A finance expert has shared her tips on investing later in life, and why it’s never too late to build wealth.
While starting early can make a difference, they said consistent contributions, even when you are over 50, can still be meaningful.
Jody Bell, a mother of two, taught herself how to invest in her early 50s following her divorce.
“I think for me, in my early 50s, after my second divorce, I kind of woke up a bit and thought, what is it that I want to focus on now as a single woman?” she told 7NEWS.
She found ways of generating money outside of her regular budget, including additional income streams like small online tasks.
“There’s micro investing apps, so you don’t need a lot of money to start,” she said.
“I did things like, you know, market research online.
“I think the other, the really easy thing that not a lot of people know about is a platform called ShopBack.”
ShopBack is a rewards and shopping platform, that often partners with Aussie banks, and lets users earn cashback on purchases made online or in-store at more than 4,000 major local brands and retailers.
Financial adviser Mel Browne said that one of the common misconceptions among older Australians is that it is “too late” to invest.
“If I can find more money, I can invest for 30 years from my 40s,” she said.
“I can keep investing in my 50s and in fact I should be leaning in then, not leaning out going, ‘oh well, too bad’.”
She said that even modest and regular contributions, combined with reinvested returns and compound growth, can grow overtime.
One example gave was if someone aged 50 invested $250 a month, with returns reinvested, the amount could grow to about $500,000 by age 80.
“You have more options than you think,” she said.
Bell added that it’s important to focus on what could be done and not regret past mistakes.
“Looking at yourself accepting that you know I’ve made some small and large financial errors. But it’s never too late,” she said.
Image: 7News
