40 & Broke (for retirement)

Let’s pretend it’s a money tree plant.

I don’t know about you, but I have no retirement plan…and I have a feeling that their are many like me who are about to enter into midlife without a plan for how they are going to retire. So I thought why not share a fun lighthearted way of talking all things financial independence.

Why am I starting this series?

A few months ago, my husband found himself unexpectedly in the ER, and I had an, “Oh shoot,” moment. Have you ever had one of those? I realized that if something were to happen to him, it would leave me and my girls in a financially insecure situation, and nope that can’t happen.

I’ve typically been the stay at home mom, who’s building a business on the side and I’ve also never worked in corporate. So this girl…well maybe not girl anymore?!?…more like this almost 40 year old lady has nothing, nada, glitch planned for retirement….and if I’m honest I’m low key freaking out.

But I don’t want to invest just to invest. I want to invest with intention. I want to invest in a way that reflects my values and is ethical. I truly value individual and collective thriving, which means the SMP500 is not an option for me. Learning how to invest ethically has been overwhelming, so it’s led me to some indecision, but ever since that ER visit, I have my eye on prize, and I’m doing it…..I’m finally making that retirement plan.

So what am I doing about it?!?

Well that’s a great question. This is the first time in my life, now that my kids are older, I have the hours to build something that can allow for me to actually make a living wage, while also honoring what’s on my joy list….which is being home when the kids get out of school, we do homework, dinners and do something fun together. That’s the dream right?!?

Here’s 4 things I’m doing before 2024:

1. Taking a deep dive into my business and personal budget

   I’m taking the time to reassess my budget and identify what needs to change, what’s missing, and more.

2. Creating a plan to triple my budget

   Yup you heard me right. I need to increase my budget 3x. There’s a deeper why, but to keep it short and sweet, we need health insurance, and the cost of it is basically a salary. Health insurance shouldn’t be tied to employment but it is, and it really is a hindrance for millions of US Americans like me.

3. Connecting with the professionals

   I’m connecting with my CPA, lawyer and anyone else really who can help me identify how I can leverage my business, and learn all the strategy I can. Side rant: Why is this service so expensive? I mean, every average person should have access and opportunity to know how to build wealth and the strategies so they can begin to implement them…but nope, it’s gate-kept by those who got the dollars. And those who don’t are stuck figuring it out on their own like me. Thank God for YouTube and other social platforms where we can find so much free content. Have you found any accounts you love following?

4. Get health insurance

   While this is on the list, this might actually wait until we are in 2024, especially as our family walks through some shifts and unknowns. After doing all the research, speaking with brokers and more…yall our options are limited, especially having a child with a chronic illness. Again there’s a deeper why here, but I’ll share more another day.

   Until next time,

   @yourfriend.jasmine