Financial Advice in Your 40′s
Case study on Albert and Suzanne. They are married in their mid 40′s, with 3 children. Annual Household Income: $115,000 Mortgage: $156,000 Monthly Household Expenses: $10,000. They have projected some large upcoming family expenses and are not sure how to handle them.
Life has many moving parts. In your 40′s all of the parts are moving at the same time putting great demands on your financial resources. Your child may need braces at the same time that your parents may need to consider moving to an assisted living facility. If you have limited financial resources, whom do you help first, your child or your parent? You should not have to choose.
Juggling your finances to meet all of those demands that are put on you can become a touch challenge. To help you ease that pressure, you may consider meeting with your financial planner. If you do not have a planner, ask your insurance agent or attorney for a referral to one.
A financial planner can help you refocus your financial priorities. A planner can help you visualize. Since they are looking from the outside in, they can see more clearly. A planner can be impartial because they are not emotionally involved. Keeping emotions out of financial decisions is crucial.
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