All middle aged people really want are financial security, love, family, friends, and respect. They don’t want to be looked upon as out of shape losers who, after 40 years, haven’t done anything with their lives. Unfortunately, people rarely reach mid-life without some sort of deficiency or regret.
In mid-life, the last thing you want to do is buy a car you can’t afford, and thereby financially ruin the second half of your life! After all, this is a personal finance site where we tether income to specific goals and expenses.
In order to ensure fiscal responsibility during mid-life, the logical conclusion is to establish a Mid-Life Crisis Fund (MLCF) in preparation for a particular extravagant expense. The sooner you can establish a MLCF, the larger your fund will be to waste. If you want the $500,000 Lamborghini Aventador to drive to your local grocery store, I hope your parents started a MLCF when you were born! Otherwise, you’ll just have to wait until you accumulate at least a $10 million net worth.