2020 was a challenging year for most of us. The main reason, being it was just so unexpected. Unemployment rates in the U.S. plummeted, 46% of adults had difficulties paying bills and many of us found that our health insurance plan did not, in fact, have us covered. This shakeup may have caused you to question your future and what’s in store for you. Do you have everything planned out? Are you set financially? What about your kids?
If you find yourself asking these questions, our team at KilGO Insurance is here to help. Below, we share the introductory guide to life planning – for beginners.
Assess What’s Working – and What’s Not
To change your future, you need to assess your present. We suggest making a long-form list where you dump all your goals, thoughts, and ideas in one place. From there, it’s a matter of dividing up your tasks into different buckets – job, family, health, finances, and more. Don’t be afraid to get detailed, and consider the root of why something makes you happy or unhappy.
Think Beyond Yourself
We won’t always be around, so it is critical to plan – for our children’s sake. Think about whether your family would be able to support itself if you were to pass. A standard but effective way to account for this is to set up life insurance – both for you and your loved ones. Although it can come at a higher cost, you will rest easy knowing that you’ve done your duty. Some insurance options to consider include personal insurance, family insurance, and business insurance.
Finances and Investments
In a study conducted by Fool.com, 55% of participants reported being unhappy with the state of their finances. Can money buy happiness? We’re not sure. But it can ensure reduced stress, anxiety, and worry about today to day goings-on. The first thing you’ll want to do is set up a savings account, where you divert a portion of your paycheck every month. Let the money accrue in a high-interest savings account, and let the time pass, and you’ll have a sizeable amount before you know it.
If you’re looking for a way to grow your money, consider investing in the real estate market. Property investment is particularly lucrative, as there are few barriers to entry but steady rental income. While property markets never fluctuate crazily, there is the issue of making that initial down payment and managing properties (not to mention having to deal with renters). Stock market investment is another option for steady income coming in from dividends and mutual funds.
Surround Yourself With Support
If you’re looking to better yourself (and your life), get help. Do you want to become more fit? Get a workout accountability buddy. Stressed about where your career is going or the state of your marriage? Talk to your mentor or a counselor. Essentially, surround yourself with an army of like-minded individuals who will be there to give it to you straight when life gets in the way – and it will get in the way. Be sure to maintain your network and keep in touch with old bosses and professors, so you have people in your past to reach out to.
Lastly, there are tools and resources for every kind of need. According to Process Street, a life planning bullet journal can make or break in keeping things organized visually. Find a life coach online for professional advice, or download all the apps you can to sort out various facets of your life.
We often fail to plan ahead because of a lack of focus, motivation, and plain laziness. But an actionable plan helps us work towards something, in turn reducing fear of uncertainty for the future. And if you fall off track? Just refocus, regroup, and get back to it.
A big part of life planning is setting yourself up with the right insurance. KilGO Insurance offers solutions all over Virginia to protect you in every phase of life or business. Click here to get a free quote or check out our life insurance plans here.
