Please not the following article is general advice only and may not reflect your current financial situation. Please refer to the Disclaimer on our website for more information – http://www.financialservicespartners.com.au/information/disclaimer
Men and women alike, we all go through it at some point – the mid life crisis! But how do we beat it?
1. Change = a new look – are you looking for a quick fix? Then set yourself a spend limit and then get a new haircut, buy a new wardrobe and wear your new style with pride. Tip: Try not to go too drastic. Tie die, dreadlocks or a Mohawk may be a decision you live to regret.
2. Avoid big ticket items – ever wanted that Ferrari you keep seeing in the window? Well it can stay there. This may be a spontaneous purchase but just remember that the bills aren’t.
3. Become a Yes-man with limits – this may be the time you have chosen to relive the old days but remember what has changed. You probably have more responsibilities financially and should be careful just how much money you spend during this life stage. Start saying yes to more opportunities to catch up with friends and to do things you may not usually do but always remember your wallet is not bottomless.
4. Treat your midlife crisis like a virus – it is infectious. The others around you will soon be affected by your midlife crisis. Whether it is a change in attitude or a full personal transformation. This is especially if you have anyone dependant on your income.
5. If you keep looking in the rear view mirror you could smash your car! – The past is the past. On your life path look forward to see where you are going instead of where you have come from. Write a bucket list, get a new hobby or bring something uncompleted from your past to the future. Just keep all of these steps in mind.
6. Visited your local gym lately? A large part of a midlife crisis is based on appearance. If you are not happy with your physique then be proactive and go to the gym. Try to avoid 24 month commitments because the abandon rate on gym memberships is very high! Why not try a pay as you go solution?
7. Get a fresh cup of perspective – this is a perfect time to do some volunteer work to change your perspective on your current situation. Donate to charity or volunteer some time.
8. Remember it will all be over soon- say this over and over again. This is not a permanent state of mind. It will all be all over soon.
If you would like to discuss how you can fund your mid life crisis and have a nice nest egg ready for the next stage in your life, whether that be a transition in to retirement, an early retirement or otherwise, then speak to one of our Financial Advisers, we would love to hear from you!