Lessons from an investor who made 99% of his net wealth after age 50
‘Past your prime’…
‘Over the hill’…
These are no doubt ‘tongue in cheek’ phrases you’ve heard used to describe people over the age of 50.
But as the age expectancy of Australian men and women nears 80 and 85 respectively, it may be fairer to say, ‘that life begins at 50’!
If you do find yourself on the north side of the ‘big 5-0’, but are yet to plan for the best years of your life – is it too late to start?
Well, if the story I’m about to share with you today is anything to go by, there are very few reasons to let age stop you from getting what you deserve in life.
The story is about a man who accumulated more than 99% of his net wealth after celebrating his 50th birthday – impossible as it may sound. Just check out the figures on the chart below, this is absolute fact.
That man of course is someone you may have heard of once or twice. His name? Warren Buffett, otherwise known as ‘The Oracle of Omaha’.
Few people realise the kind of success Buffet has achieved in later years, so I wanted to highlight this for you.
If you are over 50, Buffett’s story is good news – it proves it’s never too late to set yourself up for financial success and freedom later in life.
Whilst you may not see too much in common when it comes to the state of your finances compared to those of Buffett, the real lesson here is this: it’s not so much about how much money you have at age 50 – what’s important is how it’s invested; and it’s not just Buffett who has achieved success by focusing on this critically important point.
Regular people, just like you and I have the potential to achieve incredible financial success and freedom simply by investing in the right things, for the long term, and also by allowing the 8th wonder of the world (compound interest) to do some of the heavy lifting along the way
There is also one other important point that is often glossed over.
People who achieve great success in life rarely do it alone. Buffett in particular is a great example of someone who has surrounded himself with incredibly intelligent people (like Charlie Munger) for whom he credits much of his success.
Who do you have in your corner? Who do you have to ensure you really can afford to live the best years of your life after 50?
Don’t be left wondering if your window for financial success has slammed shut. Take action today. Schedule a complimentary appointment with an awarded team of financial advisers – people with the experience you need to achieve the success you want in life. We have offices located in Newcastle – The Junction (NFPG), the Central Coast – Erina, (CCFPG) and Sydney CBD (SWA)
The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Advice Group and Sydney Wealth Advisers are subsidiaries of Coastal Advice Group which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. From time to time we may send you informative updates and details of the range of services we can provide. If you no longer want to receive this information, please contact our office to opt out.