04/10/2024
DON'T PLAN FOR A BIG WEDDING, PLAN FOR A BIG FUTURE
Many couples intending to get married only plan for their weddings not how they are going to live there after for example when they have their first child, retirement etc
To the young and upcoming newly wedded couples to be, May I offer the following advice?
1. Plan for the Short-Term thus the next 5-10 years:
2. Financial Planning:
3. Start saving: Set aside a portion of your income each month, even if it's a small amount.
4. Create a budget: Track expenses to understand where your money is going.
5. Invest wisely: Consider low-risk investments, like index funds or retirement accounts.
6. Career Development
7. Set career goals: Identify what you want to achieve in your profession.
8. Build skills: Invest in courses, training, or certifications to enhance your career prospects.
9. Network: Attend industry's events, join professional organizations, or connect with mentors.
10. Relationship Building:
11. Communicate openly: Discuss financial goals, values, and expectations with each other.
12. Build trust: Support each other's goals and aspirations.
13. Plan dates and vacations: Make time for fun and relaxation.
14. You can plan also for the Mid-Term thus 10-30 years:
15. Long-Term Financial Planning:
16. Create a joint financial plan: Align your financial goals and strategies.
17. Invest in retirement accounts: Utilize employer-matched retirement plans.
18. Consider insurance: Life insurance, health insurance, education insurance for the children and disability insurance.
19. Family Planning:
20. Discuss family goals: Decide on having children, their education, and childcare plans.
21. Plan for education expenses: Consider savings plans
22. Home and Stability:
23. Plan for a home: Consider renting vs. buying, and create a savings plan for a down payment.
24. Establish stability: Work towards financial independence and security.
25. For Retirement 30+ years:
26. Retirement Planning:
27. Maximize retirement contributions: Take advantage of employer matching and compound interest.
28. Diversify investments: Consider real estate, stocks, bonds, or other investment options.
29. Plan for healthcare: Consider long-term care insurance or healthcare savings plans.
30. Personal Fulfillment:
31. Pursue hobbies and interests: Make time for activities that bring joy.
32. Travel and explore: Plan for trips and experiences.
33. Give back: Consider volunteering or philanthropy.
GENERAL ADVICE:
34. Be flexible: Life is unpredictable; adjust plans as needed.
35. Communicate regularly: Schedule regular financial and goal-checking discussions.
36. Support each other: Through life's ups and downs, prioritize teamwork and mutual support.
Remember, planning for the future is essential, but it's equally important to enjoy the present and prioritize your relationship, health, and happiness.
