Financial Security for You and Your Family

Financial Security for You and Your Family

Financial security is at the top of concerns for millennials according to a recent Gallup Poll survey. Many people wonder what financial security is, and the answer may not be as black and white as one thinks. With the cost of living increasing more rapidly than our income, it is wise for millennials to start preparing now. A future without the Social Security program for elderly citizens is not an outlandish idea for millennials, as well as future generations, to prepare for. Some financial planning activities you can do to prepare for your financially secure future are sitting down and speaking with a financial professional, planning the foundation of your savings, and reviewing your financial plan annually and making adjustments accordingly.

Speak to a Financial Professional

I understand that there is a strong urge to resist sitting down with a financial professional, or better known as the dreadful insurance agent. But, before you decide against speaking with that awful agent, think about this idea. The financial professional cannot force you to purchase any products, and a good one knows that pushing too hard for a sale leads to the exact opposite result. Insurance companies will make sure their financial professionals are well informed of the products their firm offers. For example, New York Life is an insurance company that offers a wide array of financial planning products such as annuities, securities, and of course, life insurance as well as other related products. New York Life assures their financial professionals understand their products, and it is the financial professional's job to understand your financial situation. The meeting with the financial professional is free, and they often will meet you in your home or a neutral site so that there is no pressure to make any decisions until you are ready. The financial professional will always work their schedule around you, their valued prospect.

Build a Foundation for Saving

Once you've sat down with a financial professional and discussed ideas for financial planning based on your situation, then you can develop a plan for a foundation of savings. Remember, you do not have to start saving the same day you talk to a financial professional so it can start whenever you are in the right position to save. A good foundation for saving is securing your most valuable asset, yourself. Since you've spoken to the financial professional, you should now have a better idea on what expenses you need to cover when you, inevitably, pass away. However, with the right policy, it can also pay out money based on the returns the policy has gained while you're still alive and breathing. This money can supplement your retirement income, it can pay for your children's college before the policy is even paid off, or it can fund any other project you want it to. Life insurance is a good foundation of saving because of the versatility and affordability of it. New York Life actually carries a policy for a $1,000,000 of coverage and can be purchased with a premium as little $50 dollars per month for qualified candidates.

Review Your Plan Annually

After speaking with a financial professional and setting a foundation for your financial future, you should review your plan annually to make sure that your future unfolds in the most favorable position for you. As you grow and experience the vast wonders of life, the plan you set may have to change in conjunction with your life. For example, kids or more kids can come into the picture at any time. Your living expenses will increase or decrease as time progresses, so the plan has to adapt to changing times for a forever evolving person. In this world, everybody's plan for his or her future is different, so your savings plan should be customized to your plan for the future.

Ensure your financial security today, so you can travel forward with confidence in this world of uncertainty!