Are you a financial late bloomer?
Hello, my name is Julia and I’m a financial late bloomer. I’m 45, in my prime (somehow I like that term better than “middle-aged” ha), and I really got my financial life together in my 40s.
Part of my journey has been working as a money coach with some wonderful women who I’d also consider to be financial late bloomers. It’s been an amazing and rewarding experience working with these women.
In this post, I give the term “financial late bloomer” a proper definition and describe five key characteristics of financial late bloomers. What is defined is understood, as they say.
Here goes: A financial late bloomer is someone who actively started managing their money and building wealth later in life.
You may be a financial late bloomer if you identify with some or all of these statements:
You are behind in saving for your retirement
You have prioritized spending your money on others
You had a lower income in the past and are just now starting to make what you would consider a “good” income
You experienced a major life event that set you back financially
You’re ready to bloom!
You are behind in saving for your retirement
You may be a financial late bloomer if you feel that you are behind in saving for your retirement. Sure, you may have been paying into a company pension plan or you may be set up for your employer’s match to your 401(k) (both good things!) but you haven’t really figured out a) how much you’d like to save for retirement or b) if you’re on track to meeting your goals. You may also just now be realizing that you’re not on track to reaching your goals.
Or, you might not have any money saved for retirement, whether this is because of a lower income or because you have made other financial goals a priority so far.
You have prioritized spending your money on others
You may be a financial late bloomer if you have prioritized spending your money on others. I’m looking at you, moms. Those lovely children of yours are expensive! From childcare to sports, to summer camps, and university tuition, it all adds up. You want to give your children every opportunity. Let me be clear - there is nothing wrong with this. I can completely relate and share the same mindset to this day. My kids still come first when it comes to how I spend my money.
It may not have been children. Maybe you financially provided for your elderly parents during a chapter of your life or perhaps you were the primary breadwinner in a relationship that didn’t work out.
Besides prioritizing spending your money on others, you may have also prioritized spending your time and energy on others. Things like budgeting, paying off debt, starting a side hustle, and investing just haven’t made it to the top of your priority list.
You had a lower income in the past and are just now starting to make what you would consider a “good” income
You may be a financial late bloomer if you’re in your 40’s or 50’s and are just now starting to make - the - money. Financially speaking, things got a little easier later in life, because of a promotion or a new stream of income.
You experienced a major life event that set you back financially
You may be a financial late bloomer because of a major life event that set you back financially. This might have been divorce, a long period of unemployment, or a failed business. Whatever it was, you slipped backwards financially from where you thought you would be by now.
You’re ready to bloom!
Finally, you may be financial late bloomer if you’re ready to bloom (financially speaking, that is)! You’re ready to take action. You’re experiencing a subtle or significant mindset shift that will propel you to gain control of your money and start prioritizing your financial future. You’re starting to read more about money (heck, you’re reading this article), you may have started to budget, or you may be thinking about making an appointment with a financial coach or financial planner. You are ready to take control and start reaching your goals.
Conclusion
So, do some or all of these characteristics of financial bloomers ring true? Which ones? I would love to hear from you in the comments below.
We financial late bloomers may be late to the party, but it is never too late to turn things around financially whether that means learning to budget, getting serious about paying off debt, or figuring out your retirement goals.
If you are looking for a money coach to work with you as you make a transformative change in the way you manage your money and find a clear path to reach your longer-term financial goals, please check out my signature money coaching program: Fresh Start Financial Flourish. It’s a program designed with financial late bloomers in mind. Ready to bloom? Book a free Discovery Call with me.
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