Financial security is on top of concerns for millennials according to a new Gallup Poll survey. With the cost of living increasing more rapidly than our income, it’s best for millennials to begin preparing now. A future with no Social Security program for elderly citizens isn’t an outlandish idea for millennials, as well as future generations, to prepare for. Some financial planning activities you can do to get ready for your financially secure future are sitting down and speaking with a financial professional, planning the basis of your savings, and reviewing your financial plan annually and making adjustments accordingly.
Talk to a Financial Professional
I understand that there’s a strong urge to resist sitting down with a financial professional, or better known as the dreadful insurance agent. But, before you decide against talking with this awful agent, think about this idea. The financial professional cannot force you to purchase any products, and a great one understands that pushing too tough for a sale leads to the exact opposite result. Insurance companies ensure their financial professionals are well informed of the goods their firm offers. By way of example, New York Life is an insurance company that offers a wide selection of financial planning products such as annuities, securities, and of course, life insurance in addition to other related products. New York Life guarantees their financial professionals understand their products, and it’s the financial professional’s job to understand your financial situation. The meeting with the financial professional is absolutely free, and they often will meet you in your home or a neutral site so that there’s no pressure to make any decisions until you’re ready.
Build a Foundation for Saving
As soon as you’ve sat down with a financial professional and discussed ideas for financial planning according to your situation, then you can develop a plan for a base of savings. Remember, you don’t have to start saving the exact same day you talk to a financial professional so it can start whenever you’re in the right position to save. A fantastic basis for saving is securing your most valuable asset, yourself. Since you’ve spoken to the financial professional, you should now have a better idea on what expenses you want to pay when you, inevitably, pass away. However, with the right policy, it may also pay out money based on the yields the policy has gained while you’re still alive and breathing. This money can supplement your retirement income, it can pay for your children’s college before the policy is even repaid, or it may finance any other project you would like it to. Life insurance is a good foundation of saving because of the versatility and affordability of it. New York Life actually carries a coverage for a $1,000,000 of coverage and can be purchased with a premium as little $50 dollars per month for qualified candidates.
After speaking with Centurian Services and setting a foundation for your financial future, you should review your plan annually to make sure that your future unfolds in the most favorable position for you. As you grow and experience the vast wonders of life, the strategy you set might have to change together with your life. For instance, kids or more children can come into the picture at any time. Your living expenses increase or decrease as time progresses, so the plan has to adapt to changing times for a forever evolving person. In this world, everyone’s plan for their future is different, so your savings plan ought to be customized to your plan for the future.
Ensure your financial security now, so that you can travel forward with confidence in this world of uncertainty!