My wife and I had our first child in May. The moment they let us take our beautiful daughter home from the hospital without a nurse to guide us was when we realized the newfound responsibility that a child brings!
For the past nine years working as an advisor, I have been helping others plan for many of the important events in their lives, including marriage, children, retirement and leaving a legacy for their family. As I enter a new stage myself, I thought I would share some of the financial steps I took to help secure the financial future of my family.
It’s funny how people sitting next to you on airplanes sometimes open up and like to talk. This happened to me last week with a gentleman who looked at me and decided I was a good person to talk to, or maybe I’m just a good listener.
He told me his whole financial life history. Don’t ask me why. I didn’t know him, and he didn’t know me, but I listened.
Identity stolen twice, divorced twice, both times expensive, and just remarried at age 66 to a somewhat younger woman who has significant debt.
His career has been varied. Fireman, CPA, boat captain, electrical engineer and now talking about retirement. He will be going from a high-income earner to a low-income retiree.
The lackluster economy and student debt aren’t the only things holding back Millennials from attaining financial independence and success. Let’s take a look at five money mistakes Millennials tend to make—and see how we can correct them.
Lets say you are incapacitated by an accident or illness, this document allows the person you’ve chosen to act for you—and quickly. That can help you avoid a lot of problems, including hard-to-get guardianship and conservatorship rights. (If you are unsure of what either of these two terms means, this article makes it clear.)
Death is inevitable and, regardless of how you feel about that, there will be family left behind who will have to manage “your estate.” Now the word estate may conjure up images of Downton Abbey or an oil baron’s fortune, but if you are leaving anything behind, that is your “estate.”