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5 Life Events That Demand Financial Planning Michael Luchen

5 Life Events That Demand Financial Planning

5 Life Events That Demand Financial Planning _ Michael LuchenLife is predictably unpredictable. Regardless of your age or occupation, there will always be an event that life brings your way which will require financial planning. If you’re just starting out in adulthood, there are five specific life events that demand financial planning for which you should prepare.

  1. A New Baby

Creating a family with the person that you love is a beautiful thing that requires years of emotional, physical, and financial commitment. To ensure that you and your partner are prepared for the responsibilities awaiting you in parenthood, speak to a financial planner to organize your money for future expenses and a college fund.

  1. Retirement

Retirement is the one aspect of life that many people begin to plan for during their early years. A comfortable retirement can be achieved through proper financial planning and clever investments. Some employers offer generous retirement plans for remaining with their company for a set amount of years, so if you can find a job with such benefits, capitalize on it immediately.

  1. A Big Move

Relocating to a new home, even if it’s in the same neighborhood or city, can require a fair amount of financial planning. Moving expenses can be more extensive than previously thought. The shift in utility costs is also a financial aspect of moving that should be taken into consideration. If a move takes you into a different state, you must also look into the difference in state and local taxes that you’ll be expected to pay.

  1. Graduating College

While some people are fortunate enough to acquire a scholarship that pays for their entire college education, many others have to rely on student loans. Once they graduate, student loans immediately begin to increase with interest. This is a critical time in a young person’s life where their financial decisions will play a vital role in the creation of their future. Financial planning will help them to pay their monthly student loan payments while affording proper housing as they begin their new life as an adult.

  1. Marriage

Marriage marks a moment in your life when you’ve decided to combine your life with another’s. While these are lovely sentiments, marriage also brings the promise of combined lives in every aspect – including financial. When two people decide to get married, serious financial planning should be in order regarding their personal property, personal assets, existing debts, taxes, and inheritances.

Michael Luchen | Summer

5 Financial Reasons You Should Start Planning For That Summer Getaway Today

Michael Luchen | SummerSummer is far from now, but it doesn’t mean that we can’t start planning. 

There are several reasons why we ought to start organizing for trips week or even months ahead of your summer vacation date, but consider the following five financial reasons:

First, consider new tax laws. Contrary to what many people believe, taxes will place more of a burden on working-class and middle-class people. If you are looking to take a vacation, now is the time to get your finances together, because you will be paying taxes later on in the year.

Second, you never know what may happen later on. If you are the victim of an emergency, you may have to pay money to take care of it. With health insurance costs rising, you never know how much you will have to pay out-of-pocket. It is better to set aside the money for your vacation now rather than wait and possibly have to give it up because of a health issue.

Third, you will get the best prices for your summer getaway if you purchase everything ahead of time. Your accommodations, plane tickets, and extra essentials will cost less if you pay for them now. Why wait until the summer hits and pay full price for them – let all of the latecomers do that while you enjoy the rest of your expendable income in cash.

Fourth, if you put away money for your summer getaway now, you can gain interest on that money while you wait for the summer to come. You may be able to turn that $5000 savings account into $5500 or $6000 by the time the summer rolls around, but only if you put it aside early and invested properly. The sooner that you save money, the sooner that you can talk to a financial advisor who will let you know exactly how you can use your money to build it for your summer vacation.

Finally, putting aside money right now helps to organize your schedule financially for the rest of the year. There is no reason to confuse your schedule later on – set aside the money in your budget now so that you can create the rest of your budget for the summer as well. If you are genuinely financially savvy, then you will be able to develop a budget for the winter season as well. You may even be able to take a vacation in those winter months! Do not put anything outside of your potential until you see how your finances look.

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