If there is one thing that most people don’t want to think about, it’s the future. The unknown is one thing, but the speed in which the future is rocketing towards us is quite another. There is so much to consider when it comes to looking to the future – from the family you may one day have, the career goals you may hit, the house you may one day buy. You’ll see money and security for you and your family, a comfortable retirement, a life of golf and spa days. The problem is that most people are dreaming about this happening, without doing anything about it to make it happen. It’s up to you to ensure that the future unfolds in the way that you imagined it would and that is why preparation is key.
If you want to have a future of financial security, you have to start while you’re young. Yes, you can still carve out a future that is financially secure while you’re in your 30s and 40s, but the earlier you begin, the better off you will be as time moves forward. It takes time to feather a nest, and if you begin early, you can guarantee a more comfortable nest! So, whether you start by attending the Law Office of Stanton D. Goldberg to invest in estate planning, or you start by paying into a private pension, you need to get going. Your future depends on your actions today, and below, we’ve got some solid tips in helping you to prepare for the future.
Set Achievable Goals
Whether you want to have a savings goal in your retirement, or you plan to one day buy a house, you need to start with the future that is right in front of you. Planning your immediate future is going to make a big difference to the way that you feel: in control. You’re going to have a much clearer view of your long-term future when you have achieved the smaller goals right in front of you.
Okay, so you know what you want eventually, but how do you plan to get there? What are you planning to do to ensure that your income increases in the way that you want? Planning financially means starting to pay down debts and work your expenses to know what you can pay for and when. You should consider paying down the debts costing you the most in interest first, and then going from there. Credit cards should be the first to go given the interest you pay on them. Your financial plans should include what you are paying for on your house and your other bills, and then whatever is left you can work out to be savings. Once you have a savings amount, you can work out what you can put towards your future vs what you need right now. Speaking of savings plans…
Start A Savings Plan
You should start with a savings plan that covers you for at least six months of expenses. This keeps you solvent should you have to deal with any catastrophic changes in life (think accidents, death, loss of job, etc). This cushion for six months worth of expenses can and will make a difference to how you handle things in the future, so don’t be afraid of saving as much as you think you will need!
Look To Your Career
When you are planning the future, start with what is going to get you there: your career. Your job is going to take you as high as you can possibly go, so if you’re looking for a better job to up your income, it’s best to start as early as possible. You can then put in a plan of action of where you want to be in ten, twenty or even thirty years time. This gives you time to requalify if you need to, or work out which businesses you need to be a part of to succeed anywhere else. Your employer should also be able to match your pension contributions, which means that you can then have more security in your future.
Plan Your Family
You must map out your family plans if possible, especially if you intend to send your children to college one day. You need to assess whether you want to have children and how many so that you can control how early you start saving for that future. Perhaps you want to spend money on a wedding, on a family home in the suburbs. No matter what your plans are going to be surrounding your family, you should have them in the forefront of your mind and that way, your finances will follow, too.
Your future begins with the retirement years and those years need to be saved for over time. You should have a 401k in place, and your own IRA or savings ready in your account to pay for those years. Your house should be paid off by now, but if its not see if you can get it paid as soon as possible. You have to account for an increased cost of living, but if you own your house outright you won’t need to worry too much as you’ll free up mortgage payments. You already have an estate plan mapped out, so that’s part of the battle over for your future as you know it’s all secure for your children.
Your future is going to be secure if you prepare as early as possible. You shouldn’t have to get to your sixties and panic about whether or not you’ll have a home to live in later on in life. Your future depends on your plans now, and it goes so quickly that you shouldn’t wait around for the future to happen before you do anything about it. Take note of the things that you need to plan for and you’re going to be able to ride into that sunset happy and solvent.