In these coming-of-age stories, it's the grown-ups doing the growing up. But increasingly in contemporary writing, there is another kind of coming-of-age story, in which the protagonist is not an adolescent but a middle-aged woman who undergoes a transformative process, gaining a new emotional maturity, a clearer intellectual perspective and an evolved sense of identity. Along the way there are obstacles to overcome – it is often a baptism by fire. Make sure you are properly covered before it is too late to qualify for insurance…it could be cheaper to obtain this coverage at this time.In the familiar coming-of-age tale, a young adult experiences an emotional journey or a rite-of-passage ordeal that propels them towards maturity. “Odds are that 70% of people trigger a long-term care event. "Even though old age seems far away, the time is now to set up your long-term care plan,” says Molly Ward, a financial adviser with Equitable Advisors, based in Texas. You can’t predict when you might experience some sort of medical emergency, and health care treatments can be costly. Choose a strategy you can stick to that takes into consideration the type of debt you have, your interest rates, and your money goals. Make a plan for how you plan to tackle any debt balances that are weighing on your monthly budget. Debt, particularly high-interest debt, can make it difficult to save and invest. "It’s okay to enjoy the fruits of your labor, but keeping expenditures like these in check will go a long way toward building net worth during this life stage.” "As income grows, some 40-somethings are tempted to try to "keep up with the Joneses” by moving into a bigger home, joining a country club, driving exotic cars or going on expensive vacations,” says Paul Deer, a certified financial planner at Personal Capital. Practicing some restraint in this area could help you save and invest more for later. In your higher-earning years, you may be tempted to spend more on your lifestyle than you did when you were at the start of your career. For Gen Xers who are hoping to course correct and supercharge their wealth-building, they can use some of the following tips to do so: It’s never too late to start making sound financial choices that can set you up for a more stable future in your later years. 3 ways Gen Xers can build their net worth Among Gen Xers, 22% reported that their household income fell by 50% or more. One study by Prudential found that 26% of respondents had an income disruption (including furlough and reduced compensation or work hours), and nearly one in five saw household income fall by half or more in the first few months of the pandemic. The COVID-19 pandemicĪs the COVID-19 pandemic turned the world and the labor market upside down, many Gen Xers found themselves switching careers, leaving the workforce to care for their parents or guide their children through remote learning. Gen X homeowners also saw the steepest drop in home equity during this time as well as a loss in financial holdings due to plummeting stock prices. The median net worth of Gen X households declined 38% from $63,400 to $39,200, according to Pew Research. An almost six-figure income is much higher than some of the younger generations, but Gen X carries the most debt out of any generation-severely hurting their ability to grow their net worth.įrom 2007 to 2010, Gen Xers felt the impacts of a weakened economy in more ways than one. Younger Gen Xers under age 45 had a median income of $90,312, while the oldest members of generation (those between 54 and 57) had a median income of $75,842. On average, Gen Xers between the ages of 45 and 54 earned the highest median income in 2021 at $97,089. Almost 80% are concerned that Social Security will not be available to them once they hit retirement age. A study by the Transamerica Center for Retirement Studies found that only 22% of Generation X workers are “very” confident they will be able to fully retire with a comfortable lifestyle and just 28% “strongly agree” they are building a large enough retirement nest egg. According to recent research from State Street Global Advisors, this generation is more concerned about the effects that inflation, the stock market and economy could have on their personal financial situation.
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