In the journey of life, certain events stand out as significant milestones. These major life events, from starting a new educational path to retirement – shape our future in profound ways. First Financial can help you understand the financial implications of these events while maintaining sound financial health. Let’s delve into the intricacies of financial planning for these pivotal moments.

Continuing Education

The cost of education, be it college or post-graduate studies, is a significant investment. Exploring options like custodial accounts and 529 plans can ease the burden of saving for your or your child’s education. Considering the return on investment (ROI) is crucial, not just for traditional university programs but also for additional training that could lead to lucrative careers.

Getting Married

Getting married is more than a romantic commitment, it involves serious financial planning too. Budgeting for the big day is just the start. Discussing financial management with your partner, considering pre-nuptial agreements for asset protection, and updating insurance are vital steps in this journey. This is a time to re-title assets, revise estate plans, and align investment strategies with your shared goals.

Parenthood

Planning for a new addition to your family means preparing for pregnancy expenses and ensuring adequate health coverage. It’s also crucial to understand the financial aspects of fertility treatments or adoption if applicable, ensuring you’re ready for this life-altering event.

Navigating Divorce

If facing a divorce, it’s essential to prepare for its legal and financial implications. Maintaining financial independence and planning for life post-divorce are critical steps in this challenging phase.

Unforeseen Health Events

Illness or personal injury can strike unannounced, making health insurance and understanding workplace coverage indispensable. Similarly, the death or severe illness of a loved one necessitates having life insurance and an estate plan in place.

Buying or Moving Homes

Buying or moving homes involves more than just finding the right place to live and being able to afford your new monthly mortgage payments. It requires financial planning for insurance, property titling, home furnishings or renovations, and potential relocation costs too.

Career Shifts

Whether it’s about changing jobs or starting your own business, these decisions demand careful financial planning. Consider the costs of job training, the importance of emergency savings, and the need to protect personal assets. Developing an exit strategy, especially for business owners – is a prudent step. If you have questions about starting your own business, reach out to our Business Development Team today.

When planning for retirement, it’s all about ensuring a financially secure and fulfilling post-work life. Shifting investment strategies and planning for higher healthcare costs are also part of this stage, as is considering where you might want to settle down during your golden years.

Handling Windfalls

Receiving a large sum of money, be it from an inheritance, settlement, or a business sale, requires strategic planning. Consulting with advisors and tax attorneys is crucial to make the most of this financial bonus.

Economic Hardship

In times of economic hardship, like job loss or inflation – being prepared is key. This involves maintaining an emergency fund, avoiding debt, and making informed decisions.

Financial planning for major life events is not just about securing your immediate future, it’s about ensuring long-term happiness and security, regardless of life’s unpredictable nature. By preparing for both the expected and the unexpected, you can set the stage for your overall financial well-being. And if you need a little helping hand, check out our Financial Helper Loans – designed to help you manage life’s unexpected or necessary expenses.*

First Financial is your financial partner, no matter what happens in your life. To talk to a representative, call us at 732-312-1500, or visit a branch today.

*APR = Annual Percentage Rate. Rates are subject to change. Not all applicants qualify, subject to credit approval. A First Financial membership is required to obtain a Personal Loan, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. See credit union for details.