How old are you financially?
You may be 75 years of age, but do you manage your money as though you were a teenager? Researchers say our chronological age is just one measure of understanding a person’s age; but there are other factors that can determine how old we feel financially.
You may be 75 years of age, but do you manage your money as though you were a teenager? Researchers say our chronological age is just one measure of understanding a person’s age; but there are other factors that can determine how old we feel financially.
Financial age reportedly relates to how we manage money, and according to researchers, when it comes to a person’s financial age, it is better to be older and wiser.
An article published by CBS News lists some questions a person can ask themselves in order to help determine their financial age – or how wise and mature they are with their finances. Some of the questions include:
- Do you use money just to meet your realistic needs and attain important life goals, or do you buy things to impress others?
- Do you live within your means and save a dedicated amount each month, or do you impulse buy?
- Are you able to delay gratification when there’s a significant payoff, or are you responsible with drawing down your retirement savings?
- Do you accept responsibility for your financial wellbeing by trying to learn as much as possible to make smart choices regarding investing, or do you blame others for your challenges?
- Have you taken the time to prepare thoughtful investment strategies and stick to it even when times get tough, or do you give in to fear or greed and buy high and sell low?
What is your ‘financial age’? Share your thoughts on this article by commenting in the box below.
