plan to pay off all auto loans and their student loans and any other kind of debts that is not mortgagee related. Evaluate all insurance policies making sure automobile, house and health are completely covered. Try and prepare for any kind of misfortunes such as unexpected expenses resulting from any kind of accident or disability that could occur. A couple in their 30’s with two children needs to be financially stable and have an income that can manage their children’s college education as well as emergency funds set aside. Provide future financial stability in case parents are not around. A divorce person in their 40’s should have a good retirement plan set aside. They should also have good medical coverage which include life insurance.
Social Security is on the verge of taking care of the baby boomers generation. This means that it will be paying more benefits than taxes it receives. In lay-man’s terms it means it will be spending more money than it is making. I think that you should pay into your own private retirement account for you to reap the benefits in the future. Not for you to pay into a cluster of workers money for current elders to benefit from. You need to take care of your own future and not rely on other people’s responsibility. “…people began to think retirement funding as a right…and so…started saving less” (Klay & Steen). That being said, people of a certain age should be “grandfathered” into this meaning, people of the age of say 40, still get the normal social security retirement money but anyone younger must start abiding this new reform. If you get married, keep paying into your own unless your spouse is not working. If that is the case then pay the same amount BUT put half into your own and half into your spouses. If the other spouse is working however, they should pay into their own account and you into your own.
No one expects to divorce when they get married but nearly half of all marriages will end in divorce or separation. Divorce can be costly, with court fees and attorneys. Dr. Doherty, noted marriage scholar and therapist has determined a list of risk factors that are attributed to marital problems and divorce. The first three: Young age, less education and less income are coincidently other topics brushed upon in this paper. Impulsive decisions made by younger people to marry leads to children which leads to financial instability. Once a couple has children, they are unlikely to further their education because of lack of time. Divorce also has a negative effect on
P.R. hasn’t struggled much with financial problems associated with aging. He mentioned that he is a big saver and has a lot of money in his savings to help him if he needs it. The only real challenge that he has had with financial problems is paying for medical bills and giving money to his wife. When his wife left, him he had to give half of his earnings to her due to the divorce. He stated that this really upset him because he felt like she was taking away what he
How can some people can retire at 50? Or not lose their shirt when there’s a stock market “crash”? Why are some people able to earn high incomes or even have “multiple streams of income? How come some people retire to a life of luxury and world travel, while others barely have enough to feed and house themselves? Of course, one part of it the answer is that some people are more intelligent and industrious than others.
1 Corinthians 13:13 says to have “[faith], hope, and love. But the greatest of these is love.” Currently, there are about sixty million married couples in the United States. According to studies, around 40-50% of those marriages will end in divorce. In the future I am expecting to have a spouse, and I do not want our marriage to end in a divorce. What Christian characteristics should a spouse possess to maintain this loving, lifelong relationship known as marriage? The three most important attributes that a spouse must have are trust, kindness, and forgiveness.
There is a couple named Bruce and Janet Marshall; they have an eight-year-old son named Brandon Marshall. Lately the couple has been fighting over finances and small issues, the two cannot seem to stop arguing in front of Brandon. Every night the fights get worst. From the fighting and the screaming there is no end to it. Brandon feels that he is the blame for all there arguing because playing sports at his age in expensive. Months go by while Bruce has been sleeping on the couch and Janet upstairs with Brandon. Finally Bruce could not take it anymore, he told Janet that it was best for them to get a divorce and things went downhill from there. Two years later Janet and Bruce are still fighting in court over who gets what and fighting over whom gets full custody of Brandon. Through this process they never questioned how Brandon would deal with his family separating and if he understood what was going on. After their divorce was final Brandon was twelve-years-old and living with his father, he never saw his mother again.
In the last years, it is common that couples get a divorce. Trough, the year's people, have forgotten what romantic love is.When a couple marries must be entirely sure, they must know and love each other with flaws and virtues.It is true that real life is not like a fairy tale where everything is happiness, sometimes there will be arguments, but if there is enough love, couples will know how to solve it.There are real love histories, and that is why people should believe in real love. Also, it may be that sometimes marriages get hurt, but what love do is allows forgiveness.
I could also make sure that I am almost completely out of debt, mainly school loans and car loan. I could learn to be more generous with my money, so that when I do get married later on in life, I will be able to share my income with my spouse and even buy little gifts every once in a while. I think to balance all the habitudes between my future spouse and I, I would suggest that he should be more on the selfless side, and security side. I choose this two, because I feel like the status habitude is something that could be a bad financial trait in someone. Also, I do not like the the free spirit habitude is mainly having someone else financially support you. I do not want a husband that I have to financially support all the time, I would not mind helping put him through school, but it would bug me if I knew he could get a good job and make some income and never
The future is always uncertain. However, having a financial plan for the future can save a person a lot of grief. More importantly, it can help tremendously for that young adult who is fresh out of college, and at the beginning stages of life; for the young adult who is preparing to attain his or her Doctorate, and will be living, most likely, completely on his or her own.
Allers, Kimberly Seals. "How Fit Are Your Finances?" Ebony 68.9 (2013): 93-97. Academic Search Complete. Web. 15 Nov. 2013. Bauer, Gabrielle, and John Southerst. "A promising retirement: your life, your way." Maclean's 18 Feb. 2013: 37+. Opposing Viewpoints in Context. Web. 15 Nov. 2013.
Personal financial planning is important because it helps you prepare financially for the future. My first short-term financial goal is to have an 8-month emergency savings account. This class helped me understand the important steps needed to achieve my financial goals. “Successful financial planning requires specific goals combined with spending, saving, investing, and borrowing strategies based on your personal situation and various social and economic factors, especially inflation and interest rates” (Kapoor, Dlabay & Hughes, 2012). First I evaluated my spending habits. This allowed me to see where I was
In my conclusion, it is very important to save for the beneficiary of the upcoming future. Simply setting aside a percentage of the income received each paycheck will be the backbone to an unexpected situation. Emergency reasons, retirement, and luxury spending can all be obtained if one is mindful of their spending. Money is the biggest cause of stress in America today and mindful everyday spending can lead one to experience real financial freedom. The earlier an individual begins to save in life, the more financially stable they will be in their
The insurance is meant to cover the cost costs associated with long-term care for those who have had strokes, chronic diseases, or Alzheimer’s diseases, as well as those who can simply no longer manage to live on their own. It is imperative that I be able to reap the cost-benefits to of being protected against the financial consequences of the high cost due to increasing life expectancies and the resultant rise in the chance that you may eventually need some level of care. In short, creativity in decision making is vital to effective choices. Therefore, it is essential to consider all of the possible alternatives will help you make more efficient and favorable decisions. Moreover, when life events affect your financial needs, the financial planning process will provide a vehicle for adapting to those changes. Also, specific financial goals are vital to financial planning. Others can suggest financial goals for you; however, you must decide which goals to pursue. Your financial goals can range from spending all of your current income to developing an considerable savings and investment program for your future financial
Divorce that dreaded word that no married couple wants to hear. Its an issue that no one personally wants to experience first-hand. It can be a difficult or a smooth process depending on the mindset of both parties. It can be time consuming, expensive, stressful and can certainly get ugly. When a married couple is going through a divorce and there are no children it can be a great thing because the only ones that face the effects are the couple. However, when children are a part of the divorce process it can take a big toll on them and for the worst. Some couples think about their children and unfortunately others do not. There are certainly two sides to the issue and everyone has their own view, both expertise wise and personal.
Traditionally divorce was Taboo in the world’s society. As divorce is becoming became normalized it occurs occurred more often than ever before. Divorce rates are higher than ever. Divorce affects nearly half of all American families. Separation of spouses generally affects all members of a unified family, and it has become a normal part of many American’s lives. Not many parents people consider how hard divorce is on their children, especially since today’s laws, behaviors, and culture embraces divorce as a liberating experience. Though divorce can be liberating, parents should be absolutely sure on their decision to separate for the sake of their children’s health. Children are products of two individuals. Both parents’peoples’ genetics will