Starting Your FI Journey and Investing Later in Life | Community Q&A
Every week we here at ChooseFI get hundreds of emails from our community. There have been so many engaging and thought-provoking questions that we created a series dedicated to answering the most frequently asked each week.
This week’s question comes from Evelina, who asks:
Question:
"I don't have any debt and have six months saved for an emergency but don't have much saved for retirement. I am currently 60 years old. I wish stuff like this had been taught when I was younger. So, where or how do I learn about investing?"
ChooseFI's Answer:
First, before we jump right into our suggestions, we'd like to say KUDOS to you, Evelina, for having a solid emergency fund stashed away AND being debt-free! That is an achievement worth being extremely proud of! Also, we couldn't agree with you more about the importance of teaching financial literacy to the next generation.
Now, the good news is that while you're learning how to begin investing, there are so many ways to stretch your dollars in retirement. We've listed some of our most popular related resources below that will help you grow your investing knowledge and learn about all of the options you have.
Beginners Investing Resources and Tools
Investing 101: The Ultimate Guide to Investing
Although it mainly focuses on how to take advantage of compounding interest over a longer period of time, this guide should definitely spark some ideas that will help you quickly build a solid foundational understanding of investing.
Starting Late But Retiring Rich: The Story Of Stephen And Becky
The FI community is made up of people of every age and walk of life. We want to encourage you to resist the mindset that it might be "too late" to create a wonderful retirement experience for yourself. Stephen and Becky's story might be one you find relatable and real.
Financial Independence 101 Course
Brush up on financial basics to strengthen your overall money mindset with our totally free Financial Independence 101 course. This incredible resource teaches you how to know where your money is going and plan an investing roadmap into your retirement.
Here are the topics it covers:
- Lesson 1: What is your Why of FI?
- Lesson 2: Financial Independence Defined
- Lesson 3: Conquering Debt
- Lesson 4: The Simple Equation to Building Wealth
- Lesson 5: It's Not How Much You Make, It's How Much You Spend
- Lesson 6: There's No Limit on Income
- Lesson 7: Investing Made Simple
- Lesson 8: Tax Optimization: Keeping More of What You Earn
- Lesson 9: Protecting Your Family and Assets with Insurance
- Lesson 10: Higher Education and Life-Long Learning
- Lesson 11: What Will Your Journey Look Like?
Here are a few other articles about ways to spend less and save more that we think you might like:
5 Benefits Of Spending Less–And How To Start Right Now
Live On Half Your Income And Change Your Finances Forever
How To Be Thankful For Your Finances (No Matter What Stage You’re At)
How To Find And Cut Your Recurring Expenses
The Bottom Line
It’s never too late to start living the FI Life. We are always adding to our library of resources to help you make smart money moves, get 1% better each day, and live your best (retired!) life - so remember to subscribe to Brad's weekly newsletter below and subscribe to the podcast!
You can find previous Community Q&A's below:
Inflation and Withdrawal Rates | Community Q&A
