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If you're feeling behind financially at age 50, you aren't alone. Americans in their 50s have a median retirement balance of about $460,000. And while that might seem like quite a lot at first glance, it's often not enough to sustain a retiree for decades.
The good news is that it's never too late to start making progress. Even if you're starting late, it's possible to start saving to set yourself up for retirement. Through the years, billionaire Mark Cuban has shared advice on how to get ahead financially, which we share below.
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Eliminate high-interest debt
If you have high-interest debt, like credit card debt, the first order of business is to pay that off.
"People ask me where's the best place to invest," Cuban told Dave Ramsey on The Dave Ramsey Show. "The best place to invest is to pay off all your credit cards and burn them. If you're paying 15% or 20% in interest, if you pay that down, you just earned 15% or 20%."
Build a larger emergency fund
Unexpected events, like medical bills or a layoff, can throw your finances for a loop. A large emergency fund offers a safety net for anything life throws your way. Cuban advises building a large emergency fund.
"Once you have a year of expenses saved up... then you can start investing," said Cuban in an interview with Men's Health.
Even if you aren't able to build up a year's worth of savings, stashing several months' worth can make a significant difference in your financial picture.
Shop consciously
"Sometimes the best investment you can make is being a smart shopper," said Cuban.
If you're not where you want to be financially, shopping consciously might help stretch your dollars further. For example, when buying new clothes, you might opt for quality secondhand items. Or at the grocery store, you might reach for the store brand to save a few dollars on every trip.
Resolve $10,000 or more of your debt
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.4 <p>Please note that all calls with the company may be recorded or monitored for quality assurance and training purposes. Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating. "Debt-Free" applies only to enrolled credit cards, personal loans, and medical bills. Not mortgages, car loans, or other debts. Results vary.</p>
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Slash your spending
One of Cuban's most consistent pieces of advice is to live like a student; not surprisingly, he repeated this important message in his interview with Men's Health.
By living like a student, Cuban is suggesting living well below your means. For starters, that means not buying anything you can't afford and keeping your fixed expenses as low as possible to make room for saving aggressively.
Prioritize investing in low-cost index funds
When it's time to invest, Cuban suggests keeping things simple. Specifically, he recommends putting money into a "low-cost mutual fund or the Standard & Poor's index."
Instead of attempting to beat the market through more risky investments, like individual stocks, sticking with a low-cost index fund can help you grow your funds over time with less hands-on effort required.
Be consistent
"How you do anything is how you do everything," said Cuban. Improving your financial situation might feel like an insurmountable task at first. But as you put in the effort, things begin to pay off.
If possible, build a financial plan and stick to it. You might be surprised how quickly the results add up.
Negotiate everything
As you dig into improving your financial situation, Cuban points out that it's important to negotiate on everything that you can. Instead of simply writing a check, Cuban said of negotiating, "people really don't realize that you know it works sometimes."
For purchases big and small, never hesitate to ask for a discount.
Put in the effort to learn useful skills
"What I learned early on is that if I put in the effort, I can learn almost anything," said Cuban to Men's Health. That mindset can set you on the right path, whether you're 20 or 50.
Don't be afraid to learn new skills, especially ones that can increase your income to help you sock away more funds for your impending retirement.
Bounce back after a layoff
Layoffs are becoming more prevalent. While being laid off can be disorienting, it should be a temporary setback rather than a long period of unemployment.
"I'd get a job, any job at all that allows me to pay my bills," said Cuban, "Doesn't matter what it is because I now know I can learn from anything that I do."
Once you have a job locked in that pays the bills, focus on learning the right skills to help you land a higher-paying job.
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Bottom line
If you're evaluating where you stand financially in your 50s, and you're not where you'd like to be, that's okay. You still have time to change your financial situation before hitting retirement age.
Start by reining in your expenses and tucking money into index funds to build a nest egg for the future.
More from FinanceBuzz:
- Retire like the rich: 14 ways you could build wealth in your 50s.
- Find out if you could pay less for car insurance in just a few clicks.
- Make these 7 savvy moves when you have $1,000 in the bank.
- 14 moves seniors could benefit from but often forget about.
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