want to tell you something that I think you should keep in the front of your mind at all times, which is simply this. You don't have as much time as you think you do. I know it's easy to believe that, and I'm not saying that to scare you. I'm saying it because there's a tendency for all of us when we're in our 40s or 50s to think, "Well, I'm just going to get around to that later."
00:29 But later always arrives much sooner than you expect. And whether you are prepared or unprepared when that day arrives is determined in large part by what you do or fail to do right now. Now, I got a lot of things right when I was in my 40s and my 50s, but I got a few things wrong, also. But now, at my age looking back, I have something that comes only by experience, which is perspective, and hopefully a little bit of wisdom.
01:02 So, here's some mistakes that I hope that you will avoid if you're in your 40s or 50s right now. Number one, don't sacrifice your health for your career. Now, there's a time in our life when many of us believe that working harder is always the answer. Work longer, put in extra hours, take on more responsibility, say yes even when you're not getting paid, make more money, climb the ladder, work your way up the wrong, all of those things.
01:34 And quite frankly, when you're younger, you can power your way through a hard schedule like that, but hear me when I say this. It's not sustainable to work like that indefinitely. You simply cannot do it. You can't burn the candle from both ends without it eventually taking a toll on your health, your mental well-being, your relationships, your family, and everything across the board.
02:01 Now, myself, I experienced a severe case of burnout during my working years. It was in my late 40s and my early 50s, and it almost killed me. Fortunately, I I recognized what was happening to me at the time, and I was able to put some margin into my schedule. I said no to a lot of extra things, and I was able to regain my equilibrium, and from there, I just paced myself until I retired.
02:33 So, don't kill yourself for a job that would replace you tomorrow if you drop dead today, because they will. And don't wait too late in your life to take care of yourself. Your future self is going to live in the body that you are neglecting right now or taking care of right now. Number two, don't spend the best years of your life trying to impress other people.
02:59 Uh it cost you money, it cost you energy, it cost you time, and the payoff just isn't worth it. Now, when we're younger, we spend a great deal of our time trying to make a good impression upon other people, and I understand it. We We have to do that in some measure. We are concerned about our appearance, uh how attractive we are or are not, and there's always a certain level of tension with the opposite sex.
03:22 We don't want to become invisible to them. And then there's material things that we uh concern ourselves with in trying to impress other people, the house, the cars, the clothes, the job, the job title, uh the vacations and our highlight reels that we hope will project our success to other people. But, eventually, you will reach a place where you realize how exhausting all of that is, performing for an audience.
03:55 And then the day comes hearing you will outgrow it. You just won't care anymore and you won't give a flying flip about performing for people or for an audience. And when that happens and it's going to happen, when that happens, hopefully sooner rather than later, you don't want to look back over your life and realize that you have wasted too many of your years trying to impress shallow people who aren't even in the picture of your life anymore.
04:25 They have long since moved on. What I would suggest instead is build your future beginning right now because your future is what's waiting on you. Your current audience is not. They won't be there when you get there. Your future will be there when you get there, so prepare yourself for it. Number three, don't let lifestyle inflation um steal your freedom or steal your future.
05:00 I know money's tight. The economy is bad. I'm retired and I'm living in today's economy. It's hard for a lot of people to make ends meet. But, having said that, if you're concerned about your financial future and being able to get out of the rat race one day, it's very important to to avoid lifestyle inflation right now as much as you can. Now, I get it.
05:25 You get a promotion and it's time to get rid of that old rattletrap. >> [laughter] >> No, not your spouse, but I mean that old rattletrap of a car that keeps breaking down and it's time to go out and buy yourself a new car that's more reliable. Some upgrades are necessary as our income goes up and quite frankly, some upgrades are enjoyable. They're great to enjoy.
05:47 You get a promotion, pay raise, why not go out and celebrate a night on the town or buy a new round of clothes. However, constant upgrades or constant lifestyle inflation can quickly turn into a runaway train and suddenly you now need that higher income just to maintain the upgraded lifestyle that you have created. Furthermore, constant lifestyle upgrades robs you of your future freedom.
06:20 Listen closely. For most working-class people, there is never going to be enough money to cover everything on our wish list. We will never have enough money to cover both an expensive lifestyle now as well as future retirement. There's not going to be enough for both. So, we have to make choices. And we have to make some sacrifices along the way if we want to have a financial future.
06:45 The goal here isn't to look wealthy your entire life. The goal is to eventually become free, free and clear of the job and free and clear of the bank so that you can have your personal freedom. Number four, don't ignore your finances right now because retirement seems far away. Now, when you're in your 40s or your 50s, you have a great opportunity. Those years are powerful financially.
07:16 You're probably at the peak of your earnings when you're in your 40s or your 50s, so there is a lot of potential there. Over the next 15 years, 20 years, there's a lot of financial potential right there. So, don't waste those years. You still have time to save. You still have time to get out of debt. And you still have time to position yourself for retirement and getting out of the rat race, but you don't have unlimited time.
07:49 It's rapidly running out. So, right now is the time to make up for lost time. The financial decisions that you make right now in your 40s or your 50s can determine how much future freedom you have in the years ahead. And then, number six, don't assume that your job will always be there because it won't. Now, this isn't about being paranoid, it's about being prepared.
08:16 Prepared in the real world. Your company can change, the industry that you're in can change, AI is taking over a lot of uh fields right now. Your health can change, your priorities can change, a lot of things can change, and you have no guarantee that your job is always going to be there. You can get into your 60s and [music] downsizing can occur, ageism can occur, you can be laid off for a younger employee who's willing half your age that's willing to work for half your salary.
08:49 There's a lot of things that can happen, so don't bank on your job always being there. Right now, while you're in your 40s and your 50s, is the time to build up your personal skills, to pile up your savings, and if possible, build something that belongs to you. Not the bank, not the man, not the company. Something that belongs to you because the more options you have, the less trapped you are.
09:18 So, in closing, if you're in your 40s or 50s, you still have time and a lot of potential. But, you don't have unlimited time. So, take care of your health, learn how to protect your money, and build up something for yourself because the goal is is not to simply reach 60 or 65. The goal is to arrive there with enough health, enough money, and enough freedom so that you can actually enjoy it.
09:47 Well, that's all for now. If you've enjoyed the video, hit that thumbs up button that you'll find down below. Please like, share, and subscribe. I'm Ronnie. Take care, and we'll see you next time.