You never thought it would happen to you, but here you are: feeling like you’ve lost your youth and eyeing out that sports car. A midlife crisis can pose a serious risk to your financial well being, especially if you consider this UK study that says a midlife crisis tends to last between three and 10 years. So, you’ve got to know how to handle it with some important money and lifestyle tips.
When does a midlife crisis tend to strike in men? Around the age of 43 (yup, that young!). During your 40s, you’re probably pretty stable in your career and forging ahead with a family; you might be married with kids who depend on you for financial and emotional wellbeing. A midlife crisis tends to strike for various reasons, such as a fear of ageing (yes, those are grey hairs!), fear of illness from getting older, or the fear or insecurity regarding one’s looks - perhaps you feel you’re losing your boyish handsomeness or your body is not what it used to be. Such fears can cause you to want to turn back the clock and regain time.
You might want to try to maintain your youth by taking on younger, new friends or old friends you’ve lost touch with; you might want to get back into shape and therefore hit the gym or start exercise classes; you might want to feel a boost to your status and confidence, such as buying a new car or getting plastic surgery. What will all this set you back when it comes to your income and savings depends upon your awareness of what it may cost in the long run.
Altering Your Appearance
Buying new clothes can be expensive, but many men who are going through a midlife crisis go straight for the jugular with more intensive and money-zapping appearance boosters, such as plastic surgery. Botox is one of the most common procedures to have, and can cost up to $400. It also requires maintenance, with sessions needing to be repeated every few months. More invasive procedures are obviously more expensive, and you’re looking at $3,000 for a brow-lift, $2000 for oculoplastics, and over $6,000 for a facelift.
Starting an Exciting New Hobby
Sporting activities can help you feel alive and inject boring days with excitement, but they can also cost quite a lot of money. Just think: if you buy new exercise equipment for your home gym, this can set you back several thousand dollars, while adventure sports can cost between the range of a few hundred dollars to a few thousand, depending on what you want to do.
Taking those dangerous bungee-jumping lessons or going powerboat racing could not only notch up your health insurance rates but also put you at risk of getting injured. Perhaps a better idea is to try a fun sport that’s less likely to send you to the ER. Listening to Your Travel Bug Getting away from everything that’s stressing you out, such as a boring job, could cause you to organize an exciting trip. This is a breath of fresh air while giving you the chance to reconnect with yourself. When you think of travel, you might immediately budget for those plane tickets, but there are many other factors that will be preying on your pocket, such as accommodation, transport costs once you hit your destination, daily expenses (such as food), and activities - you don’t want to spend all your time in your hotel, after all. Bear this calculation in mind: if you’re traveling, say in a group of four, the average vacation cost could easily bring your expenses beyond $4,000 and that’s just if you’re traveling in the U.S. Added to this, don’t forget to take out travel insurance in case something goes awfully wrong. It will cover loads of stressful situations, from trip interruptions to medical evacuations.
Buying a Flashy Car
If you don’t want to have to drive that minivan anymore because it’s depressing you, you might decide to purchase a gorgeous new sports car. But bear in mind that it’s not just the amount of the car that you should be considering but also the insurance you’re going to have to pay for it. For instance, a Corvette Z51 (approximately $73 000) will set you back around $2 000 to cover it for insurance in a year. Think long and hard before you try to drive out of your rut in a sparkling new set of wheels.
If you suspect you’re experiencing a midlife crisis, bear in mind that you can easily rack up costs if you are opening your wallet without really paying attention to where your money is going. Knowing how much a midlife crisis can cost you will help you make the right choice for what you need to achieve a more satisfying life. There’s still a future to think of so don’t get sidetracked by your fears.