Monday, September 27, 2010

Major Life Events

What are the major life events most of us will have?
  • Joining the workforce (after graduation)
  • Marriage (or divorce)
  • Birth of a child
  • Purchase first home
  • Invest in real estate
  • Children education (college/university)
  • Major illness / critical illness
  • Major accident
  • Unemployment or financial problem
  • Change of career (from accountant to fashion designer)
  • Retirement
  • Death of spouse or child
  • Death or dying
In our lifetime, we are going to face some of the different situation at least once if a life time. Some events can be joyful, but most may be stressful or extremely stressful.

Major Life Events & Money

There are events in your life that can change the way you think and feel about money. They can change the way that you handle money and your financial choices. These decisions usually affect other aspects of your life as well. If you are getting married, buying your first home, or buying your first car, you approach your finances a little bit differently. It is important to be prepared to meet these financial milestones.

If you are just starting out on your own, you may want to start with the basics. You should be budgeting, paying off debt and preparing for emergencies. Doing this before you get married or buy a home will give you the opportunity to have a great starting point. Imagine the freedom that being debt free and a home owner will give you when it comes time to get married or have children. Start preparing for these things now, by simply having good financial habits.