Starting over at 60 with nothing. How to turn your finances around at 60.

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Starting over at 60 with nothing may feel like it’s going to be a tough slog.

Maybe you think your best years are behind you, but where there is a will, there is a way.

If you need to start over at 60 with nothing, you will need a GAME Plan. Picture your best life and the actions you might need to get there. From this, plan out the steps with a clear action plan creating and building any assets you need on the way to fund this new life.

Starting over at any age will take all your skills and experiences to turn your life around.

Luckily at 60, you have a lot of life experience to lean on.

You know what works and doesn’t work, so you are way ahead of many people.

Read on to hear the steps you can take to rebuild your life at 60, even if you start from nothing.

How to restart your life with your ... x
How to restart your life with your own GAME Plan
Starting over at 60 with nothing

Table of Contents

Can you start over after 60?

Is it too late to start over at 60?

You can start over at any age.

It’s a mindset thing, not an age thing.

If you have a growth mindset, you think you could learn the things you need to learn and take the action you need to take; you could make what you want to happen.

Ok, if you said you wanted to be an astronaut, you might need to find a way to experience the essence of that rather than apply for a job at NASA.

But if you saved up enough money, you could take a flight into space to get the experience and therefore be an astronaut!!  

Starting over at 60 with nothing

How can I get my life together at 60?

Being clear about what good looks like is the start of restarting.

Make sure whatever your vision is it aligns with your values.

Getting healthier, wealthier and happier is likely to be part of a good plan.

What might you do in these areas your increase them?

  • Earn more money or spend less
  • Eat and drink better as well as get more sleep.
  • spend more time doing the things you love with the people you love

Remember, it’s what you think good looks like, not your neighbour or friend.

Desiring what someone else has or comparing yourself to others is the route to an unhappy life.

Figure out what you want and a path to get there.

How much does a single person need to retire

How do I start over with no money at 60?

At 60, you might think that time is not on your side.

Maybe more of it is behind than ahead of you, but you might easily have 30-40 more years of life to live.

Starting over financially at 60, like at any age, is about taking some deliberate action.

  • Set your goals or at least best guesses
  • Figure out the 3 next steps you could take – take them – then think of another 3.
  • Gather your financial numbers
    • Your net worth – everything you own vs everything you owe
    • Understand your cash flow – coming in and going out – is there any savings to be had there?
    • Crunch the number to understand what it costs you to live your life.
    • Figure out your freedom number, either 25 x your expenditure or what you need to produce a month to live the life you want.
    • What skills, talents, and experience do you have that you could earn an income from and whats the going rate for them?

With these numbers, you now have a mini financial road map to start working with.

Ideally, growing your net worth, reducing your costs and earning more money through work or side enterprises.

best business to start at 40

Find work you love

You probably will need to find work to cover your expenses and to start saving for the future.

It’s going to be a lot better to find and stay in work that you like.

Find something that you are good at and like doing. You might have a reasonable idea of this given your 60 years of experience.

Join the pension scheme at your workplace and consider maxing out your contributions to get the most free money from your company.

If you can find work you love, you will need to create it for yourself.

Could you create a blog, a youtube/ticktock channel or digital products that people might want to buy?

What skills and experiences might people want to gear and learn about from you?

Creating your own business will also create an asset for yourself as well as an income.

money calculator UK

Tighten up expenses

A lot of financial happiness comes from the difference between income and expenditure.

The more you spend above your income, the unhappier you will likely be.

Tracking your cash flow is vital to keeping tables on what is going out.

Become a bargain hunter to understand when you are overpaying for something or how you can economise to make the most of your income.

No money for retirement what to do

Set up an emergency fund

Save first and then spend what’s left.

This concept is the beginning of all wealth building and the best way to build an emergency fund.

Your emergency fund is an emergency. You need to create one asap before another crisis comes your way.

An emergency fund is a vital part of creating financial stability now and for your future.

This fund will help prevent you from going into debt the next time something goes wrong.

examples of bad financial decisions

Avoid the big mistakes

Be very careful about making up for lost time with gambling or speculating on the latest fad.

Avoid the big financial mistakes

Only “invest” in things you understand and have a track record of a positive outcome – over the long term, property and owning businesses either yourself or through shares has done this.

Don’t mix investing and speculating together.

If it can make you a millionaire overnight, it sounds more like gambling. It probably means you can lose all your money overnight also.

Make sure you diversify; don’t put all your eggs in one basket.

What mix of investments you have will depend on your tolerance for risk and volatility.

How to improve yourself in a month

Start creating assets

Rather than just earning and spending money, make sure you are also creating or building assets.

This can include the traditional pension and ISA investments – owning the world’s great companies in low-cost, diversified investment funds.

But it is also creating additional sources of income that can keep earning you money well into retirement whenever that happens.  

This might mean having a side hustle:

  • Using your skills and experiences
  • Coaching and mentoring people
  • Creating digital or physical assets
  • Renting out property or equipment you have.

The more nocturnal this income becomes, the better, i.e. it’s earning you money even when you are asleep?

Summary: Starting over at 60 with nothing

Starting over at 60 with nothing will not be that much fun, but with deliberate actions, you can bring some financial stability and start to rebuild.

Figure out what good looks like

  • What are your goals or best guesses going ahead?
  • What actions do you think needs to happen to make them come true.
  • What means do you need to earn or create – how can you use your skills, experience and contacts to build your wealth.
  • Execute your plan, review and revise as you move forwards.

Tightening up your expenses should help prevent some of your money from slipping through your fingers

Avoid the temptation to try and go from zero to a hundred with the latest fade.

Set up an emergency fund asap. Pay yourself first and create a fund to ride out any future challenges.

Anyway, those are my thoughts on  Starting over at 60 with nothing. Let me know yours in the comments below.

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Life not going quite as you expected?  
Would having a Life and financial plan in place help bring clarity on what’s most important to you and how to achieve it? 
  • Life, job and finances not heading in the direction you hoped?
  • One or two months away from financial disaster?
  • Not enough time or money to achieve what’s most important to you?
  • No idea how to plan, save and invest to lead a great life?
  • Frustrated you cant create your own job? 

What’s likely to be the outcome if you don’t make some serious plans asap?

More of the same? 

Without making some clear plans you are at real risk of repeating what has gone before and or falling into someone else’s plan.

And guess what they have planned for you? 

Not much! 

Life and financial planning will give you the support, guidance, and accountability you need to succeed with money and life, building wealth in every area of your life.

  • Get your life and money organised
  • Build your savings cushion to create more life options. 
  • Help you figure out what’s most important to you and how much money is enough.
  • Help you understand and build wealth so you don’t have to worry about money anymore. 
  • Support, guide and inspire you to create your own business or side hustle. 

Start building your life and money confidence now because waiting will only make it more expensive and painful to achieve later.

Plan, build and enjoy your life and money.

Taking you from life and financial crisis to happiness.

Contact us here for a free chat about building your life and money confidence.

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