Managing your finances in your 50's

Typically, people tend to hit their stride in their 50's.  The mad dash to the top has leveled out.  The youthful exuberance in spending has been tempered.  The kids have started to move on with their lives.  This is a time when temptations run high to give yourself those "luxuries" that were forsaken for the kids ballet lessons,  the minivan, and summer camps.   Too often, couples falter just short of the finish line during this time.  All the discipline that got you to where you are gets relaxed.  Keep focussed, your retirement years are just barely ahead of you.  You will need those savings.

Cautions

1. Don't quit prematurely, your savings need to cary you through your retirement for another 2 or 3 decades.
2. If you decide to branch out on your own, entrepreneurial style, this tends to be safe years to do it in with the experience and knowledge you have gained, but be sure to have a safety net, at least a year of living expenses and lots of insurance.

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245

Managing your finances in your Forties

Your forties tend to be very difficult years, filled with large expense "spikes" as the kids grow into teenagers, and prepare for college.   Expense spikes tend to unfortunately be funded with credit cards and lines of credit tied to houses.  Balances are often not paid off, to make room for the additional payments that this borrowing pattern creates.

Cautions

1. Buy a smaller house to reduce not only your mortgage, but utilities and the cost of maintaining the home.  Keep your real estate budget to not more than 3 times your annual salary.
2. Use salary increases for savings.  Last year you made it, if you got a 3% raise, bank it, invest it, continue to live at last years standard of living because there's going to be a lot of unexpected expenses demanding attention from that savings pot you have been building.
3. Insurance is critical, make sure you have enough insurance to cover the holes in the financial bucket caused by unexpected illness, and death in the family.  

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245

6 Sure Fire Ways To Get Upside Down in Debt! - (Con't.)

6. Play the balance transfer game.

Taming the debt monster is mostly about a mindset to be free of debt, and discipline.

Don't Feed The Debt Monster

The balance transfer game is a shell game, that seems to make a lot of sense on the surface.   There's a zero interest, or low interest card you can apply for.   Get it, and move all the debt from your high interest card to the low interest card, planning to pay it off in the 6 months low interest window.

The problem here is that you now have 2 cards which you can stack up debt with.  The low initial interest rate card is rarely paid off in the 6 month window.  The card issuers know this, that's why they offered it to you.   With the low interest card now maxed by moving all the high interest debt to it, you begin to re-use the high interest card as it now has breathing room.  Once the no interest window is over.. BAM... you now have 2 high interest cards, with balances, that you are paying for.

If you are given the opportunity to get a no interest introductory card, chances are that it is because your credit has improved enough that a card issuer is prepared to take additional risk offering you more credit.  Perhaps, your present card holder is not prepared to lose your debt business.   Try calling your current card holder, and explaining that you have another card offer, and asking for a reduction in interest to keep you as a customer.

It doesn't always work, but chances are it will work more often than thinking you will pay off the low interest card in time to not be paying on 2 high interest cards instead of one!

Don't Fall Into More Debt Than You Can Handle!