People expect that hitting the big 5-0 means you’re financially stable with substantial retirement funds and a steady income from stock or real estate investing.
But what if, at 50, you realized you had $0 saved for retirement with only $300 in your bank account while renting a house with five other people?
In today’s episode of Women Creating Wealth, I’m sharing how a broke and depressed 50-year-old me turned the table and eventually created a passive income stream as a real estate investor that led me to have more money, more options, and more fun in my 50s.
Let’s dive right in!
What It Feels Like to Be 50 and Broke
As the saying goes, “You’ll never really know what it’s like until it happens to you.”
True enough, I didn’t realize how self-destructive it was until everything dawned on me during my 50th birthday.
Gosh, I was a loser!
I realized that at 50, I was renting a bedroom in a 1500 sq. ft. house which I was running with five other people. It was basically like being a college student living in a dorm, but only I was TWICE the age of everybody else in the house.
And you know what’s worse than that?
I had exactly $0 saved for retirement. I lived life thinking I had all the time in the world!
Aged, Broke, and Depressed
When I realized that my time was up, I slipped into major depression, which turned into self-loathing.
I was a 50-year-old real estate agent driving upcoming tenants in my old Nissan car with terrible credit and $300 savings.
“What have I done with my life?” I asked myself. I felt so old, ugly, pathetic, and miserable..
All I ever wanted at that moment was to swap my old car with a new one (that kind with Bluetooth and a GPS), so I don’t have to be juggling with the steering wheel and my phone.
And, of course, a relaxing vacation once in a while didn’t sound that bad.
The Paradigm Shift
Little did I know that change was coming.
I was grateful at that time that I listened to my mom, got up, and went to my aunt’s 100th birthday.
It’s not like every day someone turns 100, right?
As I stood there looking at my aunt with a tiara and sash that said 100th birthday, I swear I heard and felt something – my paradigm shift!
And then BAM! It hit me!
“Oh my God, Chris, you still have 50 more years. You have 50 more years to get things right!” I told myself.
I realized that I had to get my act together and that the first thing that I had to do was get a better living situation.
From Renting a Bedroom to Profitable Real Estate Investing
So the first thing on my list was to look for anything under $60, 000.
Although it was a bargain price at that time, I ended up with a house close to work.
But not only that.
I found a friend who would shell out the money for a down payment in exchange for being a real estate investor/partner in the property while I did the work and paid for the renovations.
Since it was a foreclosed house, the renovations were more extensive than expected. Luckily, I convinced the seller, Bank of America, to pay for a new deck and update the plumbing.
After a couple of years, when I got the house fixed up, I sold it and doubled my investment.
Then I used that money to buy two more houses – one to live in and one to put up on Airbnb as a rental property. Eventually, I did end up selling the rental property to buy two more houses again, which is amazing!
I also converted the house that I lived in into a two-family house and sold it. And now, I just purchased a downtown loft and a commercial building which I’m planning to turn into a co-working space.
It’s Never Too Late For You
Life has been good since then. Who would have thought that a broke 50-year-old woman turned real estate investor would still get a chance?
And not just any chance. But build a real estate business that makes a steady passive income stream.
If I had never convinced myself to get my act together that day, I wouldn’t be enjoying this financial abundance and freedom that everybody has been dreaming of.
So if you’re excited to hear more real estate advice, financial literacy, and eventually living life on your own terms, stay tuned for next week’s episode.
We’ll dive deeper into how to leverage your existing assets to start making money from them.
If you’re excited to come along with me on this ride for your new life, be sure to subscribe to my YouTube channel, or if you prefer audio, your favorite podcast platform.
And if you really want to help spread the word, take a screenshot and share it on your Instagram or Facebook page. Be sure to tag me so we can connect!
Facebook: Christine McCarron
See you next week!