Which Lifetime Events Might Change Your Financial Plan?
From choosing the best price at the supermarket to deciding how to save for retirement, we make choices about money every day. No matter how old we are, it's vital to have a solid financial plan in place to protect ourselves and our families long-term.
Some life events mean that it's time to take a step back, revisit our financial plans, and make sure that the ways we're saving and investing still make sense.
Here, I’ll go over some of the major life changes that indicate that it's time to look over your wealth management strategies to ensure that you're still on track to achieve your financial goals.
Marriage
It's easy to get caught up in the wedding, the honeymoon, and all the other fun parts of getting married. It's also an opportune time to consider the practical side of things, such as combining financial goals and combating debt together. Another consideration is taxes. Sometimes getting married can bring a tax benefit and other times it can result in higher taxes that may need to be planned for.
Growing Your Family
Welcoming a little one? Whether you want to simply save for emergencies or begin to stow away money to leave your child a nest egg of their own, bringing a bundle of joy into the world means that it's time to revisit your current financial plan.
Becoming a Homeowner
When you buy a house, your priorities change, financially and otherwise. You'll want to be sure you have money put away for repairs, renovations, and anything else you'll need to fully enjoy your new home while staying on track for your other long-term goals.
Changing Tax Situations
Whether you get a new job or get a promotion, moving into a new tax bracket means that it's time to switch up your financial plan. This could mean switching to quarterly tax payments, changing your withholdings, or making other adjustment that prepare you for tax changes.
When Life Is Calm
Even when life is going smoothly, it's still a good idea to check in with a financial professional on a regular basis. Revisiting your financial plan every year can help you stay on track when it comes to hitting your financial goals and making the most advantageous money decisions.
As a CERTIFIED FINANCIAL PLANNER™ professional, I can help you manage your money no matter what life throws your way. Whether you've been investing for years, or you're just starting to think about long-term savings, I will consider your financial situation to create a plan that makes sense for you. Adjustments along the way are normal, and together we can create a flexible plan that keeps you on track to financial freedom.
Please schedule some time on my calendar to discuss your long-term wealth management options.