In the early 2000s, Mikey Taylor was a professional skateboarder. Brands sponsored him, but he was at the beginning of his career and not making much money. So he decided to take what money he had and invest, particularly in real estate.
He continued to invest, started a few businesses, and is now president of Commune Capital, a private equity real estate investment firm. His educational platform and podcast, Avni Intelligence, help entrepreneurs become more knowledgeable about startups, business plans, and the financial aspects of running a successful business.
Taylor posts to TikTok regularly and his reels cover everything from the biggest money mistakes to how to retire by 40. But you’re already approaching or past that age and your savings aren’t where you’d like them to be, he has three tips on how you can catch up, and one big don’t.
1. Bump Your Savings Percentages
His first tip is to save more. Many people put between five and eight percent of their paycheck into savings; he recommends upping that to ten or 15 percent.
2. Work For A Few More Years
He also recommends eschewing retirement for a few years. It may sound like a bummer if you dream of diving into your hobbies full-time at 62. But if you work longer, you can increase your savings and enjoy your golden years to the fullest.
3. Create A Side Hustle
Lastly, creating a side hustle while you still work your day job could increase your income. This might mean diving into a passion you’ve always wanted to pursue, or picking up something easy to do from home. Walk dogs on the weekend, snag some customer service hours, or start an Etsy store selling the jewelry you’ve been making as a hobby. You never know, your side hustle might even turn into a later-in-life career change!
4. Don’t Take On More Risk
A big risk with the small chance of a windfall payoff is not the move here. Investments like gold, commodities, and cryptocurrency a retirement plan do not make. At this time in your life, you want more predictability, not less.