Greetings to Jeff and other gurus in this forum.

I need your advice on my situation and how I can make the best of what I have. My spouse and I are now in our late 40s. We have not achieved much despite being grads. We earn a combined income of only $140k and only live in an old EC. We own an old small car and have 3 wonderful kids.

We don't save much as we have lots of commitments, such as mortgage, car loan, tuition for the kids, parent's allowances, etc. The most we save is $25k pa, sometimes less. Our total net worth in total including our stocks/ cash/ CPF, is only about $1m.

What should I do to earn more so that I can save more? I work in a sector which is mediocre at best and not the high flying sectors. Honestly, there is not much prospect being in my company, but it pays the bills. I feel like resigning and become an entrepreneur but I'm scared of failure and high risk.

What should I do? Age is catching up.