3 Questions for Your Financial Future. Part 2

June 12, 2019

Last week we explored timing in relation to financial planning. Still, you may be wondering: Once I get married and move on from the comfort of my parent’s financial support, what comes next? In addition to the right mindset of setting up the right protections for the long term, you need a solid plan for earning money in the first place.

Becoming financially responsible

Let’s discuss the key to meeting your money milestones. First, consider these suested goals by age from The Balance*:

have a 3-6 month emergency fund. Secure proper financial protection in the event of death or disability. Put aside a savings fund for planned life events such as marrying off children.

 

 

wipe out all your non-mortgage debt, bring your earnings up to twice what it was at 25, and readjust your long-term emergency funds to accommodate updates in your family and lifestyle

 

 

pay off your mortgage, take advantage of every available option for maximizing your retirement contributions, and being able to enjoy the fruits of your planning labor

 

 

So, how am I going to make the money to reach my goals?

To stay on track for success, start with the realization that wealth is not limited to a single paycheck. While a job should be your primary form of income, the point of financial planning is to unlock other opportunities to secure your assets through tax efficiency** and risk minimization.

If your goal is to break opportunity wide open, gaining access to a financially secure future should include the right education, guidance and empowerment. Making money is one thing, but knowing what to do with it is the best solution to help secure a comfortable lifestyle and prosperous retirement.

*https://money.usnews.com/money/personal-finance/saving-budget/articles/2017-05-16/8-scary-financial-statistics-and-how-to-avoid-becoming-one

 

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