S7E6: Life Stages – Empty Nest
If you’ve been lucky enough to have kids, there will be a time when you have to let them go, and suddenly your time and maybe even your money is a bit more your own, with fewer demands from the family, but a new life stage is having into view over the horizon. Likewise, if you don’t have kids, then that same life stage will also be approaching, but before you get to retirement, whatever that means, you may have a shorter or longer time of having an empty nest. This brings with it some opportunities and threats, and in this session, I’ll be looking at both.
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Having just you or just you and your partner to think about, and no other drains on your resources means that some options become open to you which perhaps weren’t there before. It can be tempting to go nuts and enjoy the extra capacity you have for spending and doing your own thing, and you should, to a point. As the prospect of retirement looms, you need also to consider maximising your contributions in that direction. But how do you balance the two?
As usual, I’ll look at what you need to KNOW and what you need to DO to make the most of the opportunities and avoid the threats which abound in this life stage.
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Resources mentioned in this episode
Podcast: Net Worth – How much is enough?
Podcast: Net Worth – How to keep track
Podcast: How much is enough? With Paul Armson
Software: Envision Your Money
Website: Find a financial planner
Email address for sending your questions: firstname.lastname@example.org
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