Dear chic friends,
We've been having such nice weather, and I'm making the most of it. Every day or two I spend a little time in the sun, getting my vitamin D.
And all three dogs join me! They love rolling around on the grass, snoozing while I'm out there, and generally living their best life, like Chloe in this cute picture, caught mid-lick :)
And all three dogs join me! They love rolling around on the grass, snoozing while I'm out there, and generally living their best life, like Chloe in this cute picture, caught mid-lick :)
~~
And welcome to another ‘Financially Chic’ reader Q&A. It’s a good one this week!
“What advice do you have for someone in midlife (50) who is just starting to get their financial life in order? Most advice seems to be for younger people who have decades to invest and save for their old age. Is it too late, is it possible? How can one still live well , when there's limited time to take advantage of things like compound interest?”
This is such a great question. I think it’s a common thing to ‘feel behind’. Of course time is helpful, as with compounding interest, but it’s not the only thing. You can start out behind people you know, and end up way ahead. I know because I’ve done it.
If I was starting out again at 50, I’d do the same as I am doing now: live as well as I can on a budget, be savvy with every dollar, and make the most of all the free things around me so that I can put my money into housing and investments. I’d start a side hustle alongside my job to bring in more money, something in line with what I enjoy doing (which is how I started writing my books).
Look at your lifestyle and what you enjoy doing, and work out ways in which to decrease costs at the same time as maintaining your level of happiness or even increase it. I truly feel more content doing simple things at home, or going for a waterfront stroll than shopping up a storm.
Also, be your own consultant. Look at your current situation as if you were advising someone else. It is VERY easy to see what needs to be done by others! That’s why there is such a proliferation of unsolicited advice around 😊
Switch up your social media, books, and YouTubers you follow, whichever apply. Find people online or in real life who are in your situation and are now thriving. If you search for them you will find them! Personally I like to follow people online because I’d feel too nosy asking people I know about money and success. And, some people who you think might be rich might just spend a lot of money on stuff, and not be rich at all. Oops!
I hope this helps, and I wish everyone a lovely weekend to come! It’s Friday night here and it’s been a productive writing week. Yay! 😊
xx Fiona
“What advice do you have for someone in midlife (50) who is just starting to get their financial life in order? Most advice seems to be for younger people who have decades to invest and save for their old age. Is it too late, is it possible? How can one still live well , when there's limited time to take advantage of things like compound interest?”
This is such a great question. I think it’s a common thing to ‘feel behind’. Of course time is helpful, as with compounding interest, but it’s not the only thing. You can start out behind people you know, and end up way ahead. I know because I’ve done it.
If I was starting out again at 50, I’d do the same as I am doing now: live as well as I can on a budget, be savvy with every dollar, and make the most of all the free things around me so that I can put my money into housing and investments. I’d start a side hustle alongside my job to bring in more money, something in line with what I enjoy doing (which is how I started writing my books).
Look at your lifestyle and what you enjoy doing, and work out ways in which to decrease costs at the same time as maintaining your level of happiness or even increase it. I truly feel more content doing simple things at home, or going for a waterfront stroll than shopping up a storm.
Also, be your own consultant. Look at your current situation as if you were advising someone else. It is VERY easy to see what needs to be done by others! That’s why there is such a proliferation of unsolicited advice around 😊
Switch up your social media, books, and YouTubers you follow, whichever apply. Find people online or in real life who are in your situation and are now thriving. If you search for them you will find them! Personally I like to follow people online because I’d feel too nosy asking people I know about money and success. And, some people who you think might be rich might just spend a lot of money on stuff, and not be rich at all. Oops!
I hope this helps, and I wish everyone a lovely weekend to come! It’s Friday night here and it’s been a productive writing week. Yay! 😊
xx Fiona
You can read ‘Financially Chic Vol.2 on Amazon at my affiliate link here.
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