Milestones in Your Financial Journey

You'll probably agree that the journey to financial security is a long and challenging one.

Like every journey a destination is an important component - or how will you know when you've arrived? Have you established a clear idea of where you want to end up - financially speaking. And When?

Having set your destination, you can pack your bags and go. don't forget to fuel up as you are going to need a lot of energy to speed on your way to success.

When I drive, with my wife and screaming children - and occasionally my screaming wife, and children;-) - I stop often at one of the many food/fuelling stops along the road to get some fresh air. These are the milestones in my journey. At each stop I check to see that there is anough fuel in the tank to get me to the next one (more important these days with the Landrover) and make sure we all have enough water and toffees to keep me awake and everyone else quiet.

In your financial journey, there are milestones along the way where you should take a moment to evaluate your financial needs and your current status. Nothing like running out of fuel in the middle of nowhere! Here are some of the milestones that I believe are important times to review financial matters:

• At the start of a career; goals need setting, a commitment to savings must be established and an understanding of what type of disability assurance one requires should be investigated.
• At every salary increase,promotion or change of employer; savings, insurance and corporate benefits should be reviewed
• When debt is entered into; budgeting should be addressed and possibly insurance
• When marriage is contemplated; An antenuptial conract and will is needed and new insurance requirements need consideration as well changes to savings habits based on adjusted goals in a new life phase
• When a business is started; Estate structuring and insurance become important as well as partnership and loan agreement that affect financial matters. Adjustments to savings habits are likely to be needed as well as tax planning.
• When a child is concieved; insurance now becomes highly important, savings for education costs, your will and estate planning need changing
• When you are within 10 years of retirement; start understanding your options.- At retirement; your investment change drammatically, your will and estate planning need review as does your budget.

Just to be safe, just as you constantly monitor the instrument panel while driving, you should make egular checks on your progress and the condition of your finances.

"When a person with experience meets a person with money, the person with experience will get the money. And the person with the money will get the experience"Leonard Lauder