Life often shows you different pictures of happiness and sorrow. Sometimes, its impact is physical, mental or financial. If physical or mental, then you have remedies to cure the problem. What about financial life? Is it something less importance? Not at all…
As your age grows, your ‘financial independence’ turns into ‘financial dependence’. When you were child, your parents take care of your every expense and no burden on you at all. But when you started doing job, you depended upon your employer for your finances. It is a part and parcel of life that every human faces.
Irrespective of financial status (rich or poor), PLANNING is the most essential thing. Yes, you must have plans to counter the problems. Now, you have your family and children. It is good that you are an employed person and fulfilling each aspiration of every family member. But that contentment stays until we are doing a job. Situations like no job or no earning disturbs your mindset and so the financial balance. It is not necessary that such circumstances do happen, but bad days can arrive at any stage.
There is no need to panic. You may be living in your 30s, but still it would be good if you awake now. In general, we are explaining some possible changes after 10-15 years that can dominate your mind right now. These are:
- Opting for your own business
- Focusing on your kids’ college education
- Preparing Savings plan keeping retirement age in mind
- Making more efforts to have own house, if living on rent for years
- Keep improving the overall financial record to have more opportunities of borrowing
These are only the highlights, actual explanation of them starts here.
Start your business
You consider yourself as an expert in your field. You are continuously using your experience and skills to other person’s growth, who is your employer. On each particular day of a month, you receive your salary.
Is this the only way to live a life? It can be a way but certainly not a destination. Your earning is the means of running your life smoothly and keeping everyone happy. Still, it cannot beat the joy of having own income. You must get bored of doing a job for 15-20 years. Now, you can open your business and earn own salary. Size does not matter of your business, but what matter is the outcome.
Securing the career of your children
Responsibilities are plenty in your life and you should hold them. The biggest responsibility that you possess is to nourish the life of your children. It is sure that you want the best education for them and do not want to leave any opportunity.
You are handling the expenses of school education from your income, but what about college education? It certainly demands more money. Thus, you should start thinking right now.
The stage of Retirement in mind?
Many financial experts suggest people to live in present and never think too far away. They are correct to their suggestion, but normal people have to think beyond. After the age of 45 or 50, one has to think about life after retirement.
Start saving some money from now. And, use the saved money to invest in fixed deposits, property or your business to grow it further. You will come to know when you retire someday that how beneficial it would be to having some amount into your bank account.
Purchase your home
Staying on rent restricts you in many terms. You cannot fulfil each aspiration of your family because a particular part of your income has to go to monthly rent. You are 35 years of age and if you save some money or prepare a plan for a home, then it can be a chance of buying own home after 10-12 years.
Living at your home, irrespective of its size and amount, has a joy in itself. Stay positive and keep a balance in your income always. One day you will achieve your goal.
An essential improvement in financial record
It is also a crucial point, which many people usually ignore. You are still working in a company and living life on monthly wages. Managing regular or irregular expenses could be hectic, and thus it results in poor financial record. You cannot live a stressful life for a long time.
Why not taking actions in improving your financial record? For instance, if you have a poor credit record, do whatever you can do to enhance it. As an alternative, you can take out loans for bad credit people that are available on easy lending terms. More benefits you will have with no guarantor required to avail them. Put this point into your must-do list.
These are only the glimpses of your financial transformation that could be in your mind after the age of 45. Of course, there would be many like these. Preparation, Planning and Practicality are the means that you should follow always.