
I'm 61 With No Retirement
The Ramsey Show Highlights
47,696 views • 1 month ago
Video Summary
A 61-year-old newly single individual with $22,000 from a house sale and no retirement savings faces financial uncertainty. Currently working part-time as a cashier earning approximately $25 an hour for 25 hours a week, they acknowledge their income is insufficient and the job is unsatisfactory. Physical limitations, including bad knees and back, restrict options like previous custodial or caregiving roles, but cooking remains a viable skill.
The core issue identified is a lack of income, which fuels stress and fear. To combat this, the suggestion is to explore self-employment or side hustles, focusing on skills like cooking or upcycling and reselling items. The possibility of generating significant income through reselling, even as much as $100,000 a year, is presented as a tangible goal.
The path forward involves overcoming technical challenges to utilize platforms like Facebook Marketplace and eBay. Leveraging existing inventory from a storage unit is the immediate step, with the long-term vision of actively sourcing and reselling items to build a more secure financial future. A book on career ideas is also recommended.
Short Highlights
- The primary financial challenge is a significant income deficit, leading to stress and fear.
- Physical limitations restrict previous employment options, but skills like cooking and upcycling are viable.
- The proposed solution involves self-employment and reselling, starting with existing inventory and utilizing platforms like Facebook Marketplace and eBay.
- The speaker encourages a shift in mindset from fear to actively seeking opportunities, aiming for income that can provide financial security.
- Specific financial goals mentioned include the possibility of making $25-$50 an hour or even up to $100,000 a year through reselling.
Key Details
Financial Predicament at 61 [00:09]
- The individual is 61 years old, newly single, living in rental housing.
- They have $22,000 remaining from a house sale and no retirement savings.
- Current employment is part-time as a cashier for approximately 25 hours a week.
- They express fear and stress due to their financial situation.
This section highlights the immediate financial difficulties and emotional toll faced by the individual due to their age, marital status, limited savings, and precarious employment.
"I'm 61 years old, uh, newly single. I live in Lum housing. I have 22,000 left over from the sale of my house in Oregon and I don't know what to do."
Identifying the Core Problem: Income Deficit [01:41]
- The individual acknowledges that mathematically, they do not have enough money.
- The root cause is identified as insufficient income.
- A hypothetical scenario of earning $50,000 a year demonstrates how increased income can alleviate stress and fear.
The speaker clearly defines the central issue as an "income problem," suggesting that addressing this will resolve the associated anxieties and insecurities.
"And the reason is is you don't have much income. So we've got to work on your career kiddo."
Exploring Past Employment and Physical Limitations [03:23]
- The highest income previously earned was $36,000 a year while working as a custodian at a municipal airport.
- This job, held about two and a half years ago, is no longer physically possible due to bad knees and back issues.
- Previous roles as a caregiver and cook are mentioned, but caregiving is also no longer feasible due to physical limitations.
- Cooking is confirmed as a still viable skill.
This part of the discussion assesses past work experiences and current physical capabilities to determine realistic future employment or self-employment options.
"Well, could you still do that kind of work physically? ... The knees have gone, huh?"
Shifting Towards Self-Employment and Reselling [04:00]
- The focus needs to be on generating income that is higher than the current part-time cashier job.
- Self-employment or a side hustle is recommended to gain control over income.
- The possibility of earning $25-$50 an hour through services like cleaning houses is mentioned, but dismissed due to physical limitations.
- The idea of upcycling and selling furniture is introduced, with existing inventory in a storage unit.
The conversation pivots towards proactive income generation, moving away from traditional job seeking towards entrepreneurial endeavors that align with physical capabilities and existing resources.
"I want to be thinking about what we can do that gets Jenny's income rocking. And it might be a self-employed thing."
Leveraging Online Platforms for Reselling [05:52]
- The individual expresses being "technically challenged" regarding online platforms.
- Suggestions are made to have family members, like grandkids, help set up accounts on Facebook Marketplace and eBay.
- The strategy includes selling existing items to clean out the storage unit and then potentially buying items from garage sales to resell for profit.
- The potential for significant income, even up to $100,000 a year through reselling, is highlighted.
- A book, "The Proximity Principle," is recommended for career ideas.
This section lays out a concrete plan for income generation through reselling, acknowledging the need for technical assistance and emphasizing the potential financial rewards.
"Could someone help you get a little Facebook Marketplace account set up? ... Your grandkids to show you how to set up an eBay store and a Facebook marketplace store."
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