5 Money Tips To Know By 45

5 Money Tips To Know By 45

 

You’ve gotten through first part of your career, and probably have achieved some major life goals by now! Whether you’re preparing your kids for middle school or preparing yourself for grandkids as a young empty nester, the situation is ever changing- and so is the best advice for your finances! Read on for money tips to ensure that you’ve got a handle for your future goals.

 

Know Your Limits

 

We sometimes hesitate to ask for financial help, but unless you yourself are a financial expert- hire an expert!! A good financial advisor can help you prepare for the challenges that lie ahead. Take a personal finance course to refresh your budgeting and understand the jargon, but future goals will be kept best with the help of a financial advisor. Trying to help your kids pay for college? Planning an early retirement? Your financial advisor can get you on course.

 

Know How to Protect Against Identity Theft

 

To protect yourself from a security breach, keep an eye on your credit report and monitor any unusual activity. Review your bank statements carefully for transactions you don’t recognize. Shred old statements and other documents that contain personal information. And never click on a link in an email that claims to be from a bank or other company asking to verify your personal information. Never verify information over the phone if they’ve called you. Always call the company at the phone number you have for them and ask if the request is legitimate. Never ever give your information out over the phone if someone has called you. They are phishing. Read more about phishing scams here.

 

Know How to Budget and Eliminate Debt

 

Debt is often a part of life, but it shouldn’t be a stressful part. There are many programs to teach you how to get out of debt, but beware of scams that provide debt help. Check with The Federal Trade Commission for information on how to reduce your debt and keep from getting in over your head in the first place. Some programs advocate for a debt snowball effect payment plan, which can be read about here.

 

Know That You Can’t Predict Your Health

 

There’s a 50% chance that each person will need long-term healthcare during their lifetime. This care isn’t covered by health insurance or Medicare. It’s paid for either by long-term care insurance, or your savings. The longer you wait to apply for long-term care, the greater chance you may be declined for health reasons. It’s a balancing act, but be aware that most recommendations are to purchase long-term care insurance starting in your 50’s, so it’s something to look into now.

 

Know Your Options

 

Take advantage of health savings options that may be offered to you at work.  A flexible spending account or a health saving account are tax-protected accounts that will be available to you, should an unexpected medical expense occur.

 Be as prepared as possible for the future!

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