Advice for baby boomers looking for a new direction
Is there a chance you may have to find yourself a new job in your 50's or even older? Do you think this kind of thing will never happen to you?
In general, when not happy with what we are currently doing we tend to look around, asking ourselves what else we can try. It's amazing where that journey can take you. Many people have found an interesting path – making money with raw land.
Do you suffer from the fear of missing out on life? FOMO is the official name standing for Fear Of Missing Out.Generally this term is used with media but life is a much better topic to apply it to. Our lives have no limitations, except for the ones you decide on. To achieve you need to believe. Only then is it possible to create the life of your dreams.
If you know where you want to end up you can start to see steps that will get you there. Do you want to retire independently and become a self-funded retiree? Do you want that cheque coming in the mail box each month from investments? Once you have an answer you can start to plan.
I certainly did for many years through adult life. I was fortunate enough to enjoy a life full of good times. Prosperity unfortunately meant I took my health for granted. Sport was my life. From athletics, a little tennis, and basketball I moved on then to volleyball. And then, a few falls later I experienced pain, lots of it. Little did I know back then that playing sport and having a seemingly minor injury would eventually lead to me having both of my knees replaced before I turned 60 years of age?
Surgery changes your life. I am no longer able to kneel. It hurts my knees. As we age there are also other subtle changes that can catch you out. Leading a sedentary lifestyle is one of them. Whilst I no longer run or engage in sport, I am busy. But, none of the activities that I am busy doing involve physical stress on by body. I drive a lot, attend meetings, have meals out, go to the movies, and I am involved in charity work. I love my growing list of activities but none of them gets a sweat up and now my waist line is growing.
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Forex trading means making money through the gains accumulated by pitting two currencies against each together. Today, it's quite easy to trade Forex given the availability of online trading software.
Have your money work for you. Are you sick of living pay check to pay check? Do you dread the prospect of working your entire life? Have you ever wondered how do you get ahead in life? If you have answered YES to these questions then there is hope. Quite often it is recognizing that you have a problem and a genuine desire to do something about it that will give you the nudge to transform your future. By having a desire for a different outcome in life will necessitate the need to change your priorities. This will give you the catalyst for instigating real change.
How are you prepared for what will happen if your aging parents run out of money? What happens if you run out of money and you don’t have enough to pay the bills each month? How would you feel? How would you cope? How easy would it be for you to go back to work? What would your options be to raise money in old age?
Do self-directed investors have the necessary experience to do the research to make informed investing decision? When we journey into the investing world we are faced with many choices to make. There are numerous people out there that will want to make money by offering their services to help you make those investing decisions. It is worth paying for advice? Well that depends on who you are talking to? There are people out there that will that will gladly take your money either through scams or through high fees or large broker fees.
I am hearing stories and I’m sure you are too, about people reaching their 90’s and running out of money. Well, the truth is it can happen at a much younger age. Sometimes there are circumstances beyond your control that rob you of earning capacity, circumstances like an interrupted work career. Women, in particular, miss out years of earning capacity because caring for the family too often falls on them.
Experts share their investing secrets. We learn a lot when we listen to others that have been there and done that. It can take years to come up with a successful winning investing strategy. We don’t need to re-invent the wheel. That is why I enjoy talking to guests that have had a go and have come up with their own investing strategy. We can all take advantage of their experience and appreciate their efforts to create a better financial future.
A glimpse of the past can prepare us to look forward to what's ahead. That is why I am focusing on reflections on life. I am reflecting on stories that have been covered with the guest's I have interviewed this year. The hope is to learn how to build a better future by taking a glimpse of the past.
How to avoid social isolation as you age? Isolation is one of the key issues that we face as we age. Women more than men will be in this predicament as women tend to outlive their male partners. Are you are rattling around in that big house on your own? Have you thought about where you will be able to live now that you have reached the third half of your life?
There is a new trading platform which is as simple to use as online shopping. If you are a self-directed investor, like me, then growing your portfolio balance is important. Diversification has been talked about a lot lately. The saying ‘Don't have all your eggs in the one basket' rings true today as it always has. But what is diversification and how easy is it to achieve? Some say that owning a mix of Australian shares in different sectors is diversified. Others say that does not go far enough and we should be investing in un-correlated assets, like bullion and cryptocurrencies. Then some are also saying we should be investing in overseas shares.
Do you want more success in your life? Do you dream of things that you can accomplish? Do you know what ‘your success’ should/would look like? So many of us drift along through life without having a goal, a life plan and wake up one day and realise that a few decades have swept past. Where does all that time go and where are the accomplishments?
Longevity makes it imperative we make a conscious effort to save more money while we are still working. Life expectancy has continued to increase with females now aged 65 expected to live to 87.1 and a 65-year-old male can expect to live to 84.2 according to the Australian Institute of Health and Welfare. I became a widow at 55, my girlfriend became a widow at 59 and my Mum became a widow at 83. The chances of women ending up on their own are greater than men and that is why women need to avoid running out of money.
The retirement vision is something we eagerly await. Some of us have a clearly defined picture of our future retired lives. We know the location, the activities, the travel and dream of the free time. What happens then when this definition of our retired life is not duplicated by our partner? After all those years together, could we possibly want a different life in retirement to them?
What do we do to fill in our time when we are not working? Some of us will get bored, some will be lonely and some may feel angry that their life had not turned out as they expected. We don’t have a crystal ball when we start out on our life’s journey. Most of us just go with the flow and deal with life and its emergencies as they unfold. Do you ever sit and wonder and reflect back and think if only I had made a different decision would my life be better now? I certainly do.
Sometimes in life, we need a shock, a jolt, or a wakeup call to get us doing something different. We could be living a successful life. We could have a job that brings in good money and we could believe everything is on track for a happy existence. When a major, unexpected event takes place that puts all that we value in jeopardy we are not prepared. What do we do then? If for instance the major breadwinner, the one that brings home the most income each week, is diagnosed with a life-threatening illness we may be forced into reassessing not only what we are currently doing but what we will be doing into the future.