Goal planning for people in their 40's

This is the age when you have done with most of your struggling, you are married, have children, have a career (should I say finalized what you think is what you want to do) and a house. Now you want to make the most of your life. Of course, before you start with that, these are the things you need to take care before spending all your money. Children’s education, retirement and health, you could also think of early retirement, second home or start a new business venture. How to achieve all this, meet a financial planner and work with him. At this age, you would have achieved most of what you wanted if not all, but there could be chances that because of your ambitions and added responsibilities, there could be pressure to achieve more.

Is all this bothering you? If yes, you are not alone, all of us go through such situations. In are quest to achieve what we want, we do not usually have an overall plan. We have individual plans, but our financial plan is left to the end or in most cases there is no plan at all. This is the time to consolidate, sit back a bit and have a relook at your financial situation. Your family needs your time, you now start looking at work-life balance. This is easier said than done. You need to take a call and it is now, children would be growing and would soon reach the time for their higher education. Would you like to be caught on the wrong foot? Running around to arrange for finances and retirement would not be far away. Company is taking care of your medical expenses and insurance and you would retire soon. What happens then? Most of the insurance companies do not give insurance at that age or have a lot of restrictions.

You are not getting any younger and illness would definitely start catching up. Exercise, diet do what you want, nature will catch up, so be prepared, take a health insurance now. It is an investment for your old age. Do what is right, don’t go by what others are doing, as everyone’s situation is different. The longer the time horizon for investment, the lesser the amount needed to be kept aside, this will help you enjoy your life and not struggling throughout your life. So what are you thinking about? Start now.