Do you have kids? Do you have plans for your kids to go to college one day? Have you looked at how much college is going to cost you for just one kid? College is a big investment, but it is a good one. If you begin planning for this huge expense when your kids are young, you won't take much of a hit when the day comes that your teen packs his or her bags and heads off to start a new life at school. This blog will provide you with several ideas and tips that can help you find ways to plan for your kids' college tuition.
A natural disaster can throw anything from a minor curve ball to a major wrecking ball through your financial plans. But as you begin on the road to recovery from a flood, fire, hurricane, or earthquake, how should this extreme event change your financial plans? Here are a few key areas to consider.
1. Your Insurance Coverage. Insurance coverage is a necessary, but often underappreciated, part of financial planning. Were you covered sufficiently when the natural disaster hit? Could you have done better at being prepared for floods, earthquakes, or other excluded events? Reassess your insurance umbrella now in order to better protect your future finances.
2. Your Retirement Nest Egg. While most people advise you not to tap into your retirement accounts to cover current costs, a major emergency may make this necessary. Whether you needed to borrow funds, take out an early withdrawal, or stop contributing for a while, get started paying that back as soon as possible. You may also need to refigure your withdrawal plans if the amount may be lower.
3. Your Retirement Goals. Have the traumatic events of a disaster made you reassess your overall goals? Were you planning to retire in Florida, for instance, but have been scared off by a serious hurricane? Or perhaps you want to seize the day and retire earlier. Your retirement goals are fluid, so there's no shame in changing your mind. But you'll need to draw up a new road map.
4. Your Emergency Buffer. Did you have emergency savings that you were able to tap into before or after the disaster? Then you are to be commended, since many do not. But now you may need to redouble efforts to rebuild that rainy day fund. Didn't have enough on hand to cover your needs? Time to make a plan to boost that safety net.
5. Your Resources and Assets. Were you planning to retire in a home that washed away in a flood? Did you lose a family member in the disaster? Were your valuable collectibles damaged? Or perhaps, in contrast, insurance payouts actually improve your financial status. Either way, factor in any new or altered resources.
Where to Start
Ready to get started adjusting your financial plan after a major natural disaster? Begin by meeting with a qualified financial planner in your state today. With their guidance and experience, you'll soon be on the path of both physical and financial recovery. For more information on financial planning, contact a professional near you.Share
19 October 2022