ROI Financial Advisors

3 Midlife Money Myths to Stop Believing

By midlife, you’ve likely heard plenty of financial advice — some helpful, some not. The truth is, everyone’s financial journey is different, and sticking to outdated myths can hold you back. 

Let’s debunk a few common myths so you can build a financial plan that actually fits your needs and goals.

 

Myth: You should start upgrading your lifestyle.

When you reach middle age, you might think it is time to start upgrading: a bigger house, a more expensive car, more vacations.  

 

Reality: While there is nothing wrong with spending your hard-earned money, don’t fall into the trap of comparison and lifestyle inflation. It is still important to maintain a budget and save for your future. 

 

Myth: It’s too late to save for retirement.

One in five adults ages 50 and up have no retirement savings, according to an AARP survey. While it can be easy to feel far behind, it is never too late to start saving for retirement.

 

Reality: There are several proactive steps you can take to start building your retirement funds. Take advantage of any employer-sponsored retirement plans, like your company’s 401(k). Evaluate your debt and work on reducing it. Build an emergency fund. Explore investment opportunities.

 

Myth: You can put off estate planning.

There is always time down the road for estate planning. Ideally, everyone would live full, healthy lives. But life is unpredictable.

 

Reality: Estate planning is an important step to take to protect your family’s financial future. Make a will. Appoint guardians for your kids. Designate beneficiaries on all of your accounts. Consider purchasing a life insurance policy and putting your assets in a trust. 

 

Wherever you are in your financial planning journey, we can work together to help you build a strategy that works for you.

Lance Johnson

ROI Financial Advisors, LLC
CEO & Investment Advisor Representative

o: 503.941.5925

f: 503.941.5927

e: lance.j.johnson@roi-fa.com

a: 14675 SW Millikan Way Beaverton, OR 97003

 

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