There is a saying that says "life truly begins at 40", when in reality by the time you turn 35 your life is already in full swing. You are most likely already on solid footing in regards to your career, you are probably in a long term, committed relationship, and you may have already started a family. You may not be as carefree and energetic as you were 10 years prior, but chances are you are at a point where you are leading a rich, and fulfilling life.
Make the most of this time period of your life, and take a look at these tips to help you along.
Evaluate Your Net Worth
Make a report of all of your assets and liabilities. This will help you understand where you are financially and where you need to go to reach your goals. Many people will create this report annually to help track the fluctuations in their net worth. Creating this report will keep you liable for your wealth building efforts.
Increase Your Savings And Investments
As you move up the ladder at your career you may find your income increasing as well. Make an effort to save as much as possible for the future. In your late thirties and early forties there is still enough time to create the savings you need to retire before it’s too late. Talk to a financial planner to help create and refine the investment and savings strategy that will help you reach your goals.
Reevaluate Your Current Life Insurance
Maybe you purchased life insurance when you got married or when you first bought a home. This policy has remained unchanged, while your financial and personal circumstances may have evolved. For instance, you may now have children or a business to tend to. Talk to a life insurance expert to help you evaluate your needs and find out if your current policy is still sufficient.
Move Towards Being Debt Free
People often accumulate debt through their twenties and thirties. As you approach middle age, you should make a concerted effort to get out of debt for good. Divert extra funds to pay off your credit cards. Begin to pay for everything with cash to avoid falling back into the debt trap. Only take out loans for important purchases such as for a new home.
Take Your Health Seriously
You are saving for retirement and to send your children to college. Make sure you live to see these events. Visit your doctor to ensure you are not at risk for any major medical issues. Make important lifestyle choices about eating healthy and exercising. Keep yourself in shape so that you are ready to reap the rewards of your life.
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