(ThyBlackMan.com) We can all make our own plans, and most of us do, but life has a way of tossing our best-laid plans aside. That’s why if you’re an adult, you should always be preparing for those life events that are most important and which are often not expected at the time. If you can do this, then you and your family are likely to be much better off financially in the long-term, even if it means making a sacrifice now.
So, what are these life events every family should be prepared for?
Higher Education
If you have kids, or even if you’re a teenager a few years away from attending college yourself, it makes sense to start saving for college or other forms of further education as soon as you possibly can. Not only that, but you should be looking for grants and scholarships as
soon as possible so that you can meet the requirements too. The average outstanding student debt right now is $37,172 – that’s a huge chunk of change, but it’s one you can help your kids avoid by saving as soon as you know you’re going to be a parent or one that can be minimized by working hard and saving as much as you can in the run-up to college.
Raising a Family
If you don’t yet have kids, but you think that you’re going to have some in the future, start planning for family life now. Why? Because the average cost of raising one child until adulthood is around $241,080! The more you can save ahead of actually starting a family, the better a position you will be in to take care of your family and the more prepared you are for raising a child, the easier it will be.
Retirement
It’s never too early to start thinking about retirement, for yourself and your family – you can even open Kiddie Roth IRAs for your little ones before they’ve even got to grips with the concept of work, let alone done any – because retirement is a big deal. If you want to actually be able to retire comfortably at a reasonable age, you need to plan from it as soon as you can.
Death
Death doesn’t always come to us when we’re old and gray. There have been many families forced to find the right lawyer for wrongful death when a family member has been struck down in their prime and more than a few young windows who’ve had to bury their husbands too soon due to the brutal reality of nature. That means that, if you have a family, you need to ensure that they’re protected by taking out life insurance policies on you and your spouse at least. You may also want to set aside a separate sum of money to cover your funeral expenses, so you can make things as easy as possible on the loved one you leave behind, although we hope that won’t happen until you are old and gray!
Life events are difficult to predict in terms of timing, but for most people, most of the above will happen at some point, and it pays to be prepared for them. The sooner you prepare, the more secure the future of your family will be.
Staff Writer; Reggie Ross