Updated: Jan 18, 2021
When many of us think of financial planning our first thoughts go to; Certified Financial Planners, Wealth Acquisition Managers, retirement plans, pensions, annuities, deferred compensation, 401k plans, 403b plans, stocks, bonds, etc. Let me change your thinking just a bit and consider planning your finances for not only the future but for life and leaving life.
Consider the birth of a new baby and planning your finances not only for that nine months but straight through their adolescent years, teen years, and then their young adult years. You may have Florida pre-paid for college, they've achieved a scholarship and have minimal cost, or you're set financially to pay cash for their higher education. You've planned successfully now you can see the fruit of your labor. What if it's college, trade school, cosmetology school, design school, or entrepreneurship; doesn't matter, the goal was accomplished you financially planned.
When our loved ones go on to be with the Lord this still involves planning our finances. Please don't feel extra grief and sadness due to financial matters that can be planned. There are plans in place for these types of life changes.
I'll list a few:
Burial plans- pay monthly to have the cost of a funeral and burial accomplished when needed through a funeral home.
Wills -Know the state of your affairs, assets, and wishes after you or your loved ones are gone.
Life insurance- Cover the cost of maintaining your families lifestyle beyond this life and additional cost.
Burial insurance-Covers the cost of a burial and funeral only.
Whole life insurance-Covers a specified amount in the event of the person's death only. This maintains your families lifestyle beyond this life. Tax deferred cash value.
Universal life insurance-Covers the cost of maintaining your families lifestyle beyond this life. Provides savings for cash value build up.
Term life insurance-Covers effectively and inexpensively maintaining or paying off debts after a loved one is gone and additional cost.
Plan for the expected and the unexpected, be financially ready and keep your peace of mind.
Jeremiah 29:11New International Version (NIV)
11 For I know the plans I have for you,” declares the Lord, “plans to prosper you and not to harm you, plans to give you hope and a future.