25 Aug Winning With Money Part 5: Plan for the Future
“By failing to prepare, you are preparing to fail.” – Benjamin Franklin
I know we’ve already talked about being proactive with your money, but this takes it to a new level. Part of your long-term plan needs to cover things like future education, home maintenance, vehicle replacement, retirement, income replacement, funeral plans, and long-term medical care, among other things.
I just want to touch on a couple of these, but don’t think that means you can ignore the rest. Winners plan ahead for future expenses and are prepared for them so they don’t become emergency expenses. That’s using your money to work for you.
Let’s face it. No matter what you do with your life, you’re probably going to reach an age where you don’t want to work anymore. Or you won’t be able to work anymore. Or you won’t be allowed to work anymore. We call these scenarios various forms of retirement. Get ready, ‘cause it’s coming.
Everyone talks about retirement as if it’s some fictitious idea that will never happen. Then when it does happen we wonder why we were too narrow minded to prepare for it and set aside money to cover our bills in retirement. Do we honestly expect that someone will always be there for us to make sure we’ll have enough money?
It doesn’t work that way. The harsh reality is far too many people reach retirement age and are grossly unprepared. Don’t let that happen to you. Have a plan. Invest while you’re young. Don’t let it sneak up on you. Make it a priority and start investing and saving now. I can’t promise you’ll be glad you did, but I’ve worked with a lot of people who were sorry they didn’t. Which one do you want to be?
I have more news for you. You’re going to die someday. Yep, it’s inevitable. No matter how you act, how much you deny it, or how much you pretend you can live forever, you won’t live forever.
Don’t you think it would be a good idea to save your family the hassle of figuring out who should get your assets? It’s not like they can ask for your opinion after you’re dead. It’s so easy to create a simple will and save the bickering, fighting, harassment, and stress that accompany the settlement of estates.
I’m sure your family is much closer than that, and I hope that’s the case. But I’ve seen enough families torn apart by the death of a loved one and the ensuing estate battles that I don’t ever want to put my family through that. Get a will. It’s rude not to.
What kind of legacy do you want to leave for your family? Do they know what accounts you have with which companies? They should. Do they know how many and what type of insurance policies you have? They should. Do they know how to pay the bills and manage the family’s finances without you? They should.