Written by Kris Louis of Parenting With Kris
At first glance, life planning can easily inundate you with details that need to be carefully thought out for your future. If you haven’t yet started, don’t fret. You don’t have to let the scope of it paralyze you, and it’s never too early or late to begin. If knowing what to prioritize is causing confusion, you can start by addressing the big picture for either your long-term goals, retirement savings, or planning for your children’s futures.
Writing Your Goals
When you plan for your future, it’s common to begin with a list of goals in two categories: short-term and long-term objectives. Keep in mind that these objectives will change over time as you age and unforeseen events affect your life. This list will essentially operate as your benchmark for things to come. If you’re having trouble thinking about what you want or how to prioritize, try assessing your future direction by projecting what you would like your life to be in a few years’ time. For some people, that could mean starting a family.
Your Child’s Future
Nothing represents the future more than children. Your children’s needs will factor into the equation, and that plan traditionally begins with financial considerations. There are a variety of ways that you can save or set money aside for your child, especially to cover the prohibitive costs of educational expenses. You can get a head start on this educational fund by setting up a savings account or a 529 plan, which is a state-sponsored education savings plan that’s considered one of the best savings vehicles for
college expenses. If you are able to start putting money aside now, you’ll potentially be able to avoid putting yourself in a bind later on while helping secure a part of your child’s future.
Success in Business (and at Home)
An important step in providing a stable financial future for yourself and your family is an MBA. Studies measuring pre and post-MBA salaries show a jump of up to 50% in earning potential. Along with increased financial security, you can expect to grow your current business skillset and increase your network, which can lead to tons of new job opportunities. MBAs will also be useful in developing leadership qualities that can benefit family life and inspire your children for future successes.
Planning for Retirement
As you approach your golden years, you’ll want to stay one step ahead. While pensions and Social Security can provide a nice blanket for life after work, you will want to plan ahead and make use of savings plans, like a 401k and IRA. The first step begins with determining how much you’ll need, with one rule being that you’ll need 70% of your pre-retirement income. From there, you can factor in any additional expenses, such as medical or travel expenses. Once you’ve come to a rough number, you’ll be able to
work backwards on how to meet that number by factoring in your anticipated Social Security benefits.
Prepare for the Unknown
We cannot predict the future, but we should do our best to prepare for the unknown. In the event that tragedy should strike either you or your partner, consider the impact it will have on your family’s future. One consideration is setting up an estate plan, which can include creating a will or a trust. There are other things you can look into, such as life insurance, a power of attorney, and guardianship designations.
Priorities Evolve
Over time, our priorities change, but it’s never too late to start planning for the future. It’s not only important for you, but also for your family. Whether you start by planning your long-term or short-term goals, you’ll put yourself in a better position than you are in now. The key is to take action, no matter how small the plan is. The sooner you start, the better off you’ll be for it. Ensuring your child is well-cared for also involves nurturing your relationship. Connect with The Gentle Parenting Institute to get the tools and assistance you need to promote positive reinforcement and instill healthy behaviors within your child and yourself.
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