Are You (Financially) Ready For The Future?

by - 7/20/2017 10:28:00 PM

Regardless of your age, everyone will tell you that you need to prepare for the future because one day it will be too late and you will have made life difficult for yourself! Financial planning is always a very difficult skill to master, but even if you haven't been able to buy a home for your family, and before you know it, you are 65 and are still renting, you may wonder if it's harder to manage money in old age. Well, there are ways around the issue.

Property Investments

While it's much harder to get a mortgage after a certain age because you are considered a liability that's not to say that you can't find ways to invest in a property and renovate it for your own financial gain. You could purchase a property with someone and have it in their name (although it's your responsibility), so it's best to do this with someone you can trust. While many people try to escape the 30-year mortgage trap with wise investments it can prove difficult depending on your ability to invest wisely. If you have retired from a career in the public services, such as the police or the army, but for whatever reason, never ended up purchasing a property, there are certain entitlements that can help you get onto the property ladder.

Keeping Your Finances Simple

The temptation is always there to have as many fingers in as many financial pies as possible, but you might be a point where one bank account and investments need to be distilled in one easy to read the bank statement. Ultimately, as we age, we don't want to be piling on the stress, we need to keep reducing it! And as financial worries and financial decisions can be a lot more difficult to keep track of when you are older, so it may just be simpler to operate with one or two bank accounts.

Trust Is Important

As we get older we need to have a few people we can rely on to help us manage our finances, and this could be a friend or family member who can keep their eye out for suspicious activity. When it comes to finances it's difficult to keep track of as we get older, especially if we decide to get onto the property ladder so late in life. This means you need to have someone who you trust 110%. There are online financial services that also might be able to help with this such as companies like EverSafe where you can track your bank and credit card accounts, as well as your brokerage. They will notify you if there is anything suspicious about your files, such as excessive withdrawals alterations to spending patterns and other relevant unusual activity. If you don't have any close friends or family members who are able to help in this respect, you could hire a money manager to help with a financial admin like paying bills, organizing tax documents or dealing with creditors but these can cost a lot of money depending on where you live.

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