subject: Financial Advice for your 30's & 40's [print this page] Financial Advice for your 30's & 40's Financial Advice for your 30's & 40's
By the time you reach your 30's you would usually have settled in a career, you're likely to have a family of your own with all the accompanying expenses such as the children's weekend activities, school fees, holidays and possibly saving for the children's university fees. You should also have an emergency fund equal to at least 12 months worth of expenses as a financial safety net to protect your assets in case of an illness, disability, job loss or other unforeseen events.
Throughout your 30's and 40's you should regularly evaluate and review your progress towards achieving your medium to long term financial goals. Make adjustments to your bad spending habits, start to budget and save as required as there will be many demands on your income during this period. However demanding this may become, it is important to build your long term investments despite the immediate pressures.
A large number of Expatriates in the UAE return home in a worse financial position than when they first arrived. Do not become another statistic, invest in yourself, your family, and in your future.
By the time your'e in your 50's, the children have hopefully left home and are supporting themselves. You're probably at the highest income level of your career and should really focus now on building your retirement assets to the maximum of your ability. This is likely to be the last opportunity to plan any sort of lifestyle for your "golden years".
If you have not planned for retirement then you need to start, If you have been sensible enough to plan, then now is the critical stage to ensure the correct funding has been made, the correct asset allocation is in place and the desired income during retirement will be achieved.
The Mid-Life financial stage poses many challenges, to fully understand and avoid these pitfalls a full review of your financial circumstances is required.
If you require clear direction during this critical life stage contact Holborn Assets.
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