Associate Lead Advisor, Waite Financial Group
This past year many of us heard the echoing voice of our internal GPS saying, “recalculating…recalculating…” No doubt, we ran into detours, roadblocks, and winding mountain roads that had us wadding up our well-planned life maps and tossing them right into the waste basket! For too many people, sudden job loss or change, moving to a new home, or paying unexpected medical bills uprooted our best-laid plans.
As we’ve come to appreciate, part of planning out the Ultimate Road Trip of Life is having a strong financial plan that can withstand those “recalculating” moments that life brings.
Imagine for a moment with me: your financial plan is much like a cross-country road trip that begins in New York (starting your career), stops in Pennsylvania (getting married), breezes through Ohio (starting a family), and continues all the way to retirement. And where will you be on that cross-country road trip when you retire? Most assume that at retirement you will be soaking in the sun in California, having completed your journey and the work is done. But on this road trip of life, you have just made it through the Midwest and may only find yourself in Kansas at retirement! You may have as many years in retirement as you had working, so making sure your map doesn’t end part way through your journey is important
Through this finance section we will explore different stops along the road and discuss important things everyone should plan for to ensure that the “New York to California Journey” goes as smoothly as possible. I will walk you through important stops on your road trip, addressing common detours, ways to plan around them, as well as certain routes to take to avoid them in the first place. And while I can help map out ideas of the routes you could consider, the things you could pack, and the preparations you could make, I always recommend finding your own financial planner to be your personal GPS who can help you fine-tune and “recalculate” your specific route to—and through—retirement!
And so, we begin in New York! This is our “starting point,” focusing on those first steps as you begin your career: What do you consider when seeking out your first job? What do you need to understand about your benefits through work? How can you best plan your the long trip now?
(And for those of us who have long ago left New York in the rearview mirror, remember that you may be mentoring someone at work, or may have children or grandchildren who are in this phase. My hope is that you can learn some practical information to share with them.)
Your first job! Congratulations, you have completed your schooling and are ready to start your career. So often, new graduates only consider what salary a company offers them, however, the benefit packages should be closely assessed as well. Here are a few things to keep in mind as you select a job and start to sign up for your employer benefits.
I cannot wait to travel this road with you! See you next month at our next destination!
Do you have a specific question? E-mail me at: firstname.lastname@example.org and we can include your question when most relevant along our road trip together.
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