When you plan a trip, you consider not only the destination but also the climate, activities that interest you, transportation needs, anticipated costs, best time to go and coverage for your work, home or pets. It’s a holistic approach — looking at your trip from a variety of angles.
It’s wise to apply that same holistic thinking when you plan for your financial future — that is, bringing into the picture all elements of yourself.
Here are some things that may affect your financial strategy: Your views on helping your family – Your decisions about helping your family are clearly going to be a major part of your financial strategy, and this is true at virtually all stages of your life. When your children are young, you’ll need to decide if you’re going to save money for their college education, and if so, how much, and in what investments. When they’re young adults, you may also need to decide how much financial support you’re willing to provide for major expenses such as down payments on a new home or a new car. And when you’re drawing up your estate plans, you’ll need to consider how and when to distribute assets to your children, grandchildren or other family members.
