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.

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."

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