So, what to do in your 40s! Now depending on where you're at, what you've done in your 20s and 30s, as to whether you're thinking gee I'm just feel as though I'm getting started and I'm looking back with a little bit of regret, or you're in a great position to be able to leapfrog another level in the next 20 years.
Right, now I find in the 40's, and speaking from experience, we can sit here and understand what our real values are what is important to us in life. Sometimes we've maybe gone through our 20s and 30s with a little bit of ego and trying to shoot for the things that weren't that important to us, so I think what does the next 20 years look like is what a lot of people should be thinking in their 40's. Do I want to be in this same job for the next 20 years? Do I want to be earning the same money? Do I want to travel with family? What does that look like?
So we really need to shape that so that first part of it's really important, to plan for the next 20 years for you, to see yourself through so that you're not just grinding through the next 20 to 30 years without any enjoyment, right. So usually, in the 40s, people would have a family or starting a family, they'd probably have a mortgage. Hopefully we're not on the hamster wheel of life of just family mortgage repeat, but a lot of us unfortunately are. So we want to remove ourselves from that hamster wheel if that's you.
Right, the big one for our 40's is taking action. We need to take action regardless of the position we're in, right. Don't look back through the rear-vision mirror, look forward with confidence. So, taking action comes in a variety of ways.
Now I've spoken all the time about having a regular savings plan, contributing to Super, putting money away for a kids fund, paying down your mortgage as soon as possible, but we want to take it to another level and that is increasing our assets, reducing our taxes, those sort of things. So we're not increasing our bad debt, or increasing our toys in our life, right, if we're, doing that sort of stuff in our 40's, we need to give ourselves a check from the neck up, right, so we really need to make sure that we're taking action and not saying I'm going to take action once the kids are up and out of our home because for a lot of people by the time that happens we're well into our 50's and we're less than 10 years from retirement, right, we're just putting too much pressure on our performance of our assets to do what they need for a safe, reliable, enjoyable retirement.
So, hope that helps. If you're on your 40's, fantastic, take action. If you're gunning up towards those 40's, get excited and take that action. If you need any further advice with this make sure to book a clarity call!