Life insurance
This is meant to cover costs of your funeral and also any debt you leave behind. This was a hard one for me to get because I felt like I wanna keep living so I don’t need it, but we all die so we all need it. If you don’t have a lot of debt, you don’t need a lot of coverage. If you want to wait to get coverage, that’s fine but be careful because if you get any health issues, most companies will not cover you and you will be SOL. (That means out of luck) Definitely get it if you are married and/or have kids.
Will and Testament
If you have any assets you will leave behind in the event of your death, you should have a will that states exactly who you want to inherit it. Please do this so that you can alleviate stress and headaches to your loved ones left behind. There is usually a mess left behind because no one knows when they are going to die. Everything you are doing in your life is stopped and someone else has to come behind you and pick up the pieces. Right now, it may not seem like a lot, but it will be stressful to someone else and maybe you don’t care about that after you die but that’s just selfish.
Retire
Alright, we are at the last ultimate goal. Yay! I want you to know gathering this info was not easy and here is the hardest thing I had to do, contact an ex!!! UGH As a rule, I do not talk to exes. There is a reason we walked out of each other’s lives. So, I made this sacrifice because I needed to reach all my resources. People are the greatest resources in your life. Remember that. Talk to people and find out what they are good at. Ask them for their number in case you have questions in the future. Some people do not even know all the information they have collected in their years and when asked a question, the info comes pouring out. Make friends and make connections all through your life. The internet makes it so easy nowadays. I have one friend I haven’t seen in 11 years and I was able to message her out of the blue and tell her I needed a logo. That’s what she does for a living. She’s awesome and I knew she wouldn’t have an issue with my request. We used to be really good friends, her, her husband and me. Now she has her wonderful son and I get to see pics online. It is a good feeling to see your friends grow. You will grow too and reminisce on the good old days. Make them last. I know I did.😂 I was lucky in that way. I did plan ahead as far as waiting a lot later to, probably longer than I actually wanted to, to have kids. That was mostly because of how I was raised taking care of kids for what feels like all of my childhood. 😂 I was the third of eight kids but my older brother and sister were old enough to get out of our house as soon as they could. I had to wait years to become old enough to leave but during that time, I had five younger brothers and sisters that I cared for with all of my heart. So anyway, back to the money advice. Although I am pretty good with money and what to do with it, I wanted to be thorough in sharing advice so I asked him because he majored in Economics and interned for a while at Merrill Lynch. Not only that, but it was obvious while we were together that he was money conscious. This just means he knew where every dime was going (We learned that in budgeting). Keep a record of your spending. Okay, so one piece of advice was that your retirement goal should not be to save up enough money to retire and not work! What?! I thought that was the dream? Your retirement goal should be to set yourself up for success when you retire so that you can have a self-paced part time job that can give you something to do and generate income at the same time. One example of a friend of his who bought a ten-unit apartment complex and now that he is retired, he manages the property. It is low stress and not very time consuming so he can enjoy retirement but stay sorta busy AND MAKE MONEY! I thought that was great advice. I hope I have opened your minds to a few ideas and that you found something valuable just for yourself. Adios Amigos. Besos!
See Possible Goals for some other things in life that may or may not be a goal for you.