Starting Late? Here’s How to Catch Up Fast

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"I'm about to be brutally honest with you today...

Last weekend, I sat down and tallied up my investment growth for the quarter.

As I reviewed the numbers, I remembered where my own journey started

The Truth About Starting Late Is Hard But Hopeful

I recently shared a post about "Kevin" — a fictional character who resembles many real people I've coached.

At 40, Kevin had:

• $60,000 yearly income

• $0 investments

• $40,000 in debt

• And a financial awakening

Many of my readers asked: "Is it really possible to turn things around when you've already hit 40?"

The data says YES — but it requires something most people aren't willing to do.

The Psychology of Financial Transformation

Here's what most "finance experts" won't tell you: The math is the easy part. It's the psychology that's brutal.

Kevin's story shows three critical phases that I've witnessed countless times with my clients:

1. The Full-Commitment Phase

Kevin went HAM (Hard As a Mother******) for two years, putting $2,000/month toward his debt. That's not a casual budget adjustment — that's a complete life overhaul.

How to implement this yourself:

• Track every dollar for 30 days to see where your money is actually going

• Identify your "money leaks" (mine was $780/month on eating out and $250 on subscriptions I barely used)

• Create a zero-based budget where every dollar has a purpose

• Use the debt avalanche method (highest interest first) or debt snowball (smallest balance first)

Real example: My client Marcus eliminated $32,000 in credit card debt in 18 months by selling his luxury car, moving to a smaller apartment, and working weekend gigs. It wasn't pretty, but it was temporary.

2. The Wealth-Building Pivot

After becoming debt-free, Kevin didn't return to his old spending habits. Instead, he redirected $1,500/month to investments.

This is where most people fail. They celebrate freedom from debt by immediately acquiring new debt.

How to implement this yourself:

• Maintain the same lifestyle after becoming debt-free

• Set up automatic transfers to investment accounts

• Focus on tax-advantaged accounts first (401k, IRA)

• Choose low-cost index funds instead of trying to pick winners

I personally automated my investments the day after my last debt payment. The money never touched my checking account, so I never felt like I was "giving up" anything.

3. The Consistency Marathon

Kevin's most powerful move wasn't his investment strategy — it was his consistency. For 23 years, through market crashes, life changes, and temptations, he stayed the course.

How to implement this yourself:

• Set calendar reminders to review (not change) your investment strategy quarterly

• Create an "investment policy statement" that outlines your long-term plan

• Find an accountability partner who shares your financial values

• Celebrate milestones with experiences, not purchases

I keep a simple chart on my wall showing my investment growth. Each quarter I color in another bar. These visual reminders keep me focused when I'm tempted to veer off course.

The Brutal Truth About Starting Late

I won't sugarcoat this: Starting at 40 means Kevin only reached $961,850 by retirement — not the multi-millions of someone who started at 25.

This means even in retirement, mindful spending remains essential. The freedom is real, but unlimited luxury isn't on the menu.

Here's what I tell my clients who are starting late:

You're not playing the same game as the 25-year-olds, but you're still playing a winnable game.

The alternative — doing nothing — guarantees financial struggle.

Final Thought: Your Next Steps

If Kevin's story resonates with you, it's time for action:

• Calculate your net worth today (all assets minus all debts)

• Determine your "financial freedom number" (25x your annual expenses)

• Use the retirement calculator on my website to see where you stand

• Make one significant change THIS WEEK to increase your saving rate

Remember, your journey doesn't need to mirror Kevin's exactly. If your income is higher or you already have some investments, your path may be significantly easier.

What changes are you willing to make today to secure your financial future? Hit reply and let me know — I personally read every response..

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