We’ve reached the years renowned for recklessly purchased sports cars and snazzy holidays, and as long as by doing this, you’re not shooting your future self in the foot financially, why not spend this time treating yourself a little, as well as reflecting and rediscover all the options life has to offer.
Home is where the heart is
Hopefully by this stage of life you have found a home, rather than simply a house. A place where you and your family are going to stay in until the later years. Maybe you’ll have some additional funds, and can branch out to a family holiday home, or just spend the time improving your ‘forever home’ and making a comfortable nest for all.
Providing for the next genius’
Perhaps just like you, your offspring are destined for the world of higher education and with the average costs of courses in 2019 being about £9,000 a year, the Bank of Mum & Dad, which needs to be prepared for eventualities such as this, is likely to be taking a hefty withdrawal. It’s also helpful to note that there are lots of options available for funding and make your child aware that there are many ways for them to manage finances.
There are also lots of ways for them to manage their money while living student life. Parents often find it difficult to broach the subject of wealth with their children. Whatever the reasons for lack of transparency, the failure to discuss it could lead to unnecessary taxes and costly estate fees when the time does come.** i-stock want to get this conversation flowing Read our blog “Money Talk: Taboo no more with i-stock”.
Fledging’s take flight
So now you’re going to have an empty nest, whether they’re spreading their wings abroad or attending university or college. It’s going to be a worry, letting anyone fly on their own is bound to be, however if you ease them into money management and follow our leaving home guide, everyone will feel much more comfortable with the new set up.
Choosing a new path
Maybe over the years, you’ve decided that the path you’re on just isn’t pushing your buttons anymore. Maybe it’s time to set up a business yourself or retrain for something that you’ve always had a passion for. Your funds should now be able to support this decision, and you’ll feel comfortable enough to start a new chapter.
Having a bit of a break
Maybe you’re not ready quite to hang up your work shoes, but perhaps after a long time in the working world, you feel about ready for a little break. Perhaps you could escape the daily grind for a few months to start inspiring you; travel, start volunteering or simply cut down your working hours.
Start a new life
Emigration may seem extreme, but to many this time of life is the point to really stretch your wings that maybe have been held back during previous life stages. Perhaps another country is too extreme, but even another county could be the start of something new – a time of life to allow your spare finances to get the most out of life.
Unfortunately, somethings don’t always work out and life can pull people apart rather than bring them together. A good solicitor is a must for both sides in a separation, keeping it all stress free and fair.
Supporting your support
At this stage, life often flips on his head, and those you used to rely on now rely on you. It may be they need regular care, or to even to be moved into a home for 24/7 care. In some cases, it may be worth setting up yourself as their power of attorney to ensure you can manage their accounts efficiently and make sure their legacy is continued. They may also need to discuss estate planning and although it’s not nice to think about, being prepared for death will make everyone feel comfortable with what they are leaving behind and how to handle it.