The mid-life crisis is often joked about, but those experiencing the relentless battle of confusion and doubt find there’s really nothing funny about it. It can be a scary moment to realize that you have already lived more than half your life. The key is to accept this fact without doing anything too foolish in response. To that end, here is a look at how to handle your mid-life crisis the financially productive way.
Buy Life Insurance
If you do not already have life insurance, make it a priority to shop around and find an option that works best for you. This is especially important if you have dependents who count on your income. If you already have life insurance, review your coverage to make sure that you have enough. You can never be too careful when it comes to providing for your loved ones.
Buy One Big Thing
Another cliché of the mid-life crisis is purchasing a bunch of expensive things. People will go out and buy new toys like cars, boats and motorcycles. Buying multiple big-ticket items like this is an easy way to make your mid-life crisis an expensive one. Instead, limit yourself to one cliché purchase. Go ahead and get that one thing you want, but be sure to make that the only big thing you purchase in response to your mid-life crisis and season of confusion.
Seek out Life Advice
One of the most important things people having a mid-life crisis need to realize is that there is help out there for how you’re currently feeling. If you start to think that your mid-life crisis is having a detrimental impact on your finances, emotionally or any other aspect of your life, you should turn to a professional with a background in life advice and counseling for help.
Look to Retirement
One beneficial aspect of the mid-life crisis is that it spurs many people to start getting serious about saving for retirement. This is a financially healthy approach to your mid-life crisis. Start maxing out your 401k and saving as much as possible so that you can enjoy your retirement in luxury.
Although a mid-life crisis can throw many people off the rails, you can handle it responsibly if you don’t let it freak you out. Have some fun and buy something nice for yourself. However, you also need to start saving more for retirement and avoid making irresponsible financial decisions that will negatively impact your life.
Meghan Belnap recommends speaking to a professional with a MSW degree to help you through the emotional transition you may be facing.