Three Major Life Decisions Affecting Your Finances
Your finances matter, but there are much more important things in life, and some decisions must be about more than money. However, these decisions can change your financial situation, so you need to be prepared. Investopedia makes three decisions that have a huge impact on your finances.
As you might guess, these are the following events: marriage, having children, and the decision to go to college. These are not exactly financial decisions, but they are serious ones, and it is worth at least thinking about your finances when these events occur.
For example, this is what Investopedia offers:
The person you marry will determine your finances for life. Divorce can lead to the ruin of even the most frugal person, but just being married does not provide any guarantees. Make sure you and your spouse share the same financial goals and views. Ask the obvious questions – do you both want kids? Do you both want to work? Travel? Retire early? Do you run your own business? Answering them now can minimize future problems.
Likewise, it helps to lay the groundwork if you decide to have kids too. Obviously, having a baby means an increase in living expenses, but it can also mean a loss of income for a while. You will need to decide whether you want to stay at home or work and pay for child care .
You, too, want to prepare for the cost of college tuition. This means researching your earning potential for different degrees (or deciding if college is the way you want to go). And you definitely want to know what financial assistance options you have.
Investopedia offers more information in these areas, so check out the full post at the link below.
3 Decisions That Have a Huge Impact on Your Finances | Investopedia