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Middle years are the stage in the life cycle identified and characterised as a period of acquisition and establishment. People at this phase of life, assume more responsibility and often take on new career opportunities.

Middle-aged people are constantly making commitments, acquiring assets and incurring additional debts as well. This phase in the human life cycle develops the individual's long-term and ongoing relationships more than the others.

Challenging Concerns:

People, in their middle years are assuming greater responsibilities as well as acquiring newer assets and possessions. Growth means change wrought together with new challenges and added concerns.

People have to consequently face a lot of problems and considerations during this stage of their life cycle. They may be trying to achieve their aims in life, their aspirations and dreams ranging from a proper balance between their careers and family life to a continual movement up the career ladder. They will also seek proper protection of their income levels in event of a disability, or a loss of job or a career change and even premature unexpected death. They may also be considering investing in better residential facilities with realistic provisions made for their retirement needs and financial security. Budgetary changes may also be implemented along with long-term savings and investment plans. They might also be updating their wills and bequests.

Since different people use different approaches in meeting their mid-life crises and challenges, they are highly prone to make financial mistakes and errors of judgement. A miscalculation at this stage can affect an individual's financial standing for the rest of his life.

The most common mistake made by individuals during their middle age periods is probably procrastination or delay in the commencement of programs for future needs. The benefits of compounded interest are lost forever owing to this single greatest failure. Another mistake people tend to commit is making inadequate estimates or judgements regarding the amount of protection needed for their future.

The other common errors on people's part are concurrent to the fact that people tend to overuse and at times, even abuse their credit limits. They blindly accept investment strategies or plans newly introduced in the market. Also they fail to provide for pending major purchases or replacement of large-sized utilitarian items.

They also tend to neglect in protecting or covering their property assets while continue to rely on their employment-sponsored benefits. At times, people forget that inflation will catch up with them and make inadequate provisions for their retirement.

Hopes and Dreams:

People never abandon their hopes and dreams, regardless of their position in life or their status in the life cycle. Success can be determined by an individual's ability in identifying what is needed and eventually obtaining the desired outcome.

An individual seeking to fulfill their aspirations should base his game plan with specific objectives estimated on his resources and working capacity. As long as the individual maintains the following perspectives in mind, his chances of success are assured:

• Clearly defined goals and objectives.
• Controlled spending with the budget.
• Planned savings and investment program.
• Adequate funds for children's higher education.
• Protection against property losses.
• Sufficient income against disability.
• Emergency fund.
• Financial independence and a comfortably secure retirement.
• General well being and peace of mind.