Financial security for you and your family

Financial security is one of the top concerns for millennials according to a recent Gallup Poll poll. Many people wonder what financial security is, and the answer may not be as black and white as you think. Since the cost of living is increasing faster than our income, it is wise for millennials to start preparing now. A future without the Senior Citizen Social Security program is not an outlandish idea that millennials, as well as future generations, should prepare for. Some financial planning activities you can do to prepare for your financially secure future include sitting down and talking with a financial professional, planning your savings base, and reviewing your financial plan annually and making adjustments accordingly.

Talk to a financial professional

I understand that there is a strong need to resist sitting down with a financial professional, or better known as the terrible insurance agent. But, before you decide not to talk to that horrible agent, think about this idea. The financial professional cannot force you to buy any product, and a good one knows that pushing too hard to make a sale leads to the exact opposite result. Insurance companies will make sure that their financial professionals are well informed about the products that their company offers. For example, New York Life is an insurance company that offers a wide range of financial planning products, such as annuities, securities, and of course life insurance and other related products. New York Life ensures that its financial professionals understand its products and that it is the financial professional’s job to understand your financial situation. Meeting with the financial professional is free and will often meet with you at your home or in a neutral location so there is no pressure to make decisions until you are ready. The financial professional will always work on their schedule around you, their valued prospect.

Build a foundation to save

Once you’ve sat down with a financial professional and discussed financial planning ideas for your situation, you can develop a plan for a savings base. Remember, you don’t have to start saving the same day you talk to a financial professional so you can start when you’re in the right position to save. A good basis for saving is insuring your most valuable asset, yourself. Since you’ve spoken with your financial professional, you should now have a better idea of ​​the expenses to cover when you inevitably pass away. However, with the right policy, you can also pay money based on the returns the policy made while you are still alive and breathing. This money can supplement your retirement income, it can pay for your children’s college before the policy pays off, or it can fund any other project you want. Life insurance is a good basis for saving because of its versatility and affordability. New York Life actually has a policy for $ 1,000,000 of coverage and can be purchased for a premium of as little as $ 50 per month for qualified applicants.

Review your plan annually

After speaking with a financial professional and laying the foundation for your financial future, you should review your plan annually to ensure that your future unfolds in the most favorable position for you. As you grow older and experience the vast wonders of life, the plan you set may have to change along with your life. For example, children or more children can enter the scene at any time. Your living expenses will increase or decrease as time goes on, so the plan must adapt to changing times for an ever-evolving person. In this world, each person’s plan for their future is different, so your savings plan must be adapted to your plan for the future.

Ensure your financial security today, so you can confidently move forward in this world of uncertainty!