It seems like everyone forgets about Gen X, the generation born between 1965 and 1980. Well, when it comes to finances, Gen X is remembered negatively, with a reputation of not being very financially stable. But that’s not set in stone. If you’re in your 40s or 50s and want to get ahead, here are 10 questions to ask yourself.
What Needs to Change Financially?
Knowing is half the battle, and figuring out what you need to change financially is very important. If you feel bad every time you look at your bank account, then something has got to change. You don’t have to do a big overhaul at once — making small steps to change your financial situation will help you in the long run. It’s okay to do little things first and then incorporate big changes later on.
What Are Your Financial Priorities?
Asking yourself some questions will help you identify why you need to change your financial situation. The biggest question to ask is “Why?” Why is there a need for improvement? Once you figure this out, you can make a list of your priorities and then decide which ones are higher on the need to do now list.
What Is Your Vision for Your Financial Life?
It is best to think about where you want to be financially and then think about monthly goals that can help you reach your financial potential. Take this little steps at a time, so you don’t get overwhelmed. If you want to pay off debts, think about how to do that without putting yourself in financial ruin. Taking things one month at a time is a great way to start your way to financial success!
Do You Need Professional Help?
Sometimes going at it on your own is not the best solution. If you can afford it, why not get some professional help? A financial advisor can help you figure out a plan and help you stay with it. They can help you identify any financial strengths you have and any financial weakness you have. Working together with a professional will help you go towards success!
Can You Do a Multi-Generational Audit?
What exactly is a multi-generational audit? It is when you look at the situations of your parents and children and how those situations could affect you financially. You then have to think about how you can prepare for any of the financial impact that could occur. Talk to your parents about their future and how it could impact you and your money. Also talk to your kids about how they can too be financially responsible.
Are You Prepared for Emergencies?
Emergencies come when you least expect them. It is better to be prepared. It’s important that you have enough money for three to six months of expenses, just in case something goes wrong. It is also important to create a will so your loved ones won’t have to scramble after you are gone. Planning for an unexpected future will keep your worries at bay during an emergency.
Can You Tackle Your Debt?
It is hard to stop racking up debt, but you have to if you’re going to tackle it once and for all. To make sure you pay off your debt, you might have to make cuts in other places. Stop using credit cards and start using cash to pay for things. This will help you in the long run.
Can You Prioritize Your Retirement Savings?
Most Gen Xers don’t have a good amount of money saved up for retirement. This is a problem because that means they won’t be able to survive on the money they do have saved when it is time to retire. You might have to forego things now, but you will be glad you did when you have enough money to retire comfortably.
Read More: Ten Things People Don’t Know About Gen X
Can You Keep Your Kid’s College Costs Down?
Student loan debt is a terrible debt that follows your kids around wherever they go. It is important to make sure you have a plan to reduce as much student loan debt as possible. This means talking to your kids when they are young and making a game plan for their college years. Some plans you can make are having them apply for scholarships and do dual enrollment in high school.
Read More: 10 Skills Gen X Has the Rest of the World Should Master
Can You Downsize Soon?
Did you know that you don’t have to wait for all your kids to graduate from college to downsize? You can downsize anytime and it might be best to do that while your kids are in college. You will have less of a mortgage to pay and utilities will be cheaper. Worried about your kids? Don’t! They will be fine with sleeping on a couch or in a smaller room when they come home to visit.
Read More: 20 Tips to Downsize After Age 50
