Life’s Transitions: In Your 40’s
By Jenny Brown, CEO.
They say life begins at 40, and I think that’s because many feel like they have made it – kids, house, nice car, career, it all seems to be coming along nicely. It’s almost like you’ve got life figured out. But it’s also a time of reflection.
Many see this as halfway in life, which makes them think about their lives…Have I done enough? Should I be doing more? Will I get everything I want out of life? What did I miss out on?… which sometimes results in a trade-in of your wife/husband to a young little blonde things / tall, dark and handsome thing straight out of Uni or a flash red car so low to the ground that you’re driving while lying vertically just to show how young and important you are; or at least that the cliché. MID-LIFE CRISIS, people! This is what we’re talking about, and while expected, not a necessary part of your 40s.
Oh, but if you haven’t been ‘lucky’ enough (let’s call it that) to find yourself a partner by now or even if you’ve chosen not to, this is the time where you get (1) the looks, (2) the comments and (3) the set-up because apparently, you can’t have a happy life without someone else by your side. This can be a very hard time for some as they either wanted to find someone or just haven’t been able to, and the constant talk about it is an ever-lasting reminder of how you don’t find a partner, won’t have kids, and won’t live up to societies expectations. And if you have chosen this life, you’re considered a weirdo or even selfish as your relationships affect others; “I want grandkids” sound familiar?
You’ve got your finances sorted (or at least your day-to-day finances), and you look to upgrade things as your tastes have refined and your wallets can provide for it on occasion. A new car, a new couch. You’re looking to make your life more settled and aligned with your vision of the life you want.
It is also a time for many to become wise – not worrying about what others think about you and being your own person with your own thoughts and personality that does not wager on who you’re with or their beliefs.
There are signs that your body is starting to betray you, giving up when least expected and proving that you’re not invincible. Menopause is on its way, and it’s not looking pretty. Fun for all involved, including husbands, who I’ve heard go through their own Manopause of sorts. But it’s just further proof that your body is not your friend and is slowly turning on you. Oh, and have I mentioned wrinkles yet?
Some consider career changes to be something more fulfilling, as it seems that this is the last change. Any later, you’re considered too old and may find it difficult to find anything, let alone the exact job you’ve always wanted.
To help you get started, reach out to the JBS Financial team here AND check out our 6 Steps to keep you on track below.
Six Point Check List
Don’t freak out
While this is a time to reflect and be proud of what you’ve achieved, don’t start thinking about everything you’ve missed. Your life experiences, or even missing out on some, have made you the person you are today and have brought you to this point. Don’t try to re-live the past, be thankful for what you have and look to the future to make bigger and better memories. Looking backwards can sometimes mean you miss out on what’s ahead.
Keep fit
While you may never have entered a gym in your life or walked further than to the fridge, it’s time to think about exercise and diet. Keeping fit and healthy prevents so many things, and getting in early is your best chance. It might even be beneficial to go and see your GP for a full medical so that you know what you’re dealing with. Make sure you’re starting with a clean slate, or if you are already looking at medical treatment, get back to square one.
Don’t overspend
Upgrades are inevitable, and just because you’re pretty comfortable with life, you don’t need to put yourself in a position that will go backwards. If you can afford the Mazda that you like but can’t afford the BMW that you want, think about maybe compromising. It’s only a car, after all. They’ll both get you to the same place; just one will impact the retirement that you’ll have as you might still be paying it off then.
Think about super
By now, you may have had a few different jobs along the way, and if you have, you may also have several superannuation funds. You need to review what you have, look at the fees and benefits each gives you, look at what else is out there, and think about where’s best for your money. You haven’t really concentrated on super before, and now’s the time to start thinking about it. You don’t have to go overboard as you’ll probably concentrate on paying down a mortgage but just know what you’ve got.
Consider Investments
Putting money away in super for retirement sounds great, but you also can’t access it until around age 65, so what if something happens in the meantime? You should also look at your options in relation to investments – this includes bank accounts to park money. You should already ensure that your money is working for you; after all, you worked hard to get it in the first place. A financial planner can help with this and give you a heap of options for you to find what’s right for you.
Maintain insurances
You may have paid off some or most of your mortgage during your 40s, but it’s not necessarily a time to rejoice and cancel all your insurances. Insurance cover is not only a backup plan to cover your mortgage; it may also be part of your plan to replace income if you or your partner is unable to work, providing funding for future education costs of kids, or even allow funds for medical treatment, even experimental if something happened to you. Before cancelling any insurance cover, you should seek advice to ensure that you can still reach your goals without the cover and cost. And make sure you have that medical first, no use finding out you have an illness that might have been covered by your insurance after you cancelled it!