Learning to invest
Headline: Your finances in your 40s
First two paragraphs:
Your 40s are when things should really take shape for you financially. If you aren't saving for retirement yet (naughty!), you absolutely must start now. You should also be approaching your earnings peak, and bedding down your lifestyle. If you get your 40s right financially, you can truly coast your way to a happy retirement.
Remember, of course, that I am assuming the good habits and relationships you built in your 20s and 30s are in place – you're tracking your spending, saving every month, you have appropriate life and disability insurance coverage, and you have made wise decisions about major purchases like a home. With that under your belt, let's look at what you should be doing in your 40s, finance-wise.
1. Maximise your family's earnings
This probably sounds a bit weird, but ask yourself if your family is earning as much as it possibly can. When you have young kids, oftentimes one spouse will stay home or work part-time so as to be available for the tots. But in your 40s, you're likely to have older kids, so does it perhaps make sense for you and your spouse to both work full-time? And are your kids old enough to start working? It's incredibly valuable for teenagers to learn about managing money and taking responsibility, so if you can, let your teens get part-time jobs, and help them learn to manage the money they earn.