How did you recover financially after going bust in your 40s?

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shwztg211

New Member
G'day Gents. I nearly went bankrupt a few years ago. My business failed. It left me with nothing. I did avoid filing for bankruptcy. I am now 45. I have no missus. I have no kids. I have been rebuilding for four years. I have about 200k in savings. I earn 220k gross per year. I feel?it is too late for a home mortgage. I do not see it as a path to financial freedom. I want to learn from other blokes. I want to hear from those who went bust. How did you recover? How did you build your financial position? Thank you.
 
It's never too late to invest in property to build financial freedom. That's just my opinion!

Key points to consider:
  • Investing in real estate can be a powerful tool for building long term wealth.
  • Starting at any age can put you on a path toward greater financial security.

Remember, everyone's journey is different. What works for one person might not work for another. Do your own research to see if this path fits your goals.
 
I had a similar story to yours in terms of age and finance 15 years ago, except that we have kids. But get building a property portfolio with an SMSF and outside your SMSF. And 20 years down the track, you will have a nice net wealth position.
 
Bankruptcy proceedings began three months ago with a liquidation filing. A full year of intense stress and tax debt management preceded this decision.

I seek others' experiences that's why I'm commenting.

In preparation, I withdrew maximum cash and equipment from the business beforehand. All suppliers have been paid. The!company now restarts under my mother's name. Only the tax authority loses here. I owe approximately $1.1 million in taxes and could never gain control over it.

Restarting cautiously transferring assets and cash should position me well for a second attempt. Significant lessons have undoubtedly been learned.
 
I'm 42. I arrived as an immigrant with almost nothing. I still plan and execute my future through property and ETF/crypto investing. It is never too late. Just educate yourself. Find heaps of free and paid material. Reach out if you need a hand. I'm no expert, but I am happy to help.
 
If you earn 220,000 in wages, you should maximize your super contributions each year.
You can make extra contributions for the past five years to maximize those years as well.
These are taxed at 15%, not 47%.

If y ou don’t own property, your super will likely be your largest asset.
You should plan with this in mind.

Wages are increasing, but tax brackets are not.
Anyone earning over 200,000 should do this.

Choose the highest risk option. Each dollar you contribute now could be worth three to four dollars when you retire in 20 years.
 
Residential property is now an unsustainable investment. I have been a landlord for over 20 years. I now only invest elsewhere. Good luck. You are doing well. Keep researching. You will find what is right for you.
 
Let's play the money game! First, learn about covered calls and strut them out to market while puts stand guard like little protective buddies. Aim for that sweet 3% each month.

Then, sprinkle a bit of your gains into BTC or BTC treasury companies your risk appetite gets to pick the flavor.

Take your job remote because why not?

Next, snag some Dubai real estate, grab that golden visa, and live there half the year. Watch your returns compound while you wave cheerfully at the tax man from a distance.

Always, always think in monthly compounding moves it’s like magic, but with math!
 
Pour your heart into a steady ETF like DHHF or something similar, then let it rest and grow untouched for a decade. If you can, keep adding to it gently, allowing those retunrs to blossom over time.

Or, follow the passionate voice above and leap into Bitcoin knowing full well your entire investment could vanish when the next storm hits! You might feel the rush of a quick win or the sting of a loss, but in the end, it could all fade away.

Always listen closely to those shouting the loudest; often, they’re weaving a story that serves their own dreams, not yours.
 
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