The standard retirement age in the United States is 66 years. Needless to say, a person in this age group has a hard time learning new things. For money advice, most elderly people are totally dependent on their financial advisors. Which is a lot better than making uninformed decisions. Moreover, talking to a family member about money can also work.
Here is an idea worth considering: Instead of totally depending on money advice on a financial advisor or a young family member, consider learning about personal finance on your own. Even studies suggest that older people can learn new things. The only difference is, they use different parts to their brain.
How Do I Learn About Money After Retirement?
1) Read Books
Reading can help you understand the use of money as you already have a wealth of experience under your belt. Read books like Rich Dad, Poor Dad by Robert T. Kiyosaki that talk about the psychology of making money. This book will also inform you about the mistakes most people make with money.
Moreover, you will also have a clear answer whether to invest your hard-earned savings in real estate or let it multiply slowly in a savings account.
2) Watch Videos from Dave Ramsey
Dave Ramsey is a personal finance guru who offers free education on his YouTube channel The Dave Ramsey Show. What’s interesting about his content is, he uses a teaching style known as “motivational interviewing”. You will see taking phone calls from his listeners and solving their money problems in a unique manner. I feel his teaching style will suit an elderly person as you won’t have to think as much.
3) Create or Produce Something of Value
Who said an elderly person cannot create something of value (like a product, service or a course)? Colonel Sanders, the founder of Kentucky Fried Chicken started off when he was 65. When people of his age were retiring and prepared to live the rest of their lives on the savings, he had other plans. There are several other inspirational stories that you can read to get yourself pumped up for a new venture.
4) Do Not Spend Your Time With Other Retirees
I understand that it is really tough to go out to seminars and meetups to connect with other like-minded people. Society does not appreciate it when an elderly person tries to connect with younger, more energetic people. This is why most elderly people spend their time with others from the same age group.
This can be a huge mistake. Despite social stigma, you should spend most of your time with young and motivated people who share the same interests as you do. Go out well dressed and know your purpose well. Share your ideas with those who come with an open mind and neglect those who don’t see value in you.
This is how you can get motivated to learn about money at an old age. It can be really tough to continue living your life after retirement with the same vigor you had before. This is why it is key to keep busy and productive.