Want to build wealth at 50plus? Think you're too old? Well, you're not! Here at 50plus4men,
we don't believe it's ever too late. Now building wealth at 50plus isn't just putting money in the bank, it's also about having the right mindset and lifestyle.
“It’s easier to get rich at 50, even 60 or 70 than it is to get rich at 30. I don’t think there’s any question of that in my mind. Older people have the life experience that a kid just doesn’t have. Maybe [younger people] know more about technology, but we've lived longer and know the ups and downs of life. ” Steve Siebold, author of the book How Rich People Think.
Here are our top 5 mindset and lifestyle tips for building wealth at 50plus:
1. Don’t let your past dictate your future.
Just because you didn't invest when you were younger doesn't mean it's not worth investing now.
People often regret not saving when they were young. Don’t let your regret rule your future. Start saving now. Remember every penny counts.
2. Set goals, and make them big!
Goal setting fundamentally changes the structure of our brain, making it more likely that we will behave in ways that help us achieve what we want.
The more challenging the goal the more quickly and dramatically your brain changes. If you want to build wealth, make it a goal.
3. Wake up early
The early bird really does get the worm. Biologist Christoph Randler found that people whose performance peaks in the morning are better positioned for success.
4. Build and Maintain Relationships
Good relationships help us feel connected and boost both our mental and physical health. When you build genuine friendships, you create a network of people who want to help you if you fall on hard times. You’ll enrich your life. Furthermore, your network can help you build wealth. Author Corley found that 79% of wealthy people spend at least five hours networking each month, while only 16% of poor people devote time to these types of social connections. See our article on networking here.
5. Practice optimism, but beware of optimism bias
An optimistic outlook improves overall health. Research indicates that when it comes to money, optimists are more likely to make smart moves and reap the benefits. For example, 90% of optimists have put money aside for a major purchase, compared to 70% of pessimists. Optimists reported that they stressed about finances 145 fewer days each year as compared to pessimists. They also make more money and are more likely to be promoted. The good news is that optimism is just like a muscle, and you can build it. Start the day by practising gratitude. This two-minute daily practice rewired elderly pessimists to become more optimistic after just two weeks. Send a two-minute email each day to someone new and different, praising or thanking them. Social connection is the greatest predictor of happiness, and it is strongly correlated with optimism. These small habits could help you take back 145 stress-free days each year, not to mention fuel your happiness and work successfully as well.
Get enough sleep.
When you get enough sleep every night, you will…
Make better decisions
Enjoy better health
Be less susceptible to accidents
Work more effectively
You’re more likely to perform your best in every aspect of your life when you’re well-rested. Improved performance is a means to both earning more and spending less.