Financial Security For All Time
financial security
When is the best time to get financially secure? Naturally, the answer is “yesterday.”
But too many people, both older and younger, are unsure what financial security really entails. As such, they don’t know what financial security really looks like.
Succinctly put, financial security is the state of being protected from the monetary devastation caused by any future physical harm, home or auto accident, national crisis, or “act of God.”
There is so much that could happen–the future is unwritten after all, for both good and ill–that it is nearly impossible to plan for many specific occurrences.
But there are resources to make sure that you and your assets are protected from many unfortunate events.
There is no better time to become invested in your future than right now, and no time is too late, especially when it comes to providing for your loved ones.
Whether you are planning your retirement or trying to overcome credit card debt, there is a bevy of resources available to help you find solid ground again.
Planning for the Inevitable
While the details of the future may be clouded before us, there is one thing in which we can have complete assurance: our own mortality. Therefore it is imperative that you take steps to plan for the transfer of your properties, money, and assets at the time of your own transition. Here are some ways to get started:
- Make a detailed list of your assets: This is a natural place to begin, and keeping the list updated is a good habit to get into, even while you’re young. Keeping a list is not only a good way to inform insurance of assets lost if there is a disaster in your home, but it will naturally be where a financial advisor or probate lawyer will want to start.
- Get familiar with federal programs like Social Security and Medicare: This is a step often overlooked by the younger generation, but becoming familiar with these programs can actually be quite a prescient move. Not only are you paying into these programs with your taxes, but when the time comes to apply for them you want to make sure that all your ducks are in a row.
- Get a consultation with an estate lawyer: Starting to plan for the end of your life can feel a little like climbing K2, but the same principles there apply here: get yourself a good guide and take one step at a time. Your estate planner will ask all the relevant questions concerning what you would like to do with your money and property; they will help you plan for your pets, special needs relatives, charitable foundations, family businesses, as well as prepare all relevant legal documents for you. They will also walk you through all the necessary legalese so you don’t feel left behind.
Weathering Life’s Storms
Planning for the end of your life is important, not only for making sure your assets are properly taken care of, but also to protect your family from the stress and heartache of trying to hash out what you (and they) would want to be done with your estate.
But death is just one part of your journey, and there is a whole lot of living that needs to happen first.
That living is naturally filled with unexpected diversions and prolonged waystations on the road to progression.
By virtue of living socially and not in a bubble, a good many of life’s detours are dependent on your relationship with other people and the choices you make regarding them.
When discussing financial security as it relates to others, there are a few good rules of thumb to bear in mind:
- Be knowledgeable about who you donate money to: While it might not seem very charitable to be completely circumspect about those to whom you want to donate money, it’s important to know everything you can about the people asking for your money. Especially in times of national crisis like a pandemic, a natural disaster, or a terrorist attack, there will be no shortage of organizations that will profess to be able to make strides in relief efforts, with your help. Financial security means not opening yourself up to scammers who are never satisfied with just one payment.
- Get familiar with a bankruptcy attorney: No one wants to talk about bankruptcy, especially while looking for resources for increasing and/or stabilizing one’s assets. But bankruptcy is a very real danger for people of all ages, and knowing what to do if you see it looming on the horizon can be the difference between losing the bulk of your assets forever, and protecting what you’ve worked so hard to build. The right lawyer in the arena with you will be the best decision you can make at that crucial time.
- Do your research when investing your money: The stock market is a fickle companion and can bring great wealth and great misery each day it’s in operation. If you are thinking of investing, be prepared to ask a professional to help you handle your investments. Obviously, this is not a decision you should make lightly, but knowing someone’s track record could go a long way in mitigating your apprehension. Ask for references from your family and friends, and make sure to interview your candidates thoroughly.
The Resources Are Out There
Hopefully, you can see that there are myriad resources available for any question you may have regarding the safekeeping and growth of your finances.
The concept of financial security is a multifaceted one; sure, you may be able to hide all your money under your mattress, but there are far more factors at play outside of your direct control that can influence the worth and availability of your money.
Remember that it is rarely to your detriment to seek the advice of a professional.
Category: Financial Planning
