Thinking about your finances every day is something most people don’t want to do. For most of us, thinking about finances happens when we are stressed over money and trying to make ends meet or during the time of a significant life event. Life events are milestones, timestamps in our life that make us pause and think about things that we routinely take for granted. They are also a time when your finances are front and center.
A few weeks ago, my brother had my family fly out to his home in Austin, Texas, and he surprised his girlfriend by proposing to her with both families there to celebrate. As wedding planning is underway, the excited couple has also had to have the conversations around their financial future and their combined finances. Besides wedding planning, there are many other questions that they have had to think about:
This exciting time in their life also opened them to organizing their finances and ensuring they are working together as a couple on their financial future.
Conversely, a friend of mine, recently lost his job. This life event isn’t one to celebrate but made him quickly stop and prioritize his finances. With two young kids and a stay-at-home wife, he was the sole financial contributor for his family. The layoff shook his family to the core, and they quickly had to come up with a plan to move forward. There were many things they had to think about:
Life events are triggers to why and how we begin to look at our finances. They also help us better prepare for the next life event, whether good or bad. At MoneyWellth, our goal is to make sure to help participants find financial freedom so they can navigate every event and milestone with ease.