Financially Prepared in Your 40′s
Case Study on Diana and Marcus. Married, early 40′s, 2 children. Annual Household Income: $100,000 Mortgage: $145,000 Credit Card Debt: $12,000. Diana and Marcus want to have another child. They have great insurance at work but are unsure about the other added expenses of adding another child to the family..
If your situation is similar to Diana and Marcus’s you are in your 40′s, established in your career, but may be unprepared for some of life’s other financial challenges?
Are you prepared financially for relocation if it improves your opportunities for advancement in your career? Are you prepared for more children? Are you prepared for marriage or divorce? All of these situations come at a cost. Are you prepared for more expenses? Are you prepared for unexpected expenses?
You can be prepared for anything – - if you plan ahead. Start slowly. Start by opening a rainy day fund. The money you save in this rainy day account is to be used for unexpected expenses only, nothing else.
It is never too late to start your rainy day fund. It requires planning and discipline. Deposit a portion of each pay check into that account, even if it is only a small amount, it will add up over time. When you get a raise or a bonus, deposit that into your rainy day fund. Simply develop the discipline to make deposits into this special account
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