In your 40s, life often becomes a balancing act, with career demands, raising children, school commitments, and mortgage payments.
Many find themselves stretched, unsure of priorities, and delaying financial planning for a less busy time. However, neglecting finances now can result in costly mistakes that may jeopardize your long-term goals.
Here are some common financial missteps to avoid.
Incurring too much lifestyle debt
Your 40s are often peak earning years, yet they can also present financial challenges due to debt. Many in this stage purchase property, upgrade vehicles, travel internationally, or invest in a holiday home—tempting opportunities that can lead to lifestyle inflation as income grows. However, unchecked lifestyle upgrades can deplete disposable income, creating debt burdens. Aim to keep a healthy income-to-debt ratio and view salary increases as an opportunity to boost long-term investments rather than a reason to spend more.
Not giving thought to where you live, work and educate your children
This story is from the December 13, 2024 edition of The Citizen.
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This story is from the December 13, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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