Time for a change? Maybe a career break, change of direction, or finishing work? Enjoy life a bit more, reduce stress, maybe downsize the house, travel more or perhaps redistribute a bit of wealth whilst you are still able to see the effects. Here are a few points to consider......................
Firstly, the roof over your head. Will you stay there until they carry you out? Or is there a better or more exciting alternative? Consider proximity to coffee, neighbours, medical facilities,t ransport and relatives. Your priorities will differ, but I am with coffee! A smaller or newer home, or maybe an apartment with much of the maintenance included will be easier to lock up and leave when you travel, and probably warmer when you return. If affordable, why not buy a smaller or more practical additional home and spend some time in each? If you find you like the new lifestyle, the family mansion can be safely sold without regretting that you have done the wrong thing.
"Retirement villages" "Gated communities" words to send a shiver through some people. Arguably though, they may make more sense to highly active 50 somethings than for older folk who have difficulty adjusting and can't always avail themselves of the generally extensive facilities. They make a lot of sense if extensive travel is contemplated.
There may come a time when you no longer need or want to own a car. A city pad will obviously be close to all public transport and shops. If you still need a car, buy the newest one that you can afford, almost all will have 3 years warranty, and starting with everything new, especially batteries and tyres gives great peace of mind. A new small car is almost always a better bet than an old executive saloon!
Next, simplify your finances. If you still have a mortgage at the same time as cash deposits, unless you need the cash in the near future...pay it off.
Close or amalgamate surplus bank accounts and credit cards, less fees, less paperwork to deal with.
Work out approximately how much you need to live each week or month, then hopefully what you would like to do with the surplus. Always include an amount in your calculations for emergencies, or keep an amount in a readily available account to cover. Never forget if you have enough to allow for what my mother used to call "Squander Money" it should be for fun stuff, ice cream and cake, or jewellery and shoes, its purely pleasure stuff, no woolly vests allowed! In addition ensure that both partners in a relationship have easy access to at least some cash, by way of separate or joint accounts. It can be a real problem if the one who deals with the finances is incapacitated for any reason.
Now is the time for some people to review their investments. It may be time to sell off investments like property, businesses, or risky shares that keep you awake at night. For these decisions professional advise should be taken, but the initial decision needs to be yours. Your age, current plans, dependants and health are again the major factors here. In a future article we will consider prudent ways to invest lump sums of cash. A problem we know, but a nice problem!
After considering points like these, you may be inspired to simplify your life, ready for the next career move or big travel adventure!
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