Midlife crises are often the punchlines for jokes about balding and sports cars. We’ve all known someone who has gone through one. There is often a common theme of wondering whether you’ve achieved your full potential. Sometimes there is a huge mess of emotional distress leftover. But has anyone ever thought about the financial cost of a midlife crisis?
Both men and women go through midlife crises, but they are often very different. Women typically experience empty nest syndrome at the same time they are starting menopause and gaining financial stability. They may decide to undergo plastic surgery as a way to stop the aging process. The price tag for the most common surgery, breast augmentation, is an average of $3700.
Men and women share a lot of the same midlife crisis experiences. Both will invest in exercise equipment, participate in adventurous activities, or seek a divorce. All these things carry high price tags. A treadmill can set you back anywhere from $900-4000, while an adventure such as skydiving can cost an average of $250 per experience, and usually one experience isn’t going to be enough.
Men tend to purchase sports cars, which can top out at $15 million. Of course most men don’t spend quite that much, but the market for such cars is definitely there. Oddly enough, men also spend money on Botox, which can cost $200-400 every three to four months.
Now that you have an idea what you might spend on your personal midlife crisis, it’s time to plan ahead. Start putting money away now so you don’t end up going into debt to finance your sudden obsession with bungee jumping. Be sure to examine your choices carefully before going ahead- some decisions you can’t take back.
For more about the potential costs and variations of a midlife crisis, check out this infographic. You might be surprised just how expensive they can be!