By James Hall
Getting older can be stressful, both on your joints and your wallet. As time goes by, you might be getting worried and having financial anxieties about whether you can provide for yourself. If you’re anxious about how much you have saved up, please know that there are several strategies you can use to make this stage of life simpler and prepare yourself financially.
Knowledge Is Power
The first thing you need to do to address your financial concerns is to complete a full evaluation of your assets, income, debts, and expectations. Unless you truly know where you stand, there’s no way to completely plan for the future. A financial professional can help you evaluate your finances objectively.
Take Action Early
One of the best strategies you can adopt for staving off financial issues is to be proactive. For example, hiring someone for air conditioner repair at the first sign of trouble may seem costly at the time, but it could save you from having to rent a hotel room if your home gets too hot due to a broken AC unit. The best part about being proactive with your finances is that it is accumulative. Your successes breed more successes.
Downsizing Is an Option
If you own a home and feel you may not be able to live alone safely in the near future, selling it might be a great option. Selling your house can yield you a cash windfall, provide the funds needed for an assisted living community or senior-oriented apartment complex, and empower you to make more flexible decisions about your living will or trust. A real estate agent can help you determine the current market value of your home and complete the transaction on your behalf as well. If you’re wondering how much equity you have left, simply subtract the remaining mortgage balance (if any) from the projected value of your property.
It Might Be Time To Sell the Business
If you’re a business owner, start thinking about how long you want to hold onto your business and how involved you want to be. If the business isn’t very hands-on, you may be able to sell a significant stake in it but keep a profitable percentage to hold on to some recurring income. On the other hand, selling it outright may be the best option. Whatever you choose to do, it’s a good idea to get your business professionally audited before you begin any sales negotiations. The valuation will include inventory, real estate, and any other holdings.
A Financial Coach Can Help
Aside from employing basic strategies to preserve your finances, there may be many options you haven’t yet explored. Talking to a financial coach might open up possibilities you never thought of and encourage you to try new approaches. If you have significant debt, a debt counselor may also be a great option, as they can give you tips on dealing with creditors and leveraging your assets against your debts.
Don’t Neglect Your Emotional Needs
Even though thinking about your finances can be overwhelming, you must remember the importance of self-care. If you feel yourself becoming too anxious or feeling depressed, it’s a great idea to speak with a professional therapist. Also, do simple things you enjoy to de-stress, such as riding your bike or gardening.
You Can Have Great Golden Years
While money is a stressful topic at any age, don’t let it overwhelm you. You have many options. Think about the value of things you have, consider downsizing, don’t hesitate to get professional advice if you’re unsure or upset, and use personal time to recharge and remember what you love about life.
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