5 Life Stage events that beg for a Financial Plan


Going beyond day-to-day needs


Even if you're not actively keeping up with the Jones, surviving and enjoying a comfortable and secure existence will require a financial plan. Beyond day-to-day needs like having food, shelter and transportation, it's also a good idea to set some money aside for major expenses, whether you're anticipating them or not. Here are several life stage events that should be on your radar where financial planning is concerned.


Buying a house


There is a good amount of security that comes with purchasing a family home. Building equity means that you're making your money work for you, ensuring a payoff down the road when you decide to sell your property (as opposed to having nothing to show after years of renting). However, you will have to plan for this major purchase by putting together a down payment, calculating what you can afford for your monthly mortgage, and factoring in costs like taxes, insurance, maintenance, and so on. Don't forget, you should also consider engaging in asset protection by setting up a family home trust to secure your property against potential claimants.


Having kids


Everyone knows that children are expensive. So it's rather surprising that people have them without first calculating the money needed to support them and raise them to adulthood. At this point the cost to raise a single child to the age of 18 is estimated at a quarter of a million dollars. In other words, this is a life event you should definitely plan for financially.


University education


Whether you want to go back to school at some point yourself or you're planning in advance to provide higher education for your kids, university fees can be pretty pricey. If you already have some money in your rainy day fund, think about placing it in trust so it will be waiting when your kids come of age.


Job loss


Some people plan on working their whole lives. Others want to retire early enough to enjoy their golden years. There are also people who end up facing unwanted layoff or firing throughout the course of a lifetime of working. If you don't plan accordingly, you could end up in serious financial straits. For this reason you should not only set up retirement accounts, but also a rainy day fund that can cover at least six months' worth of bills. It's also smart to create family trusts, particularly home trusts, that will ensure your house and other assets can't be seized to pay debt should you suffer unexpected job loss.


Injury, illness, or death


Death is assured, and most of us plan for end-of-life expenses and caring for loved ones after we're gone with a will, trusts, and/or a life insurance policy. However, you may also want to plan for unexpected injury or illness that leaves you unable to work by setting aside money that can be accessed during your lifetime.


So why not learn more and register with TrustUs today.

After all, it's in your hands.