|
 Matt Welch went in a more wholesome direction: Baseball cards.
Specifically, the 46-year-old editor-in-chief of Reason magazine set
out to collect every Topps-brand baseball card ever printed of his
beloved Angels. It took roughly five years and $1,000, but this past
New Year's Eve, the final two cards came in the mail.
"Strange things happen to men in their 40s, and this was my midlife
crisis," says Welch, a New York City resident originally from Long
Beach, California. "I hadn't thought about baseball cards in 30
years. But then I bought one, then two, and it was so pleasurable I
thought 'Oh hell, why not?'"
A relatively harmless midlife crisis, to be sure. And one which his
wife Emmanuelle Richard has given her tacit approval. "She's said
from the beginning, 'It beats the convertible, and it beats the
expensive mistress,' " he jokes.
But its is a crisis nonetheless, which no doubt feels very familiar
to 40- or 50-somethings who feel increasingly alarmed at the passage
of time. One common response: Whip out the wallet.
Whether it's for an extravagant vacation, a pricey hobby or a shiny
new ride, the many challenges of midlife can lead us to throw off
our usual financial restrictions, if only for a moment.
"People spend all this time investing in their marriages and careers
and families, and then 10 or 20 years down the line, they often want
to renew their enthusiasm for life," says Dr. James Hollis, a
psychoanalyst in Washington, D.C. and author of "Finding Meaning in
the Second Half of Life".
"That can lead to risky purchases. I knew one couple whose marriage
was teetering on the brink, and they went out and bought a home they
couldn't afford. They got to this big empty house and said, 'What
have we done?' "
The danger is that the midlife splurge comes during a period of life
when Americans can ill afford it. After all, in their 40s and 50s,
many members of the so-called 'Sandwich Generation' are dealing with
the twin financial challenges of raising children and helping their
own elderly parents.
Meanwhile, they must save for their own retirement, a task for which
most Americans have fallen woefully behind. One recent Wells Fargo
survey found that 41 percent of those in their 50s were saving
nothing for their golden years.
FINANCIAL DANCE
That all makes for a delicate financial dance, with no room for a
misstep. That's why experts advise that those in midlife need to be
extra vigilant that some big, emotional purchase doesn't mess up a
lifetime of diligent planning.
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Financial planner Robert Foley of Tustin, California says the key is
to recognize these midlife emotions when they occur. "It's normal
and okay to have these feelings," says Foley, who just turned 50
himself and admits to "longing for the sports car I never had".
Set up some roadblocks for yourself, so those emotions don't
translate into massive bills. Clearing larger purchases (over $500
and up) with your partner, for instance, can be one line of defense
against overly impetuous decisions.
Also, build some smaller indulgences into your budget instead,
advises Charlotte, North Carolina financial planner Michael Baker.
Allow yourself a bigger-than-usual vacation, tie it to some
milestone like a birthday or an anniversary, and then work towards
it in anticipation.
That way, like a dieter allowing yourself an occasional dessert, you
won't go crazed with deprivation and react by going too far in the
other direction.
Matt Welch's baseball card quest was just such a minor extravagance
and seems to have done the trick. At the very least, his affordable
midlife crisis got him an excellent collection to show off to fellow
Angels fans. His favorite card: Bobby Grich, a "badass" second
baseman with flowing locks and a gigantic '70s mustache.
Welch's advice for others desiring a midlife splurge? "Get the
spouse's buy-in early on," he quips. "That's very important."
(The writer is a Reuters contributor. The opinions expressed are his
own.)
(Follow us @ReutersMoney or at http://www.reuters.com/finance/personal-finance
Editing by Lauren Young; Editing by Christian Plumb)
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