What Are Life Events

There are life events that we look forward to and some that we dread. Unfortunately, they can cost us a pretty penny – in time, money, or both!

Some are beautiful milestones 😍👩‍🎓🤰👰

Some are tragic transitions 😔

I think the lines are blurred for milestones and transitions, but generally I view milestones as new moments, temporary in nature, while transitions may be new chapters or events with more permanence. 

A trip to Bali for the first time is a milestone. 

A move to Bali is a transition.

Sometimes it’s a little bit of both – like a wedding/marriage – but for the purposes of this post, we’ll just call them life events!

In many cases, when the life event is beautiful, we are caught up in the planning or pomp & circumstance of it all. 

When the event is more traumatic or dramatic, we are managing a sea of emotions like despair, sadness, or disappointment. 

What gets lost is that often these events present opportunities to update or review our financial affairs. 

I don’t want you or your family to suffer negative repercussions if you don’t take advantage of these opportunities, so allow me to highlight them and the action that may be necessary.  

Plus, you might already be ahead of the game and you can share this post with someone who really needs it. 😉

Download our Ultimate financial resource guide to get started on finding the right resources to work on your financial game plan or share this with someone who may need it.

Our Most Common Life Events

Below you will find the most common life events and the key financial related questions to ask yourself as you experience these things. 

Child Birth or Adoption

1. Do you need to update health, life, or property insurance information?
2. Do you plan on opening a College Savings Fund or new savings account?
3. Do you need to create or update estate documents?
4. Do you need to increase your contributions to HSA, Flex, or Dependent Care?
5. Do you need to adjust your withholdings for your paycheck?

Marriage, Separation, Divorce

1. Do you need to contact your tax specialist?
2. Do you need to adjust your withholdings for your paycheck?
3. Do you need to update health, life, or property insurance information?
4. Do you need to create or update estate documents?
5. Do you need to add or remove names/signers from accounts?
6. Do you need to update POA or POD on bank accounts?
7. Do you need to open or close credit card accounts?
8. Do you need to lock your credit profile?
9. Do you need to save for a major purchase?
10. Have you pulled your credit to ensure your name was removed from the appropriate debt/creditor accounts?

Employment Changes/Retirement

1. Do you need to contact the social security administration?
2. Do you need to contact your tax specialist?
3. Do you need to update income information with credit card companies?
4. Do you need to reduce the amount of life insurance you have?
5. Do you need to transfer a retirement account?
6. Do you need to change your contributions to your retirement account?

Aging Family Member or Family Member with Terminal Illness

1. Do you know where their estate documents are located?
2. Do you have authority to make financial decisions?
3. Do they have long term care insurance?
4. Do you need to purchase a larger home or move them closer?
5. Are you aware of repairs necessary on their home?
6. Do you understand their financial profile?
7. Do they have adequate life or burial insurance?

Child Graduation/Move Out

1. Do you need to reduce the amount of life insurance you have?
2. Do you need to update health or property insurance information?
3. Do you need to downsize your car or home?
4. Do you need to create or update estate documents?
5. Do you need to change cable, cell phone, or WI-FI plans?
6. Do you need to remove them from bank accounts?
7. Do you need to change your retirement savings strategy?

Tackle these questions bit by bit and don’t be afraid to utilize expert help when needed. Our Ultimate Financial Resource Guide can help with some of these questions as you look for tools and resources. 

Patience & Progress! 😉😉