Mid-Life is frequently a time of financial stress because of competing priorities like home mortgages, funding education for children, and retirement accounts that frequently compete for our dollars. Mid-life is also a time when many choose to change jobs, start businesses, and make career course corrections.

Here are some tips to help:


Changing Jobs

Starting a new job or business is an exciting time with many new and rewarding challenges. While the transition can be stressful, you can take steps to make sure your transition is a smooth one. Review your current benefits and financial plans with your advisor and your legal obligations with your attorney.

Insure Yourself and Your Family

Mid-life is a time when individuals should consider life insurance in addition to disability insurance in order to protect families, spouses, and businesses.

Avoid and Payoff Consumer Debt

Consumer debt, like credit card balances, carry high interest rates and should generally be avoided and paid off quickly.

Use Debt Wisely

Smart savers and investors use debt wisely. Typically, this means only using low-cost debt to finance long term assets that are either essential or have the potential to appreciate in value. For example, it is normal to take a mortgage in order to purchase a home. While not as attractive as a home mortgage, one may also need to finance a car in order to have transportation to work. If you are an entrepreneur, you may need to use debt in order to purchase or grow your business.

Consider Education Funding Plans

Funding your child’s higher education can be a significant, so it pays to start early. Contributions to college funding accounts may provide tax benefits on both contributions and earnings.

To get started on education planning or funding a 529 account, please contact our office at 864.288.2849.

If your employer offers a high deductible HSA plan, you should consider “maxing out” the benefit. Money goes into a HSA pre-tax and earnings on investments accumulate on a tax advantaged basis.

Increase Your Pay

If your employer offers matching contributions in your workplace savings plan, don’t say “no thanks” instead “max out” the benefit. It’s like getting free money and a boost to your pay. Also, build your foundation by considering investments which offer regular dividends and interest.



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