As the premier retirement planner of Sioux Falls, Lynn Financial understands how life’s biggest milestones and curveballs can change your current financial standing and affect your financial future. In this blog, we’ll cover some of life’s moments that can drastically change your finances, and give you insights on how to properly handle them and keep your finances on track.
Marriage is a beautiful thing. It’s inspiring to see two good people join together and celebrate a state of marital bliss. But marriage isn’t just the joining of two people—it’s the joining of two sources of income, two pools of debt, and two different financial goals.
There are many different financial questions that must be answered when two people get married. Will you start a joint bank account, or keep your finances separate? Will you save for a long-awaited international trip, or stow money away to buy a new home? Are kids going to be in the picture sooner or later? Ultimately, you’ll have to talk with your spouse in order to get a better picture of their financial priorities and goals, and use this information to find ways to align your goals for the utmost financial success.
Buying A New Home
A home is perhaps the biggest purchase you can make in life, whether you’re building your very own bachelor pad or creating a headquarters for your future family. But a new home isn’t a cheap venture, and it doesn’t just stop with a mortgage payment.
When you own your own home, you don’t have the luxury of pawning off repairs on your landlord or leaving the snow-shoveling for your roommate. The responsibility for home repairs and maintenance falls solely on you, which means you’ll need to be financially prepared for any busted pipes, broken refrigerators, roof shingle replacement, or foundation damage that comes your way. Fortunately, with the right financial strategy, you’ll be able to tackle these inevitable home mishaps without stifling your financial goals.
Having A Baby (or Babies)
The USDA says that it costs over $250,000 to raise a child from birth to age 18—and that figure doesn’t even include the price of a college education. It’s no secret that raising kids is hugely expensive, so it’s critical to be prepared for the day-to-day expenses that come with raising a child, and to develop financial strategies that ensure the financial success of you, your child, and your family as a whole.
In the short-term, day-to-day budgeting and money management is critical for financial stability and success, as you must make sure your child is taken care of while you simultaneously handle bills like mortgage payments and credit card debt. In the long-term, setting up a college savings account or a life insurance policy will give you peace of mind, and provide your child with a much-needed nest egg to help them achieve success and stability as they enter adulthood.
The more kids you have, the more complicated your finances will become, and the more expenses you’ll have on a short-term and long-term basis. Talk to your financial consultant to a create a financial plan that sets up the whole family for success.
Getting A Divorce
Regardless of the emotional situation at hand, a divorce can destroy the finances of both parties involved. It’s important to take divorce-related expenses into account, and to reevaluate your financial standing and financial goals after your divorce in order to keep your finances on the right path.
Divorces are difficult—but hopefully, with some help from Lynn Financial, your finances won’t have to be.
Most of us aren’t lucky enough to win the lottery—but every once in awhile, a windfall in the form of an inheritance or a work bonus can fall in your lap when you least expect it. When you receive unexpected funds in this way, it can be tempting to spend, spend, spend. But if you invest your windfall into your future, you could reap some serious financial benefits.
Retirement is the ultimate life milestone—a celebration of years’ worth of hard work and dedication that have led you to a new life of relaxation, adventure and, heck, anything else that your heart desires. However, we have one question: is your financial portfolio aligned with your vision for your retirement?
If you haven’t prepared properly for your retirement, or haven’t prepared at all, the time for a new financial strategy is now. That’s where Lynn Financial can help. We provide you with retirement planning strategies that have the potential to make your retirement dreams a reality, and offer professional advice that can keep your long-term financial plans on track. Don’t wait—get started with Lynn Financial today!