4 Big Life Events That Require Financial Planning

Life is full of events that can change everything. Everyone goes through life with a checklist in their minds of what they want their life to look like, and we all internally plan what we want to come next, whether we intend to or not. We all need to have goals that we lay down on paper and plan for financially so that when those opportunities present themselves, we can grab them with both hands.

For the most part, personal goals have financial implications. No matter what you aim for in life, it’s going to cost you money. It’s probably why some people choose to live day to day and not plan too far ahead. We all also know that life has a funny way of responding when we make plans – all you have to do is check out Murphy’s Law! If you are the type of person that likes to plan ahead, you need to think about your finances and plan accordingly. This can mean multiple savings accounts, or it can mean the instruction of a living trust law firm to plan your next steps after you die. Planning an estate that you build up? That takes time. So, what events in life do you need to plan for financially?

Education. No matter how you look at it, to learn is a privilege and privileges come with large price tags. You could need to prepare for your own education, or you could be spending time setting up college savings plans for your children. Either way, you have to look at every educational expense and budget for them accordingly. The last thing that you need to do is plan for education and fall short. If you’re saving for your kids, start when the stick goes positive; by the time they hit 18, you’ll have them covered.

Marriage. Weddings are big business and if you want the dream wedding, you need to save your cash to do it! Marriage isn’t just an emotional decision, and while weddings are expensive you will also have to plan for your marriage. Children aren’t cheap, and neither is a mortgage for the most part. Marriage is a partnership so plan properly together and any financial pitfalls are managed together.

Parenthood. Children cost money. It’s not easy to plan financially for children, especially when you read about how much they can cost you over time. They are a blessing, but a blessing is only that way if it doesn’t have you go bankrupt. You need to think about the practicalities of having a child, and the finances is one big practicality.

Retirement. You can plan for death with a will and probate lawyer, but you also have to plan for retirement. Avoiding mistakes in planning your retirement is important, and you should start early with it. The days are long but the years? They fly past!

Planning for your future takes a little time, so give yourself that time and get planning.



Arnel Ariate is the webmaster of Money Soldiers.

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