by Oscar R. Mondragon
Middle Age Financial Decisions That’ll Help You & Your Family in the Future
A large majority of Americans aren’t satisfied with the decisions on how they handled their finances in the past. Financial decisions are a fickle thing; they may seem right in the short term, but it’s in the long term that people realize the mistake they made. On the other hand, good, long-term financial decisions may lead to discomfort in the short-term, making you wonder whether what you did was right or not.
There are a lot of factors that shape our financial and retirement planning. From making sure you avoid scams all the way to making a will that reflects your wishes to the letter. Whatever you decide, the ultimate goal of your financial decisions is to help you and your family in the future.
Here, we have listed 3 short, mid and long-term financial goals to help you achieve that goal and make the best lemonade out of the lemons life throws at you!
Best Financial Decisions You Can Make Right Now
Pay Your Debt As Soon As Possible
Financial planning goes down the drain if your debt isn’t manageable. No matter your age. Be it your 20s, 40s, 50s or near retirement, the biggest favor you can do for yourself and your family members is to make sure you aren’t in debt in life and in death.
Remember, debts don’t absolve when you die. In most cases, they get transferred to your family members.
If you think your debt is too much, here is an example of a couple that paid $52,000 in debt off in just 2 years!
Don't Throw Away the Credit Cards -- Use & Repay!
Credit cards invite debt – that much is no secret. However, that doesn’t mean they aren’t useful. The rewards, incentives and bonuses you get are well worth the ‘credit’ if you pay it off in time. Pay it off regularly and you might end up earning a free ticket to the Superbowl!
Start a Business if Possible -- A Side Gig, If You Will
Okay, this one might seem a bit difficult to follow through, but it isn’t impossible. Capitalizing on your strengths via a side gig pays off in the future and is definitely a financial decision your family will thank you for!
It doesn’t have to be a fancy super store or something like Amazon from the beginning – a little garage shop or selling hand-made sculptures, or even your speaking skills can help you make a future for yourself and your loved ones! It’s an investment that pays off– no matter what age you’re at!
These are just three of the numerous sound financial decisions that you can make to secure your family’s future. Even if you are able to implement one, if not all, of these, you are sure to make your family proud and thankful – not to mention, it is sure to give you a sense of accomplishment in life!
There are many similar financial decisions that you can make to improve your living standard – apart from how it can help you build a robust retirement plan for yourself and potentially your younger generations! For more tailored solutions, we urge you to schedule a consultation and let us help you find answers to all your retirement and middle-aged investment questions and concerns!