There’s no time like the present. Make a plan or plan to fail. All the sayings are correct, especially when it comes to your finances. It’s essential to understand your short and long-term goals from monthly cash flow, major purchases, insurance, tax, education, and retirement. With Life Strategies, we help you identify these goals and create a balanced plan to achieve them no matter what your life stage.
You may be getting training, attending college or university, starting a career, or planning to marry. Spending is often greater than income during this period.
– Paying for post-secondary education
– Buying a car or home furnishings
– Building savings
– Paying off debt/student Loans
– Building a good credit history
You may be changing jobs to enhance your career, starting a family, or saving for a child’s education. Income is typically rising during these years.
– Buying a house
– Reducing taxes
– Growing savings
– Preparing an estate plan
– Saving for retirement
– Starting a new business
– Protecting your family from loss
– Reduce debt/prevent lifestyle creep
Your expenses may start to go down, and savings can really start to build. If you have kids, you may help pay for their education and weddings. You may also help them buy their first home.
– Paying off a mortgage and other debt
– Reducing taxes
– Growing retirement savings
– Sending kids to college or university
– Starting a new business
– Planning for retirement
– Travel
You may want to work less and your health may still be good enough to support an active lifestyle, perhaps with travel, volunteer work, or continued part-time work.
– Starting a new business
– Turning retirement savings and pensions into income
– Managing taxes
– Managing investments throughout retirement
– Updating your will and estate
You may become less mobile, and may need to take care of health problems.
– Optimizing taxes
– Managing savings
– Estate planning
– Considering options for assisted living
– Gifting to heirs or charities