Your 40’s are a time of transition in which, if you’re a parent, you’re probably focused on helping prepare your kids for their transition into the next stage of adulthood. It’s also a period in which very common money miscalculations and misallocations occur. Parents who have their heart in the right place and put their kids’ expenses ahead of their own more pressing financial goals such as retirement or paying down a mortgage may find they do so at their own financial detriment. Common among these financial disruptions are paying for some or all of their college expenses or buying them a new or used car. Mid-life is also period of reassessment and realignment. You should assess whether you’re on track for subsequent stages of your own adulthood. Before financing your kid’s future, be sure you are also on course with funding your own. Also, consider the future potential need to provide long term care for elderly parents. It’s a wise endeavor to take time with a financial professional to help you find the best solutions to realistically achieve your goals.
Anthony Montenegro has been featured in: Forbes, The Huffington Post, CNBC, U.S. News and World Report, The Simple Dollar, Go Banking Rates and Yahoo Finance!