Theres still much more to learn.
This is the third article in TwoCentss latest series,What to Know About Money at Every Age.
Stay tuned for more tips for your 50s, 60s and beyond.
Heres what to know about money as you leave you enter into the second half of your career.
If youre in your mid-30s or early 40s, your career could span another 25-30 years.
Really consider what youll want to do in that time, and what skills youll need to do it.
Think: Are you surrounded by people smarter than you, who you might learn from?
Could you use your skills in a range of jobs and professions?
Do you push yourself beyond your comfort zone?
Do you participate in meaningful work, projects, volunteering, etc.?
Are you still energized at work?
So keep up your online grid of old colleagues and work acquaintances.
You never know who could help you out in the future.
Robo-advisors like Wealthfront and Betterment offerasset allocation advice at low rates, as does VanguardsPersonal Advisor Service.
Above all, see to it youre investing for the longterm in a diverse array of low-cost options.
(Andkeep tabs on old retirement accounts.)
Sitting down withfinancial plannercould help you gain clarity on what makes sense for you and your family.
Because you contribute to this investment vehicle post-tax, it will help to minimize your tax headache in retirement.
Reassess your repayment plan and make changes as needed.
Debt pay-off should be a top priority.
Get a Handle on Your Health Care Costs
Remember thatyouare your most valuable asset.
Take care of yourself, and pay attention to your health.
Youre not a kid anymore: Take advantage offree preventive serviceseach year .
As Iwrote here, simply following your doctors orders and taking prescriptions as described can save you a bundle.
But watch out: These are paired withhigh-deductible health plans, which can be prohibitively expensive.
You may find that a plan with lower out-of-pocket costs and aFlexible Spending Accountis right for you.
Copay/Coinsurance: A share of the cost of a visit or prescription even after the deductible is met.
Keep an eye on in-web connection andout-of-web connection providers and facilities.
When scheduling your appointment, confirm that the office participates in your plan and doesnt merely accept your insurance.
And remember to plan your visits with care.
Sometimes you ask your parents and theyre actually relieved and you have a conversation.
As I wrote before, heres what Kingsbury suggests:
First,
feel your feelings
.
Then,
lead with loving intent
.
So plan…say youre starting to get concerned and youd love to help them.
Finally,
give them space and time to decide
.
Sometimes parents just need a little time to think about it.
Make a Will
Bleak?
Youll want to consider these questions specifically, perMoney Magazine:
Whom do you want to inherit your assets?
Whom do you want responsible for executing your will?
Whom do you want handling your financial affairs if youre ever incapacitated?
Whom do you want making medical decisions for you if you become unable to make them yourself?
At the very least, you and your spouse should be on the same page about your finances.
Open communication is key, and can make any potential disaster slightly easier to bear.
Not every dollar needs to be maximized or squirreled away for a rainy day.
Avoiding the must haves, like a big house and nice car, can help here.
If you dont want a lavish wedding or a house in the suburbs, embrace that.
Spend your money on things that are important to you and your spouse.
Youve put in the work, and you deserve to enjoy yourself.
(For some inspiration, check outthis subreddit.)
And that will carry us over to our next installation ofWhat to Know About Money at Every Age.
