Why you should create a financial plan in your 40’s
Depending on your personal situation, and of course not everyone is the same, I would say to those in
their 40’s that making a financial plan is relatively straightforward for you.
By now you probably know what direction you want to go in personally, professionally and financially.
That is, you most likely know yourself pretty well now e.g. what you like as a person, the things you want to do, see and experience and how. You also have a good idea of what you want to achieve professionally and how you will get there over the forthcoming years. You probably also know yourself well enough by now to know what your financial personality is like. That is, what levels and types of income, assets, liabilities and spending you feel comfortable with.
So in theory you know a lot about yourself by the time you reach your 40’s and so creating a financial plan should be a breeze.
The reason I think you should create a financial plan in your 40’s is just that. It is such a good opportunity to make sure you do things on purpose in the future that it will make the rest of your life so much easier. It really is a golden opportunity to make the most of the life you’ve lived up to now.
The great thing about being in your 40’s other than knowing yourself and your requirements in arguably better detail then you did in your 20’s and 30’s, is that you’re also close enough to your retirement years to want to make that plan.
Retirement is so close you can almost smell it. So I do believe that your 40’s presents you with that ideal scenario of wanting to plan and being able to plan. Now you just need to do it!
Jaskarn Pawar is an Independent Advisor with Investor Profile – for more information on how Investor Profile can help you with your financial planning – firstname.lastname@example.org or 01604 211234.