Life Stages and Financial Goals That Affects Financial Planning

 

LIFE STAGES WITH FINANCIAL GOALS THAT AFFECTS FINANCIAL PLANNING

        1.  NEW GRAD- ENTERING THE WORKFORCE

·         Make a budget : know your income and do not spend more than you earn.

·         Track your expenses : know where your money is going, watch your investment and make a smart choice

·         Pay down your debt : credit debt should be a higher priority than student loan debt.

·         Start saving for your retirement

         2.    ADVANCING YOUR CAREER 

• consider continuing education or advancing your degree
• maintain retirement account 
• seeking out a financial advisor
  
  3.   GETTING MARRIED
• make changes to your estate
• evaluate insurance policies
  
  4.   BUYING A HOME 
• buy only what you can afford 
• re-evaluate insurance policies 
  
  5.   HAVING CHILDREN 
• review estate plan 
• start saving for college 
• relay financial lesson to your children
  
  6.   ESTABLISH YOUR CAREER
• max out retirement contribution 
• be proactive in your text planning 
• consider your own long term care plans 
• begin planning your retirement income 
• catch up on retirement contribution
  
  7.   RETIREMENT
• know your budget 
• review your investments
• downsize 
• look at how to fund long term care costs