Financial Wellness After 50: Building Wealth, Confidence, and Security with Melinda Adams
When it comes to money, women over 50 face unique challenges—but the good news is, it’s never too late to take control of your financial future. That’s the message financial educator and advisor Melinda Adams shared on our latest episode of the No Expiration Date Podcast.
If you’ve ever felt overwhelmed by finances, unsure about investing, or just plain stuck, this conversation is for you.
Why Financial Wellness Matters—Especially for Women 50+
Melinda’s journey started after selling her own business and wondering, “Do I have enough? What’s next?” That question inspired her to use her MBA in finance and her passion for money management to coach and advise women on their financial wellness.
She noticed that many women, especially in midlife, feel stuck between raising kids, caring for aging parents, and trying to plan for retirement—with fewer resources and less financial literacy than men.
“We tend to make less, we take more career breaks, we volunteer more, and yet—we often end up inheriting or growing wealth,” Melinda said. “But are we prepared to manage it?”
The Four Pillars of Financial Wellness
Melinda outlined the four key components of financial wellness:
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Know Where Your Money Goes
You don’t need a fancy budget—but you DO need to track where your dollars are flowing. (Spoiler: dining out and Amazon splurges add up fast!) -
Be Ready for a Financial Shock
An emergency fund of 3-6 months of expenses is crucial because life will throw curveballs—flat tires, home repairs, job loss—you name it. -
Identify Your Financial Independence Number
This is the amount you need to retire or stop working comfortably. Knowing your number gives you a clear savings and investment target. -
Have an Estate Plan
Wills, trusts, and beneficiaries aren’t just for the ultra-wealthy. Without them, your estate might get taxed unnecessarily—or worse, the state decides who gets your assets.
Scarcity vs. Abundance Mindset: It’s Not Just About Money
One standout moment in our chat was Melinda’s perspective on mindset.
“Budgeting isn’t about restriction—it’s about permission to spend intentionally,” she explained.
Want that dream vacation, a stylish new wardrobe, or even just guilt-free Starbucks runs? Great! As long as your big rocks—your savings, emergency fund, and retirement contributions—are covered, you’ve got the freedom to enjoy the extras.
The Financial Habits Holding Women Back
Too many women carry limiting beliefs like:
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“I’m not good with money.”
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“It’s too complicated.”
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“I’m just a spender.”
But Melinda encouraged us to ditch those scripts. With the right education, resources, and sometimes the help of a trusted advisor, every woman can master her money.
“Financial literacy is one of the most powerful skills you can develop. And it’s never too late.”
Budgeting Made Simple: The Three-Bucket Method
Melinda offered a practical budgeting system that doesn’t require tracking every penny:
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Recurring Expenses: Rent, mortgage, utilities—costs that stay relatively consistent.
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Daily Expenses: Groceries, dining out, shopping—this is where budgets often get busted.
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Savings for Non-Recurring Expenses: Christmas, vacations, annual memberships—put aside money monthly so you’re prepared.
She even shared her personal “Ann Taylor budget” and how she plans for family trips with a dedicated vacation fund—so you can enjoy life without financial stress.
How to Build Wealth Later in Life
Even if you feel behind, it’s not too late. Start by:
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Tracking your income and expenses
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Paying off high-interest debt after securing an emergency fund
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Increasing income through side hustles or career pivots
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Saving consistently, even small amounts
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Investing wisely with the guidance of a trusted advisor
Most importantly: start now. As Melinda put it, “If you feel helpless, you don’t have to stay there. Take one action.”
Bonus Tips from Melinda:
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Budgeting Apps vs. Spreadsheets: Apps win for convenience.
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Emergency Fund before Paying Debt: Always.
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Credit Card Points vs. Cash Back: Depends on if you’ll actually use the points!
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Talk About Money: Share goals with friends for accountability.
Final Thoughts
Money isn’t just numbers on a spreadsheet—it’s the tool that lets you live the life you want. Whether that’s retiring comfortably, traveling the world, or simply feeling peace of mind, financial wellness is achievable at any age.
As Melinda reminded us, “Money is just there to help facilitate the life you want. So make it yours.”
About Melinda Adams
Melinda Adams is a financial coach and licensed financial advisor based in San Antonio, TX. She helps women align their money with their dreams through coaching, investment planning, and financial literacy education.
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LinkedIn: Melinda Adams
- Website: M&T Financial Partners
Listen to the Full Episode
Catch the full conversation on the No Expiration Date Podcast, available on Spotify, Apple Podcasts, and wherever you listen. Don’t forget to subscribe and leave us a review!
Ann-Marie Simpson
Co-Host
Here’s a little bit about me! I’m originally from Covina, California — a proud mom, Air Force Veteran, serial entrepreneur, fitness lover, outdoor enthusiast, and solo travel junkie who’s always up for the next adventure!
I joined the Air Force in 1993, thinking it would be a short chapter… but almost 24 years later, I retired in 2015 with a career full of unexpected twists, lessons, and growth. Life had a different plan — and I followed it with purpose.
Cindy and I were active duty together on Lackland Air Force Base in San Antonio then we both went into the Air National Guard. We have been friends over 20 years. We met while working together as Instructors in the Air Force and have been friends ever since.
I have one daughter who is also in the Air National Guard and lives in Dallas, Texas.
No pets at the moment, but coming soon!
Monica Brant on Fitness, Faith & Health After 50
