According to a recent Gallup Poll survey, financial security tops the list of millennials. Many people wonder what financial security is, and the answer may not be as black and white as people think. With the cost of living rising faster than our income, it makes sense for millennials to prepare now. A future without the Social Security for the Elderly program is not a strange idea for millennials, but also for future generations to prepare for. Some financial planning activities that you can do to prepare for your financially secure future include sitting and speaking with a financial professional, planning the basis of your savings, reviewing your financial plan annually, and adjusting accordingly.
Talk to a financial professional
I understand there is a strong urge not to sit down with a financial professional, or better known as the terrible insurance agent. But before you decide not to talk to that awful cop, think about this idea. The financial professional cannot force you to purchase products, and a good one knows that pushing too hard for a sale will produce the exact opposite result. Insurance companies ensure 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 variety of financial planning products, such as annuities, securities, and of course, life insurance, as well as other related products. New York Life ensures that their financial professionals understand their products and it is the job of the financial professional to understand your financial situation. The meeting with the finance professional is free and they will often meet 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 their schedule around you, their valued prospect.
Build a base for savings
Once you sit down with a financial professional and discuss financial planning ideas based on your situation, you can develop a plan for a foundation for savings. Remember, you don’t have to start saving the same day you talk to a financial professional so it can start when you are in the right position to save. A good basis for saving is securing your most valuable asset, yourself. Since you have spoken to the finance professional, you should now have a better idea of the costs to cover if you inevitably die. However, with the right policy, it can also pay out based on the return the policy has made while you’re still alive and breathing. This money can supplement your retirement income, it can pay your kids’ school before the policy is even paid off, or it can fund any other project you want. Life insurance is a good basis for savings because of its versatility and affordability. New York Life actually has a policy for $ 1,000,000 coverage and can be purchased at a premium of only $ 50 a month for qualified candidates.
Review your plan annually
After speaking to a financial professional and laying a foundation for your financial future, review your plan annually to ensure that your future unfolds in your most favorable position. As you grow and experience the tremendous wonders of life, the plan you set may need to change along with your life. This allows children or more children to come into view at any time. Your living costs will go up or down as time goes on, so the plan needs to adapt to changing times for a forever evolving person. In this world, everyone’s plan for his or her future is different, so your savings plan should be adapted to your plan for the future.
Get your financial security today, so you can travel on with confidence in this world of uncertainty!