5 Life Events That Require Financial Planning
Life is as unpredictable as the weather so long term financial planning is essential if you’re to navigate the turbulent waters of change while still being able to provide for yourself and your loved ones. In any life there are many instances where a lack of proper planning can have disastrous consequences. In this post we’ll look at 5 life events for which financial planning is not just a good idea, it’s an absolute must.
Financial Planning Toronto: Not Just a Parlour Game
Some folks approach financial planning in Toronto like a parlour game where some will win and some will lose and, oh well, that’s that. But while there’s value in not taking everything too seriously certain life events require more than a “whatever” attitude to financial planning, lest you or your loved ones wind up in difficult situations that could have been avoided. Here are 5 such events.
· Getting Married - Getting married without a financial plan is asking for trouble. You don’t need to account for every double mocha latte you and your spouse will buy over the next 20 years but agreeing on common financial goals before saying “I do” will help you achieve those goals together. As money issues are the root of most divorces agreeing on a common financial plan before getting married is like an insurance policy on marital longevity.
· Having a Child - Your children will provide some of the greatest joys you’ll ever experience. But they’ll also put stress on your financial life if you’re not properly prepared. Child related expenses start with birth and culminate in the extreme sport of “paying for college”. Attempting to face the financial challenges kids represent without a financial plan is like climbing a mountain without a safety rope.
· Speaking of College - If you don’t start preparing early your son or daughter will need to go deeply in debt in order to get the education they need. Take the time to sit down with your financial planner in Toronto and get ahead of things.
· Retirement - Facing retirement is tough enough without wondering how you’re going to keep a roof over your head while being able to handle the medical challenges that come with old age. Waltzing into retirement without a financial plan is a good way to ensure a retirement full of crowded public hospitals, reduced possibilities, no travel and nothing left for the kids.
· Death - The subject no one wants to think or talk about will require you to plan for if you wish to make sure your assets are distributed the way you want and not simply scooped up by the government. Inheritance planning is crucial to ensure the lives of your loved ones are not upended by your passing.
If you’re careful and thorough in your financial preparations you’ll be able to face life’s challenges with an easy confidence. Talk to the professionals at Lifecycle Wealth financial planning, Toronto and set the wheels of financial success in motion.