If you’re out of college, launching your career, or just entering the next phase of adulting, now is the time to make a financial playbook. So why not create a game plan that includes an offense (building wealth) and a defense (protecting wealth)?
Set goals for your future
As Candice Darien, Life Regional Vice President at Nationwide, states “Using your imagination and envisioning your desired future is a crucial step in the planning process. Your plan should be unique to you and not someone’s desired outcome for you. Having a clear vision of your legacy can guide your financial professional on creating a plan tailored for you.” Once you’ve got a handle on your spending and have created a solid budget, set up a monthly spending plan that will help you work towards your financial goals and build your emergency fund (many financial professionals recommend 3-6 months’ worth of your monthly expenses).
Level It Up with Life Insurance
Now that you’ve got the basics down, if you want to keep your household progressing forward, sometimes you need to protect yourself and your loved ones from moving backward—that’s where life insurance comes in. It can help you design a bridge between your short term (offense) goals and your long-term (defense) goals, while supporting you where you are right now.
Life insurance policies help provide security to your beneficiaries after you pass away, and potentially enable access to a cash value that can be used for a variety of life needs. This means you can cover your child’s college tuition, put money towards purchasing a home, help with your retirement costs, pay for long-term care, and so much more now. Plus, you can help secure your family’s financial future by paying off a mortgage, covering any final expenses or estate taxes, and more.
Siedah Garrett-Guess, founder of Young & Financially Lit and licensed financial professional, shared, “I have a client now whose husband passed away but set his family up with life insurance. While it’s unfortunate that he passed away, he left his wife and daughter in a situation where they can live their goals and dreams without the financial pressures of him not being there as the breadwinner.”
Setting Your Dream Goals
The biggest long-term financial goal for most people is saving enough money to retire. To calculate your numbers, start by estimating your desired annual living expenses during retirement, then subtract the income you will receive from Social Security, retirement plans, and pensions. This will give you the amount that needs to be funded by your life insurance or your investment portfolio.
Now you’re ready to start planning for today and tomorrow. So, once you’ve got your budget squared away, find the right life insurance for you by visiting Nationwide, or connecting with a financial professional like Siedah Garrett-Guess at www.yandfl.com.
Nationwide, Young and Financially Lit, and other third-party companies mentioned in this article are separate and non-affiliated entities.