8 Financial Tips for your 40s

June 11, 2021 | Peyton Sawyer

helpful financial tips for your 40s

Learning financial tips and getting more financial literacy is an ongoing lesson for your entire life. There are tips that are invaluable for teenagers and then priorities change in your 20s as you move into adulthood. 

Then come your 30s — and some serious adulting comes along with it. Mortgages, student loans, title loans, installment loans, and credit card management all come your way, along with more and more financial options and financial tips to learn. 

Once you're in your 40s and, there are new lessons to learn. Here’s a look at eight big financial tips that help everybody in their 40s, including how to use title loans online to handle urgent situations.

8 Financial Tips for Your 40s

1. Investing

One of the biggest and most important financial tips to start with is investing. This word can be scary — where do you even begin? — but it’s necessary as you get older. Chances are, you already make some investments through work via your retirement 401(k).

It’s time to think beyond that though. If you’re in a good financial place, consider some stocks to invest in, perhaps minimally at first, and then when you feel more comfortable, start investing some more.

Property is one of the best investments anyone can make. If you own a home, that’s an investment, but consider other ways to invest in more property, perhaps in an easy renovation or a vacation home that doubles as a lucrative house share. 

Investing is one of the best financial tips anyone can give to anyone in their 40s. 

2. Retirement

Your 40s is the time to get serious about retirement savings, experts on financial tips agree.

If you have an automatic retirement contribution set at work, take a moment and think about boosting it, especially if you are making a higher salary, the economy is solid or you’re bringing in more money generally.

This could also mean opening a Roth IRA, but it could also just mean taking a hard look at what you’re investing in via your 401(k). If you have a plan where you can make adjustments to what you are specifically investing in, think about if there are other avenues.

3. Meet With A Financial Advisor

Whether you consult with a professional affiliated with your employer, your financial institution, or an independent financial advisor — talking to a financial professional is a good idea.

You may be surprised at what you hear but remember to be honest about your financial situation and your goals for the future.

They will provide numerous financial tips tailor-made for you and your family.

4. Consider Different Types of Insurance

Yes, you likely have medical insurance, but what about insurance that also benefits you both in the short and long term? it's one of the most overlooked financial tips. 

Life insurance will help your family immensely in the future — and is typically affordable. There are also special life insurance adjustments you can make in your 40s, including term life insurance and insurance related to inheritance.

Disability insurance can be a lifesaver if an unexpected accident occurs. But also think about some of the specialized insurances that greatly benefit you as you age, including vision and dental insurance.

writing a will

5. Time For A Will

It’s likely not your favorite thing to think about, but your 40s is a good time to start estate planning and drafting a will if you haven’t already.

The good news is it’s easy to start. Talk to a financial planner or connect with planning help through one of many reputable websites that helps you craft a will and trust. The peace of mind you will receive once you complete a will is invaluable.

6. Work on Your Debt

It’s one of the most common financial tips: pay down your debt. It’s not so easy in your 20s or 30s, but your 40s is prime time to find substantive ways to bring down either personal debt or debt incurred by student loans.

A financial planner can help you with this as well, but the first step is making a list of your expenses in a given month, eliminating unnecessary expenses, and starting a debt-busting budget.

7. Ask for A Raise

It’s time. In your 40s, you’ve likely worked for about two decades in jobs big or small. Chances are you’ve taken on more responsibility than when you began. Especially if you’re with the same company and have steadily grown as an employee, it’s worth a chat with your boss about how much you’ve contributed.

8. Consider Title Loans to Help

One of our financial tips: consider title loans Tennessee offers when you need help. Title loans are an option to help you get back on the right financial track.

Title loans are a type of secured loans designed for car owners. Secured loans require you to provide collateral to qualify for the loan. In this case, your car title (not the car itself) will act as the collateral.

This security allows for a quick and easy approval process. As Tennessee Title Loans, Inc.’s assets are protected, the process can be done in under an hour.

Furthermore, you don’t even need proof of income. You can easily qualify for title loans even if you’re unemployed.

What Do I Need to Get A Title Loan?

You need to be over 18 and outright own your car to be eligible for a title loan. Here’s what documents you need to prove it:

  • A state-issued photo ID or driver’s license to verify your identity and age.
  • Your car to determine the maximum loan amount you qualify for.
  • The car’slien-free title in your name to prove that you outright own it.

easy title loans

How Do I Get A Title Loan?

To start the process, you’ll need to submit an online request form on Tennessee Title Loans, Inc. Once the form gets processed, the information will be sent to your local Tennessee Title Loans, Inc. branch and in a few minutes, you’ll get a call from a loan representative.

The loan representative will check your information, provide further information, and schedule an appointment at a convenient time for you.

You’ll need to bring the required items with you for the loan representative to assess everything. They will then determine if you qualify for a title loan.

If you qualify, they’ll help you through the final steps of the process to finish the paperwork right there and then.

This entire process typically takes no more than an hour – and could last as little as 30 minutes if the required items are in order. If you qualify, you could get up to $2,500.

Emergencies Can Always Surprise Us

Many of us reach a good level of financial comfort by our 40s, which shifts our financial goals and dreams. But knowing how to access quick cash when a sudden emergency happens remains very important. Submit a request for a title loan today to learn more!