One
challenge of living a good life is learning how to balance the realities of
today with what lies ahead. In other words, it's important to live in the
present, yet wise to also plan for the future. Change is always around the
corner, whether of our own making or due to the course of time. You owe it to
your future self to consider what you'd like the next chapter of your life to
be. Here are four ways to constructively think ahead.
1. Be intentional.
Take time to articulate what you hope to experience in the next phase of your
life. Whether you envision your future to include starting your own business,
moving to a new job or new career, dedicating more time to volunteer work or
entering into a secure retirement-it's all good. The more detailed you can be,
the better. There's something empowering and motivating about naming your goals
and claiming them for yourself. You only have one life, so give yourself the
opportunity to reach for the experiences that will be most meaningful to you
and bring you a sense of fulfillment that money can't buy.
2. Make
saving an ongoing priority. When change comes along, it's easier to take a leap
of faith with a financial safety net in place. Regular contributions to savings
in various forms-bank accounts, Certificates of Deposit, IRAs and
employer-sponsored retirement plans, mutual funds, stocks and bonds-all can
help you weather potential financial hiccups or storms that may arise, not to
mention their importance for the day your working and earning life comes to a
close. Make saving a regular activity and turn it into muscle memory that
you'll be more likely to flex in the event of a windfall.
3. Stay
covered. Insurance is a product we all should have, yet hope we never have to
use. Your insurance needs will change over time, making it especially important
to periodically review your coverage levels. Homeowner's, auto and even health
insurance are required by law, but don't stop there. Disability and life insurance
policies, as well as annuities designed to provide a reliable income stream,
may give you peace of mind that you and your loved ones can have financial
security if the unexpected occurs. A will and health directives are also
helpful documents that can make life easier under difficult circumstances.
4.
Establish a solid plan. Change can be scary, but it also is what keeps life
interesting and exciting. You can give yourself a better chance of succeeding
in the next phase of life by establishing financial guardrails. With a
well-defined path to help guide saving and investing, you will have a clear
framework for your financial life that also reflects your personal mission.
Work with a qualified financial advisor to create a savings and retirement plan
designed to help you reach your goals at all of the stages of life. Once your
plan is in place, revisit it on a regular basis with your advisor to ensure it
takes your changing life circumstances and needs into account.
Article Source: EzineArticles
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