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Really late bloomer
Old 09-06-2014, 09:11 PM   #1
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Really late bloomer

I am a drop out that use to party alot never kept a job . Straightned up went back to school got my GED and an Associates turned 38 and my parents are retiring so it got me thinking is it to late for me, to get a retirement nest egg going. I have no savings no 401 K and about $140,000 dept on a house and student loans. 4 children and only making around $35,000 a year right now
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Old 09-06-2014, 09:15 PM   #2
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Congrats on your accomplishments!

I'm looking forward to reading the responses.
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Old 09-06-2014, 09:18 PM   #3
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Old 09-06-2014, 09:23 PM   #4
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Welcome to the forum!

No it is not too late but will require more effort (okay, a lot more) than if you were 22. But that's water under the bridge.

A lot will depend on how well you can save and that requires a firm grip on keeping expenses low and doing whatever you can to increase income, including going to school part time if that is at all possible for you.

Does your job have a pension and if so is it COLA'd? That's pretty rare now but some still exist. And if there is a pension is it well funded? If not, it would be wise to not count on it.

What are your advancement possibilities in your job?

Do what you can to encourage the kids to do well in school. It doesn't seem likely you will be able to pay for college for them so they are on their own for scholarships, part time jobs or military service (which has allowed millions of people to bootstrap themselves out of poverty).
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Old 09-06-2014, 10:47 PM   #5
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Congratulations on turning things around. You still have time. It is 29 years until your full retirement age of 67. You may be able to retire earlier, but at least shoot for this. That gives you 29 years to turn things around. Good questions and suggestions from Walt34, I would add what is the makeup of your debt? How much is student debt vs. the mortgage debt, they are two very different things. Are you on your own raising the kids or do you have a partner to help.
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Old 09-07-2014, 12:09 AM   #6
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Congrats and welcome. It's never too late, you will just need to use slightly different plans than someone starting much younger. Many people here were late bloomers to varying degrees. You are so much better off than someone reaching retirement age and realizing they have so savings, so it's still earlier than it could be. Welcome.
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Old 09-07-2014, 10:17 AM   #7
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I have been working for my self for the past 2 years, 2 years ago I quit my job to go work somewhere else that evening I broke my tib fib the new job wouldn't take me with the broke leg said I needed a release from the doctor. 3 months later I got a release with lite duty, job still wouldn't take me they said I needed a full release . I was out of money mortgage was do, so I loaded my truck with tools ran a few craigs list adds and I have been doing it ever since. As for a significant other Im somewhat on my own with the kids. there mom helps out but not much. We are not married and don't think we will be. but its cheaper to keep her rite LOL. As for school I cant afford it . My associates is in computer science. I can study on my own to get certs. once I have a few certs I can get a job but its difficult to move up in this field for me im not the nerd I thought I was. But im going to give it a try again. My dream job would be to be able to repair corporate networks from my sailboat where ever I am at, be it at port in New Orleans or in the Bahamas. I know I know its a tall order for someone with no money.
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Really late bloomer
Old 09-07-2014, 10:44 AM   #8
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Really late bloomer

Boats have internet access nowadays. Whats stopping you from boat consulting? Target those problems and attack them financially

Id go with a catamaran.


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Old 09-07-2014, 11:14 AM   #9
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Welcome to the forum. You can start later than some, it can be done. The 'school of hard knocks' works.

Network is really hot now, probably going to be more demand. I'd get whatever certs you need and start. The first entry level job is hard to find. Once you've done that your career can progress. The previous post about doing network work for the boating community may be a brilliant way to open doors er. hatches.
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Old 09-07-2014, 05:18 PM   #10
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Ok looks like im back to job searching. wish me luck.
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Old 09-07-2014, 07:17 PM   #11
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Good luck! You can definitely start, but as others have said, it will be more work. I commend you for being so responsible with your kids. Sounds like they are very lucky to have you.

One thing to be careful about is your overall spending. With a number of people in a household, it's easy for money to "leak out" on lots of little things. Make sure you keep good track of everything you spend so you really know where all of your money is going and if there are any areas where you can cutback. Every cost you eliminate is a dollar you can save.
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Old 09-07-2014, 07:34 PM   #12
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Wishing you luck on the job search. Boating and networking is a niche that (from what little I know) is probably not overfilled. Being knowledgeable about both could prove lucrative.
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Old 09-07-2014, 07:46 PM   #13
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Welcome Popeye!

I lived on a boat with my kids in south FL and the Bahamas. Lots of people need competent help with their boats all along the ICW, esp during the semi-annual migrations.

Not sure where you are located but sounds like a good path, assuming it has the boating populations.

(With that said, the corporate IT route would probably be more lucrative in the long run and provide good benefits. But most important is to choose a career path that is a good fit for you--otherwise you'll be miserable and not do well.)

Good luck!
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Old 09-08-2014, 07:46 AM   #14
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I don't know where yall got the assumption I was fixing boats but I could make some extra cash that way. i'll have to put some cards out at the marina.
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Old 09-09-2014, 09:27 AM   #15
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I don't have much advice because our situations are different.One thing I will say,no it is not too late to start.I have to live below my means just to have any kind of a shot at early retirement.It's hard ,but it is the only way to have any chance.Getting started is the hardest part.If you can do that you are allready ahead of most people and you will start to see results over time.
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Old 09-10-2014, 05:29 PM   #16
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I would try to make sure you have a good accountant so you can take advantage of your income and your dependents to minimize your taxes. Even if you can save $1000.00 this year, it could be worth $2000.00 when you retire, so it's never too late. You seem like a resourceful person so I think you might be able to expand your income as you build your reputation in your business. Keep selling yourself!


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Old 09-10-2014, 06:43 PM   #17
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Congratulations for starting to think ahead. Not too late at all. I did not wake up (financially) until I was 31 yoa. I had a HS diploma, six hours of college, and no savings.

Sixty three yoa now, retired very comfortably. All due to living below my means, saving and investing. This is something that anyone can do.

Best wishes to you!
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Old 09-17-2014, 08:01 AM   #18
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If you don't mind, I'd like to hear more about the work you've found through the Craigslist ads. What types of handyman work do you do - or do you do remodeling? How do you charge - by the hour? Or?

I'm wondering if this would be a good way to do some part-time work and pick up some money now and then after we leave full-time jobs.

Thanks for any comments.
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Old 09-17-2014, 09:39 AM   #19
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Popeye, let me give you a little friendly advice. Work on your spelling and proof read your writing; so much communication these days (whether Craigslist or emails or forums) is text-based and you'll be judged in large part by the appearance of your writings.

This is especially true if you want to achieve your dream of supporting networks from the comfort of your own boat - the majority of production that your clients will "see" from you and use to base their value opinion will be emails. You want to make sure they are immaculate in terms of spelling and grammar. The old adage "dress for the position you want" could almost be replaced with "write for the position you want" since careers like yours are less and less face-to-face.

Aside from that, save every penny you can right now and re-invest it in yourself. Focus on paying off that student loan debt and don't add to it.
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Old 09-17-2014, 12:03 PM   #20
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Quote:
Originally Posted by Looking4Ward View Post
Popeye, let me give you a little friendly advice. Work on your spelling and proof read your writing; so much communication these days (whether Craigslist or emails or forums) is text-based and you'll be judged in large part by the appearance of your writings.

This is especially true if you want to achieve your dream of supporting networks from the comfort of your own boat - the majority of production that your clients will "see" from you and use to base their value opinion will be emails. You want to make sure they are immaculate in terms of spelling and grammar. The old adage "dress for the position you want" could almost be replaced with "write for the position you want" since careers like yours are less and less face-to-face.
Agree. Too many folks use things like internet forums and e-mail informally. They don't put much thought or effort into what they write on these mediums, and write off anyone who does as "uptight." While most people don't care how you write on a forum, taking the time to write well hones the skill on a daily basis so that when it does really matter, you'll be ready to present yourself in good light.

Writing skills absolutely matter. My wife is in business hiring HS graduates and college students. She will discard applications and resumes that are poorly written or appear to have had no effort put into them.

I don't care about the occasional misspelling, typo, or grammatical error, but when things are replete with errors as though the person doesn't know (or care enough to learn), that says something to me. If I'm hiring someone for work where attention to detail is important, how they convey themselves in writing would matter. If email and Craig's List postings are going to be your primary means of gaining employment, you absolutely MUST present yourself well through your writing.
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