Our lives are constantly changing, and so is our relationship with money. Each stage brings new financial challenges. And questions that need to be addressed so that we may strategize a plan for future financial security.
We must take into consideration our age, the economy at present and our money history. Remember with each generation comes a new set of challenges making it difficult to avoid costly mistakes but avoiding a few may help our financial futures.
For instance, the twenty-somethings of today, may not be as aggressive when investing as the twenty-somethings of generations past. Some studies suggest that millennia’s fear of making financial mistakes stem from being witness to financial uncertainty during their lifetimes. This fear is causing them to favor a conservative portfolio with a lower rate of return, a mistake they may later regret.
Today’s thirty and forty-year-olds have entered into the world of broad and complex responsibilities such as marriage and raising children. Many want to start living the life they dreamed of but trying to get there too quickly may lead to overspending and credit-card debt. This makes it difficult to pay down mortgages, save for college, and the possibility of needing to help with aging parents. All of these can lead to a shortage of retirement funds.
However, with wisdom and age, we can strive to catch up in our fifties and sixties. We may come to realize our retirement funds may not carry us through our extended life expectancies, so we will need to take action as soon as possible. Lifestyle choices and some necessary adjustments can help. Downsizing is a good place to start, as does the utilization of yearly catch-up contributions for your retirement accounts. Consult with your trusted financial advisor and let them help you avoid costly mistakes. And guide you through each stage of life with financial practices.
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