Is It Too Late to Become Financially Free?

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Most of us have been taught that retirement age is 65, so if you’re 40, 50, 60, 70, years old and up and still working, you might be thinking, “Is it too late to invest for retirement?”

In other words, is it too late to become financially free?

My short answer is… no, it’s not too late.

In this video, I share about how you can become financially free, starting from wherever you are right now, including real world case studies and examples to inspire you.

The idea that retirement age is 65 came from the Social Security Act in 1935, which had the U.S. government setting up a financial safety net for retired employees.

But actually, retirement isn’t an age. It’s a number.

And instead of using the term, “retirement,” I prefer the term “financial freedom,” because not only does it have nothing to do with your age, the term “financial freedom” comes with a whole different feeling and energy than the word “retirement.”

And that can happen at any age. Some people become financially free at 20. Others at 80. Older, younger, and everything in between. And some people never get there at all.

So how do you become financially free? What IS the number I’m talking about?

It’s the relationship between your PASSIVE income and your expenses.

When your PASSIVE income is more than your expenses, you are financially free.

What is passive income?

Passive income is income that comes in whether you’re working, sleeping or playing

The America Internal Revenue Service defines passive income as income from “trade or business activities in which you do not materially participate.”

How much passive income do you need to be financially free?

Enough to cover your expenses!

So the first step in becoming financially free, starting from wherever you are right now is to get clear on how much passive income you really need to support your lifestyle.

How do you know when you have enough money to retire?

When your passive income is more than your expenses.

How do you get more passive income?

There are two main types of passive income...

The first type is where you have some money to invest and you BUY an asset… you buy something that gives you passive income.

The second type of passive income comes from CREATING your your own assets or passive income streams with little money or even no money.

In terms of age as it relates to your ability to build wealth and create financial freedom…

If you’re younger, it’s nice that you have time on your side because it’s easier to get the power of compound interest working for you.

On the other hand, if you’re older, you have experience, skills, knowledge, connections, and credibility on your side… all of which you can turn into a LOT of MONEY… very quickly.

Wherever you are, the time to start investing is now now NOW!

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NOTE: Penelope Jane Smith will receive an affiliate commission or referral bonus from some of the links and other products that appear in this video. Penelope Jane Smith is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.