As the old saying goes, tomorrow is promised to no one. While you never know what the next day will bring, it’s always important to plan for the future. This is especially true once you start a family.
“The recent pandemic may have been part of the motivation, but I am seeing more and more people coming to me to get full written financial plans,” said Paul Kuhn, Financial Advisor with LPL Financial. Kuhn says that’s the new financial trend he’s been seeing in his industry. And it’s something he’s happy to see.
“It’s not just about making as much money as possible, but I am helping people to really think about where their money is going to go,” said Kuhn. “‘Is it going to my kids’ college tuition? Is it going to my pets? What will happen when I die? How much will my children get?’ They plan for where they envision their money working for them from beyond the grave.”
While “end of life” is something most people don’t want to think about, let alone talk about, when it comes to planning for the future for their loved ones, Kuhn said it’s an important conversation for every family. He said the first two things every parent should look into early are getting life insurance and saving for their children’s education.
“One thing in investment is you can never guarantee anything,” said Kuhn. “From year to year, you do your best, but with a financial plan, we can say even if the market did this or that, over the long term, we are still addressing these goals way in the future.”
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