Many people lament that it’s too late to start planning financially or too old to think about investments. Perhaps when they were younger, they were too busy with their lives to plan financially, and now in their fifties or sixties, their wish is that they have acted on improving their financial lives. Their excuse now is that it is too late to do anything more.
Looking backwards will never get you to the finish line. Forget and forgive your past mistakes. If you believe you can start now, there are many areas for improvement in your financial life. For example, find out what you can give up if you have a cash flow problem. Review your monthly expenses more frequently. Check your last credit card bill. Can you eat out one or two times less each week? Cut down on expensive coffee or organic food. Do you need a new car now? Are there assets you can sell that you no longer need?
If you have never really made your nest egg grow all these years, it is never too late to create the retirement life you want. Take the first step to carve out a small portfolio that suits your lifestyle. Look through your previous investments – have you been a short-term trader and have not stayed the course on your investment portfolio? How about turning your focus from chasing short-term profits into longer-term returns? Must you accumulate Fixed Deposits as a ‘private hobby’? Have you been too conservative or too speculative in your money management? You can change your attitude towards your financial life today. The 1983 Bond movie “Never Say Never” really sums it all. The time for action is now. It is never too late to do something, especially regarding your finances
