Turning 40 is a big milestone in life. It’s when most people will agree we enter middle-age, so there is no wonder that many adults feel ever so slightly daunted by hitting this age.
Plus, it’s when we take on a lot more responsibilities. By the age of 40, most people will already have a growing family and should have been paying off a mortgage for a few years already. Retirement will still feel like it is a long way off but, in reality, it will be coming around a lot sooner than you think!
It’s the perfect time to reassess your financial situation and to see if there are any ways you could make this part of your life even stronger and more secure. In order to do that, you may want to start following these new financial rules that are perfect for every forty-year-old.
Stop Taking Money For Granted
First of all, it’s high time to realize that now is the point at which you need to stop taking money for granted. If you are owed some money, no matter how small the sum may be, you need to get it as soon as possible. You can’t afford to be out of pocket anymore. So, get in touch with a firm like https://thehadleylawfirm.com/ if you have an outstanding compensation claim, or contact any relatives who still haven’t paid their personal loan back to you. Now is also the time to start investing in fewer risky investment opportunities. If you lose a large sum of cash on the investment market, you don’t have much time to make it back.
Pay Off Credit Cards Every Month
It’s also worth trying to be more sensible about debt. If you do need a new credit card, take a look on a comparison site like CreditCards.com so that you can find one with the best interest rates. If you don’t already, you should also try to pay off the bill in full every month. This will prevent you building up a large credit card debt that could become difficult to repay as you start to approach retirement.
Ask For A Raise
By now, there is a good chance that you have been in your job for a good few years already. Don’t you think that it’s time you got a raise for all your hard work and dedication? Some companies won’t offer workers raises unless they ask for one, so don’t be afraid of approaching your manager about this. You might be surprised at how much extra you are able to get in your pay packet every month!
Don’t Deduct From Your Retirement Fund
Your children will probably be approaching college age, and you might have almost paid off your mortgage. It can be tempting to raid your retirement fund to help your kids and pay off your home loan, but that will be a bad idea by the time you do retire. You might find that there is nothing left in it!
