The Setup:

Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Today we’ll look at five major life changes and explain why it’s a good reason for a financial review.

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Click the timestamps below to skip to a specific topic in the episode.

The Combination and Key Points: 

Building a comprehensive financial plan goes well beyond saving and investing. Preparing yourself for the ups and downs of life can be the difference between a successful retirement and having to worry about your money.

As we’ve found out this year, life will throw you curve balls when you least expect it. Many times those things can have a big impact on your finances. If you don’t assess your situation and determine whether any adjustments are needed, you might end up making things worse.

On this episode of Unlocking Your Financial Future, we’ll look at five major life events that most of us will experience at some point and discuss why it’s important to take time for a financial review. These are all things we address with our clients as we go through the L.O.C.K Process so we are very familiar with these conversations.

We’ll begin with changing jobs, both planned and unplanned, and what changes you will likely deal with. Many people are facing this obstacle right now as unemployment soars so we’ll help you get an idea of how to manage the income changes.

Then we’ll talk about inheritances. These can be life-changing for many people, but it means you’ve lost someone close to you. All of that new money can become an opportunity if handled correctly.

The show will close with two difficult conversations: serious medical conditions and the death of a spouse. The truth is most of us will face one or both of these life events and it can be extremely challenging. What do you need to be thinking about and doing in each of these situations?

We think this show can be a great resource for everyone. As hard as it might be, take a breath and try to calm yourself before making any major decisions when you face these life events. It’s never too early to start preparing for these things so sit down with an advisor and start developing a plan.

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!

3:07 – Moving to a job that you planned for.

5:06 – Getting fired or getting laid off.

6:52 – How much money should you have in your emergency fund?

7:56 – Receiving an inheritance.

10:04 – Facing a serious medical condition.

11:40 – The death of a spouse. 

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!


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