Imagine your Wedding Day. Perfect, right? Everything went smoothly, in-laws behaved themselves, everyone was on time, and old boyfriends and girlfriends didn’t cause a scene during the blessed ceremony.
You prepare for your first dance as husband and wife, then, all of the sudden something went tragically wrong. This happened to Kim Siostrom from Florida. She was preparing for her first dance with her husband, Teddy Efkarpides, when she suffered a heart attack and died. Teddy went from the celebration of their new beginning together to the tragedy of that new beginning being cut short on the same day. Preparing for tragic events in regards to our spouse is something that we overlook.
So, what are some important aspects of finances should we consider when it comes to securing our financial future? Incorporating your family plan or goal setting plan in Part 3 will go a long way in determining how you will plan for those future events.
Here there are 3 Important Decisions every couple should discuss when preparing for future tragic events:
1. Put away at least 10% of every dollar you make and invest it for your future in a pre-tax retirement account; that will allow you to save for retirement. Investing in a pre-tax account will allow you to put aside money that will grow and you will pay fewer taxes. Who wouldn’t want that?
2. Create a safeguard system that prepares you for sudden emergencies. These safety measures are as follows:
- Set aside an emergency fun. How much you decide to put away will be based on your spending patterns including spending for your children.
- Set up a living will/trust that should be signed soon after you sign the marriage license. This will allow you to determine a) Who will transfer your property to after you die (including children); b) If you both die; and c) If you are ill and cannot make your own decisions.
- Make sure that you have the best health coverage you can afford. You hear people saying “as long as I have my health…” That is ever so true, especially if you come to a stage where you have to care for a sick partner. This can be very stressful emotionally as well as financially, especially without health insurance.
3. Finally, you need to determine the right kind of coverage that you need to protect your family in case you die or are unable to work. Life Insurance and Disability Insurance are very important. Consider these:
- How much does your family rely on your income?
- Will you have to pay off major debts or unexpected expenses if you or your spouse were to die?
- If you have a company policy, how much does it cover? Is it enough?
And, what about your dreams and hopes? I remember when I first got married, my wife and I developed a list of the exciting things we wanted to do, and the places we wanted to go and see. The list quickly got replaced by the list of things we needed for the baby. As your family grows, so does your list of provisions for them. But recently, we realize that we cannot solely live for our kids. Once you have provided all you can for them, they eventually leave and start families on their own. Fortunately, that is the ways it’s supposed to be. You have to live for yourselves. You have to dream. Again.
Life Coach Keith
Beautiful. Leave your comments below, we want to know how it’s going for you? Are you ready for the unexpected? We want to know your story..
Remember always to Be Brava, Be You!
Coach Keith Dent is a Life Coach who specializes in relationships. He lives in West Orange, New Jersey. You can find more about him and his amazing programs at http://facebook.com/strivetosucceed.dent. You can read his blog at strivetwosucceed.wordpress.com