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Life is Full of Transitions

Personal transition (good or bad) can create high emotions and lead to complex decision-making. Getting married, divorced, changing careers, or receiving an inheritance can alter your financial strategy and goals. The next time transition hits, follow these five steps to avoid financial stress.

  1. Establish critical decisions to be made
    Evaluate areas impacted by the change. For example, during a career change, you may need to budget for health coverage, or a divorce may require more  structure for children’s education funds. A comprehensive picture of your financial situation is crucial to establishing a plan.
  2. Create a realistic to-do list
    Need to gather important documentation, research benefit options, or simply take the time to schedule appointments for professional advice? Break down bigger steps into small, actionable ones so you can keep a close eye on your progress. You’ll feel so good when you start crossing items off.
  3. Meet with specialists
    Find knowledgeable individuals you know and trust to look out for your best interest. The right financial and legal team will help you structure assets, implement proper insurance, review tax considerations, and get you acquainted with your new reality.
  4. Implement a plan
    Revisit that to-do list and make any needed changes. If you’ve come into an inheritance, it’s a good idea to restructure your savings (as tempting as it may be to spend it). Budget carefully if you’ve moved to sole income. It may be difficult at first, but stick to your plan until it becomes routine.
  5. Refine and progress
    As your needs evolve, re-evaluate your plan. Think long term and refine and refocus as needed. 

Crucial decision-making often goes hand in hand with life’s transitions. Having a helpful specialist to listen and guide you to the right path can make a major impact in successfully navigating the change. Call today to find out what can be done to make life easier for you.