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Those mid-life years can be crazy. Between growing your career, raising a family, helping your aging parents, paying off debt and saving for college, all while trying to just enjoy life while you’re still young, it can be easy to put off making moves to ensure you’ll be able to retire. Here are three key money moves to make in your 40’s and 50’s that will keep your options open in your 60’s and beyond.
Caring for your aging parents is something you hope you can handle when the time comes, but it’s the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier. Some people live their entire lives with little or no assistance from family or friends, but today Americans are living longer than ever before. It’s alwasy better to be prepared.
You may be surprised to learn that you can open a Roth IRA for a child, as long as you can establish that they have earned income. By following a few best practices, you can begin establishing a healthy financial future for the children in your life while also teaching them the value of hard work early on.
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs.
We’ve built dozens of what we call “Prosperity Plans” over the years. If you haven’t worked with us before, its what we call a financial plan…but it’s a little different than what you might have experienced elsewhere. It’s meant to be a guide and a decision-making model…not something that is etched in stone. Speaking from experience, few plans turn out exactly as they are initially built. Hey, life happens!
Imagine feeling so confident in your financial plan and life decisions that you find yourself with time to enjoy life and the money to pursue your passions. It’s a freeing combination and one that unlocks the greatest lifestyle shift of all: mind freedom.
Our fearless and wise founder, Mackey McNeill, landed on a profound concept when she identified three key factors that most influence our pursuit of prosperity: time freedom, money freedom, and mind freedom.
If you’ve spent much time with us at The Prosperity People, you may have heard us reference the “three freedoms of prosperity.” This idea, conceptualized by Prosperity People founder and CEO Mackey McNeill, is primarily used with clients of our sister company, MACKEY, as an ethos that helps business owners design a business they run (as opposed to one that runs them).
