Midlife is a transition that often catches us off guard amidst daily routines, career pressures, and family responsibilities. With numerous changes, such as career shifts, children leaving home, ageing parents, and evolving relationships, it’s easy to feel stuck or uncertain.
As Kim Potgieter, a certified financial planner, coach, and author, notes: "The biggest lesson I've learned while guiding clients through the midlife transition is the importance of having a clear plan for your life and your money."
Midlife is not a crisis
The idea that midlife is a crisis is outdated. While it’s a significant transition, it’s not a crisis. The mindset you choose and the decisions you make now will shape how well you live the rest of your life.
Midlife is an opportunity
At midlife, we are better equipped to handle life’s challenges. Potgieter advises: "We can shift our focus from worrying about others' opinions to prioritising personal growth and fulfilment. It’s an opportunity to declutter, let go of what no longer serves us, and focus on what truly matters."
Ask yourself:
- How do I want to spend my time in midlife and beyond?
- What do I still want to achieve?
- Can I let go of who I think I’m supposed to be and embrace who I am?
- How can my money support my best life?
Dispelling these midlife myths:
Myth 1: The best years are behind me
Many believe their best years are over, but research tells a different story. Jonathan Rauch’s book, “The Happiness Curve”, shows that happiness follows a U-shape, hitting a low in our 40s and then rising again into our 80s.
Midlife can feel uncomfortable, but the best years are still ahead if you’re willing to make changes that fulfil your needs.
Myth 2: It’s too late to make changes
Realising that you might live to 100 opens up a world of possibilities. You could have 15-20 good years left to contribute. It’s never too late to learn new skills, redefine work, and pursue what truly brings you joy.
Keep in mind:
- You are more than your job, a parent, spouse, or colleague.
- Your value does not equal your bank account.
- Work can be redefined; part-time, full-time, starting something new, mentoring, or pursuing a passion.
- You have a lifetime of wisdom and experience—tap into it!
- Invest in staying mentally and physically healthy.
- Don’t neglect your relationships. Good relationships make us happier, healthier, and increase our longevity.
Myth 3: I will never have enough money
Potgieter emphasises that money and life are intertwined; you cannot separate one from the other. Money’s true purpose is to enable you to live your best life.
To know how much money you need, you must have a clear plan for your goals and dreams. It’s never too late to create a financial plan, but you must believe in your ability to achieve it.
Ask yourself:
- What money mindset can you dispel today and replace with a new one?
- What new money habits can you commit to?
- Can you save more, spend less, or make some sacrifices?
- Do you live within your means?
- Are you dealing with your debt?
- Do you invest consistently?
Midlife is not a crisis but a chance to reimagine and reshape your life. By addressing these myths and embracing change, you can make this stage the most vibrant and meaningful part of your journey.
IOL Lifestyle