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This is not your typical ‘fork in the road’. RealEstateJournal has an interesting article today about a study performed by a bunch of economists to look at when in life people are most likely to make minimal mistakes managing their finances.
The results vary by type of financial device or account managed, but everything landed in the ‘middle age’, with 53.4 years being the ideal age to make wise decisions with one’s money.
But why wait until 53? and if you already saw 53, why let things slide now? The forces that cause people to miss a payment, make a late one, etc, are mostly related to improper cash flow management and inadequate liquidity. Learning to master these two aspects of financial planning is key to withstand strain presented by life’s ‘curve balls’ and unexpected events.
Are your priorities stacked in the right order? You can accelerate the ‘Experiential Capital’ process by obtaining quality financial advice. If your mortgage is the biggest liability you have, or your home is your biggest asset, it makes sense to build your plan around real estate finance strategies. You certainly want your mortgage plan to be congruent with other financial objectives.