Mid-Career Personal Finance Myths

March 30, 2011  |  

(AP) — Managing money doesn’t get easier with age.  Workers often hit their peak earning years only to be pulled in several directions. Beyond basic expenses there may be college-age kids or aging parents who need financial help. It can be a lot to balance at a time when retirement savings should take on more importance.  The problem is many fall prey to the myth that they can juggle it all month-to-month, on the fly.  “What happens with the tens of thousands of consumers we talk with every month is they’ve gotten into the habit of bad habits,” says Mike Croxson, president of CareOne, a debt counseling company. “They don’t have a plan anymore.”  This often happens to workers in their 30s to early 50s. As life gets busy, they pay bills on auto-pilot and pay little attention to long-term financial planning.

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