Up next on MaltaCEOs.mt’s Work and Wealth Watch series where Money Coach Luca Caruana gives his expert responses to all your questions related to money, work and wealth. Want to see your own questions answered on MaltaCEOs.mt? Send your questions on [email protected]

Dear Luca,

I am a 43-year-old financial controller and feel proud of my career accomplishments thus far.

However, I’ve come to realise that despite my financial knowledge at work, I have not applied the same principles to my personal finances.

I’ve managed to save very little and haven’t started investing yet. As retirement approaches, I’m growing increasingly concerned about my financial future and wonder if it’s too late for me to start building a comfortable retirement fund.

Could you provide some guidance on the best strategies to start securing my financial future at this stage in my life?


A Late Starter

Luca Responds

Dear Late Starter,

First and foremost, I want to commend you on recognising the importance of starting your journey toward financial security for retirement—it’s a significant step, acknowledging where you are and where you need to be. While it might feel like you’re getting a late start, I assure you, it’s never too late to begin. This is a common concern among many professionals who have focused extensively on their careers but less so on their personal financial growth.

Starting with a plan is crucial. Define a clear, practical financial goal. What does a comfortable retirement look like for you? Perhaps it’s travelling, maybe it’s simply the peace of mind that comes with financial independence. Whatever your vision, quantify it into a number—this will be your target. Having this goal will sharpen your focus and commitment.

At 43, the reality is you might need to invest more aggressively than someone who started in their twenties. However, this doesn’t mean the task is insurmountable. Consider how much you can reasonably set aside each month for your investments. Since you’re well-established in your career, there may also be opportunities for salary increases, bonuses, or other earnings that can boost your ability to save. Every extra euro can be directed towards your retirement savings, accelerating your progress.

One of the most effective strategies I advocate is the habit of ‘paying yourself first.’ Treat your savings and investment contributions as non-negotiables—just as critical as any monthly bill. Set up automatic transfers to your investment accounts each payday. This approach not only ensures that you consistently invest but also helps inculcate a discipline akin to that of meeting a crucial monthly expense, like a loan payment.

Investing regularly, regardless of market conditions, allows you to benefit from dollar-cost averaging, reducing the impact of volatility on your overall investment portfolio. Over time, these regular contributions can grow significantly, thanks to the power of compound interest.

In closing, remember that starting late still puts you ahead of those who never start. Every step you take now is a step towards a more secure future. You’ve mastered the financial intricacies of your profession; now it’s time to master your personal finances with the same fervour.

Warm regards,

Luca, The Money Coach, from the Money Coaching Hub

P.S. Do you find the concept of ‘paying yourself first’ challenging to implement? I’d love to hear your thoughts and any strategies you might have tried. Share your experiences by emailing me at [email protected]. Your story could inspire others who are in the same boat.


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