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Downsize or Rightsize – What does it all mean?

submitted by Maureen Bentley, Get Maur Organized, Inc., www.getmaurorganized.com

Put simply, it is a term used for simplifying your life, as well as your children’s and determines the “Right” size for the next chapter of life.

This does not need to be a negative; in truth it is taking positive steps that can provide both emotional and financial rewards.

There comes a time in life when we realize most of our equity is tied up in our house.

Once we get real with ourselves and decide to sell that house, we also realize just how much “stuff” we’ve accumulated over 20-30 years.

There are many reasons to want to “downsize,” but what it really means is that we have decided to pare-down, consolidate, and de-clutter our homes and our lives.

It won’t be easy to part with all the things we spent a lifetime to accumulate.

But rest assured, it could give you a new sense of freedom in your life.

Perhaps the “Big” house where we raised our kids no longer makes sense.

Should we begin to cut costs and plan for retirement?

Many people simply desire more time for family, hobbies, travel, and relaxing while they still have the means.

Whether you are contemplating this for yourself, or you are helping your parents, it’s important to understand the journey you are about to set out on.

Don’t kid yourself – it is an emotional process. Start as early as 12-18 months in advance.

Decide if the advantages outweigh the disadvantages and build a plan from there.

Communicate with your spouse and/or children to make sure that your voice is heard.

Perhaps most importantly, work with a professional that you can trust to help you navigate through this experience, and offer a peace of mind for everyone involved.