Planning for Life Events Part I

Last month we talked about how people are delaying life events because they do not have the money to afford a change. This month we are listing several life events that need planning. As we age and mature we find that our priorities change, reflecting where we are and where we want to go instead of where we have been. Many life-changing events require financial planning to make the dreams a reality, and with the right guidance from a financial planner, your dreams are within your grasp.

  1. 1.       Buying a vacation home. For many people this may not even be on the radar, but think of the endless summer nights that will be spent relaxing and enjoying family and friends. Many times buying a vacation home is often wrapped up with the emotional ending of summer. With careful planning with a real estate agent and a financial planner, you can plan, allowing you to choose the perfect home to spend those fabulous days with your family and friends.


  1. 2.       Wedding bells are ringing, loudly. So you finally popped the question. You saved for a few months, found the perfect ring, and she said yes. Now comes the complicated part. Combining finances. Couples are take more time before they tie the knot, so combining finances can be complicated when brining in already established financials. Prenups may be a buzzkill, but they can be something that protects each person savings and prevent any misunderstandings if something should go wrong.


  1. 3.       You got the raise you’ve been counting on for years. Pay raises are usually small, so a big raise can be cause for celebration. This also means more responsibility financially. This is a good time to bump up the retirement savings, invest in stocks, pay off some bills, or put it away for a rainy day. Talking to a financial advisor to help you decide what to do and make a new budget.


  1. 4.       Congrats, you’ve graduated. Even though when you graduate college you don’t have a lot of money, but talking to a financial advisor can be helpful in guiding you in the right direction for your future. They can help you make choices in how to begin repaying your share of the $1 trillion in college debt students leave college with.


  1. 5.       You’ re relocating. Whether it is for a job or to be closer to family, moving can be an overwhelming experience. There are different tax rates, cost of living can vary greatly, moving expenses, finding a place to live, timing, etc. Talking to a financial advisor that has offices in your old and new place can be beneficial when helping you make the changes.