They say life begins at 40. Maybe this is because you almost feel like you’ve got life figured out. You’ve got the kids, house, nice car and career. Many see this as the half way mark, which makes you think…..have I done enough? Should I be doing more? Will I get everything I want out of life? What did I miss out on? These questions can lead to the Mid-Life crisis!
So, your finances are sorted (at least the day-to-day ones) and you want to upgrade things to match your refined tastes – and on occasions your wallet can provide for it. A new car, couch, TV…..all the things to make your life more settled and in line with the vision you have of the life you want. This is a time to become wise, worrying less about what others think about you and being your own person.
This is when you are probably at the peak of your career, if not changing it and when you’ll be considering upsizing rather than downsizing your home as your children grow. It's incredibly important to protect your income, your health and your home. Now’s the time to talk to your risk adviser and make sure your insurances are up to date and possibly discuss wealth-accumulation strategies for the next stage in life.
Do you have new goals that need to be added to your plan? Opportunities to accumulate wealth are always available to those who plan ahead; rarely for those who haven’t.
Here are 6 tips for your 40s
If you haven't already engaged the services of a Financial Planner and wonder what's involved, check out our recent blog here - 6 Stages of the Financial Planning process with Sound Life. We would love to chat with you to see how we can help because your life is a journey worth planning.
Sound Life Financial Services 98411688
Source: Taken from an article written by Teresa Ooi from the magazine “The really simple guide to Money” by Big Splash media Pty Ltd
The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial planner.
Jane Looker, Thelma Jaekel and Sound Life & Superannuation Agencies Pty Ltd t/as Sound Life Financial Services are Authorised Representatives of Synchron AFS Licence No. 243313