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 In Managing Life Events

Like many of us, you may have questions about which financial goals to prioritize. Should you pay down debt first? Purchase a life insurance policy? Open a Roth IRA? No matter how much money you make, or hope to make, these questions can be difficult to answer. 

It’s important to note, first of all, that there is no one-size-fits-all approach. Each family has different needs, and what works for one person might not work for another. That said, here are a few tips to keep in mind as you take a look at your personal finances and set goals.  

Tip #1 – Think About Your Values and Goals FIRST 

For most of us, our families come first. That means their security should be top of mind. That’s why we recommend making sure that they’ll be safe in case of an emergency. 

This may mean, for you, that coming up with an emergency savings fund takes top priority, so that if you or your spouse lose a job or face unforeseen medical expenses, you’ll have enough money in the bank to see your family through. 

It may also mean that you consider a Term Life Insurance policy that will protect them in case you pass away unexpectedly. 

Tip #2 – You May Need to Multitask 

We all have bills and responsibilities. If your list of must-pays includes a car loan, a mortgage, a student loan, high speed internet, etc., you clearly can’t focus on just one at a time. Chances are, you’ll need to pursue multiple goals simultaneously. 

We recommend coming up with a budget and a strategy so that you can both handle your responsibilities today and be prepared for the future. 

Tip #3 – Track Your Progress and Celebrate Your Successes 

If you decided to lose weight, you’d probably do a few things: you’d look at your diet, for instance, you’d join a gym, and you’d keep track of how much weight you were losing each week or each month. You might also decide to reward yourself as you met important milestones. The same is true for financial journeys. We encourage our clients to keep track of their net worth and update their financial scorecard as bills get paid, a retirement account grows, and important goals are met. 

As your life changes, your goals may change; what won’t change is the importance of knowing where you stand financially. 

Tip #4 – The Money You Save or Invest Can Change the Course of Your Future

Here’s the inspiring part: when you save money or invest it for the protection of your family, you really are improving your family’s future. When you’re not worried about losing a job, getting into an accident, or facing another expense you don’t plan for, you feel more confident. You take more risks. You dream bigger dreams. Money invested in a savings account or a term life insurance means you’re not frightened of what may come. You can feel good about the future of your loved ones. 

There’s no better time to prepare for your future, explore your options, and lock in a low insurance rate. We can help. If you’d like help planning for your family’s future, contact us directly at 877-794-TERM, or click here to request a free quote.