Planning for the future is exciting, but because nothing ever stays the same, you need to think big when you sit down with a financial/insurance advisor. Your finances change as your life changes, be it marriage, a new job or a baby. So you need to revisit your goals on a regular basis.
To help you get started, here are five major milestones an advisor can help you prepare for:
1. Buying your first home
Getting the keys to your first condo or house may be your dream, but unless you carefully prepare for the additional financial commitment involved, you could end up overwhelmed. An advisor can help you set realistic financial goals.
2. Merging your finances
When you decide to settle down with the love of your life, you won’t just be merging your households. You need to think about how best to merge your finances as well. Whether it’s planning for the costs of a wedding or just figuring out how your different financial goals and savings fit together, an advisor can help you create a long-term plan that works for both of you.
3. Starting a family
Kids change everything, including your financial plan. As you start your family, you need to consider the added costs of raising kids, from schooling to extra-curricular activities. An advisor can help you plan for those costs and provide you with information on the advantages of savings vehicles.
4. Setbacks
Not all milestones are planned for or welcome. The loss of a job, illness or a death in the family are all major life events that can set you back financially. An advisor can help you prepare to handle some of life’s major challenges by recommending appropriate insurance products and/or helping you build an emergency fund. That way you will have a safety net in place if and when you need it.
5. Retirement
It’s important to review your retirement savings plan with an advisor regularly to make sure your savings and investments stay on track to support your retirement goals. You need to revisit your plan on a regular basis to make sure it continues to support your age, life circumstances and fluctuations in the financial markets.
To help you get started, here are five major milestones an advisor can help you prepare for:
1. Buying your first home
Getting the keys to your first condo or house may be your dream, but unless you carefully prepare for the additional financial commitment involved, you could end up overwhelmed. An advisor can help you set realistic financial goals.
2. Merging your finances
When you decide to settle down with the love of your life, you won’t just be merging your households. You need to think about how best to merge your finances as well. Whether it’s planning for the costs of a wedding or just figuring out how your different financial goals and savings fit together, an advisor can help you create a long-term plan that works for both of you.
3. Starting a family
Kids change everything, including your financial plan. As you start your family, you need to consider the added costs of raising kids, from schooling to extra-curricular activities. An advisor can help you plan for those costs and provide you with information on the advantages of savings vehicles.
4. Setbacks
Not all milestones are planned for or welcome. The loss of a job, illness or a death in the family are all major life events that can set you back financially. An advisor can help you prepare to handle some of life’s major challenges by recommending appropriate insurance products and/or helping you build an emergency fund. That way you will have a safety net in place if and when you need it.
5. Retirement
It’s important to review your retirement savings plan with an advisor regularly to make sure your savings and investments stay on track to support your retirement goals. You need to revisit your plan on a regular basis to make sure it continues to support your age, life circumstances and fluctuations in the financial markets.
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