Inheriting wealth can be unexpected or something you’ve known about for a long time. Either way, it can be life changing. Beyond the emotional component, your head may be spinning with questions about what to do next. How will this change my life? Will this change my life? Beyond the technical components of inherited wealth, receiving a large gift can spark a lot of existential questions that are important to address within the context of your financial plan.
What does leisure look like for you? If visiting friends and family, seeing new places, or seeking adventure is a priority in your life, you’ll want to include travel as a goal in your financial plan.
If you listen to the news, you’ll regularly hear mention of key economic indicators as they’re released. This is where a lot of us zone out because it’s hard to know how the ups and downs of these indicators relate to the overall health of the economy. What does it mean that the GDP in China declined last quarter or that U.S. jobless claims are up this week?
We’ll admit it, we’ve dreamed of early retirement, but who hasn’t? It’s not necessarily related to job satisfaction, but imagining how you would spend your days if you were footloose and fancy-free can be an entertaining exercise. And we know we’re not alone: the recent FIRE (Financial Independence, Retire Early) movement is symbolic of the increased desire by some individuals to minimize their number of working years. The FIRE movement encourages living in a highly frugal manner in order to save early in life, and then retire with a minimalist lifestyle.
As your children grow into adults, your relationship with them naturally evolves. You love them and may want to continue to support them in various ways but, when it comes to supporting them financially, things can get complicated.