Financial Planning for the Empty Nester
Consulting a financial planner is a great first step; here are some things to help you prepare for your first meeting.
The best approach to financial planning is to work with a professional financial planner. We can’t give specific advice on a blog because everyone’s situation is different, but we can give you some general guidelines that will give you an idea of what to expect when you have your first consultation with a professional financial planner.
Your Debt Level
Generally, we are all for reducing debt, starting with high-interest debt such as credit cards. When you pay interest, that money is working for someone else. You will want as much of your money as possible to work for you.
Room for Rent?
An “empty nest” often has a room or rooms that can be used to provide rental income. If you don’t mind having someone else around the house, you may consider renting one or more of your rooms.