Ok, so you’ve at retirement age, and you’ve got no money, you’ve got no job, no marketable skills and your credit sucks eggs. What options do you now have, and what are you supposed to do at retirement time. You’ve begun to realize that your finances have never been this bad, and mentally, you are so depressed, that you are about three to four French fries short of a happy meal. Alright…here’s the raw deal.
- One option is you could go rob a bank. Hey, isn’t that where all the money is. However, I don’t advise that option. Because you see, the chances of you getting caught are extremely high, and the penitentiary ain’t no joke. Particularly if you are pretty.
- You could sell drugs. However, one of the problems with many of the dope dealers out there, is that they usually consume most of their own products. Plus, there is a ton of heavily armed competition out in the streets. Therefore, the risks heavily outweigh the rewards.
- You could start, or continue ‘milkin’ your parents if they are still around, particularly if you are residing at their home in their plush guest suite (namely the basement or the attic). The problem with that is they may soon be graduating to the ancestors. So, how are you planning on handling all the family, estate and property issues.
Alright, alright, alright, enough of the crap.…..now let’s start looking at some safe, honest and serious options.
- Start saving money. Let me say that again, start saving money. Even if it’s only a dollar a day. Make it a top priority. Hey, I used to own a plastic jar that I used to place all of my loose change in, and I would drop at least a dollar into it every day. Believe me, it starts to add up. Once you have several hundred dollars in that jar, put those funds into a money market account or consider investing it in the stock market or mutual funds.
- Get you butt out of debt. Cut up all those high balance and high interest rate credit cards, (it’s called plastic surgery). Contact https://www.usa.gov/debt and make an appointment. They offer tremendous help in clearing up your credit. (Ask me how I know!)
- Develop some sort of a side hustle. (I’m not talking about selling drugs) Start out as a small business owner and master the techniques needed to build on it. If you are good at computers, learn how to sell products online. People good at sales, always find some way to locate a job or make some extra money. Find saleable items that you can buy wholesale or at a discount, sell those items and then make a profit.
- Financial Assistance: If you know where to look, you can find financial assistance for food, housing, and utility bills. Contact your local social services or Social Security Administration office to ask about any programs you may be eligible for due to your low income.
- Food Stamps: If you are eligible, you will receive an allotment for food each month. You use a card similar to a credit card to debit the monthly amount awarded each time you shop for groceries. http://www.foodstamps.org/application
- Meals on Wheels: Many senior centers and agencies provide meal delivery to your home if you are unable to cook or shop for groceries. Contact senior centers or your local social services office to find out more about this service in your community. http://www.mealsonwheelsamerica.org
- Section 8: This is housing assistance for low-income individuals and their families. If you receive Section 8, you will get a list of apartments, condominiums and other living options paid for by the government. https://portal.hud.gov/hudportal/HUD
- Medicare and Extra Help: Contact the Social Security Administration to apply for Medicare. It will help pay for your doctors’ and hospital visits. Medicare Part D helps you pay for prescription medications. The government set up this program to help low income seniors and provide them with a list of health insurance companies to use.
So, just because you are busted, disgusted and can’t be trusted, doesn’t mean that there is no hope for you. You can always go online to get help about government programs catered for low-income seniors. Keep in mind however, that the current political administration in power, is making plans to terminate or reduce funding for many of the free government programs.
If you ever thought about going at it on your own, you might consider reading books on business and entrepreneurship and focus on mastering the entrepreneur mindset. Study the rich and wealthy (particularly black entrepreneurs). You’ll find out that a many of them started out broke and with a lot less than what you have.
Here’s the facts my friend. You can keep on hanging out with you old friends, be slick and cool and stay poor; or you can risk being square and hokey and start getting your act together. I can definitely relate because I once had a choice to make in my life. I could stay cool, and keep hanging out with my dope-smoking friends, or I could learn the skills and talents for getting into a great job, starting my own business or getting some professional coaching on how to begin investing into the real estate market.
Fortunately for me, I made the right decision and my life turned around. Now the choice is yours.