We are looking together at how your finances are like your lingerie. Here is the third principle for understanding how these two, seemingly-unrelated parts of your life fit together:
Principle 3: Like your bra size, your financial needs change over time.
How many of us figured out our bra size at some point in the past and have continued, year over year, to blithely buy that same 34B that fit us before kids and before, erm, gravity made its effects known on our bodies?
Same thing with your finances: the mix of approaches, strategies and investments that fit you at 20 is not the same as the right mix at 30, or when your first child arrives, or when that same child hits post-secondary education, or when you approach retirement.
You need to review how you handle your money at each new stage in life, making changes that reflect your new realities.
Secret number three: there is no fix-it-and-forget-it strategy that works either for buying bras or for handling your approach to investing over time.
Tags: Budgeting, Families, Investing, Retirement Planning
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