Financial behaviors and beliefs are learned. Unfortunately, most individuals have inaccurate points of view of finance and money. Consequently, individuals do not adequately allocate their financial resources. Most believe their financial challenges are the result of not having enough money. Money will make an individual happy. This is untrue. Money does and will not make you happy, but neither does poverty!
Now, individuals in their 40s, 50s, and 60s get a financial epiphany. It is that “Ah-Ha” moment when you have realized every financial philosophy and view was false and somehow tainted, at best. Sometimes, you get an educational lesson. Other times, you happen across a book on your layover in the airport. Your adult child, grandchild, or family member recently got hired by a national bank. You watch a documentary on television. You simply realize your financial life would have been more fruitful if they had taught you this in high school. However, you get that financial epiphany, at that very moment you get “it!” One thing I know for sure, you cannot unknow what you know.
Am I too old to capitalize on this new found knowledge? Do I have enough time to gain from this new information? Wow, if I had known then, what I know now? There is no time for regret. There is no cake or ice cream for this pity party. The time for action is now! Assess all your resources. Take an inventory of all your assets and liabilities. This will allow you to create a net worth statement. Evaluate the state of your retirement and estate planning. Identify the needs and gaps. Document your plan and execute.
One last thought; perhaps you get a financial mulligan. In golf, a mulligan is a stroke that is replayed from the spot of the previous stroke without penalty. You obtain an inheritance. An aged, long stock pick pays huge dividends. The stock options for work are fully vested and you learn that you are in “the money.” You change careers and get a significant relocation and signing bonus. An insurance settlement is finalized. However, your financial breakthrough occurs, accept it with gladness and move forward with prudence.
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Nicole Michelle
Finance and Money Wiz
May 17, 2024
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