Reflections as a Single Adult
As a single adult, I would like to be able to rent or buy my own place once I graduate. I want to be financially independent. I would like to be able to give philanthropically a decent amount of money from my pocket each month. I would like to give to several different organizations that i share a common passion with. I would also like to start setting aside money for retirement and have an emergency fund. I also want to work with a nonprofit that helps in the child services field. So, I would like to find a career in something that I can donate my time and money toward daily and be passionate about. Lastly, I would like to build my current nonprofit up and reach more children of the world.
Single to-do list:
-graduate with my Bachelor's Degree from Auburn
-get my Master's from Auburn
-start my career
-start a retirement fund and emergency fund
-put money aside to buy a house
-build my credit
-have a strong financial plan
Single to-do list:
-graduate with my Bachelor's Degree from Auburn
-get my Master's from Auburn
-start my career
-start a retirement fund and emergency fund
-put money aside to buy a house
-build my credit
-have a strong financial plan
Reflections of Pre-Marriage
Before I get married to somebody, I think it is necessary to discuss finances and how you both plan to spend/save your money. I would like to discuss how we plan to give philanthropically. I think it would be ideal to talk about different organizations we would both be interested in giving to as a couple. Also, I think we should discuss what things we want to save our money for. I think it is crucial to also discuss any debts or areas that could be problematic that one or the other suffers in on their own that could potentially effect the relationship or our giving plans as a couple.
Ultimate to-do list:
-discuss negative spending habits
-talk about potential organizations to give to
-think about areas we want to save up money for
-make sure our giving and saving goals are similar enough that we could very well obtain them in a marriage
-discuss what a broad budget plan would look like for us as a married couple
Ultimate to-do list:
-discuss negative spending habits
-talk about potential organizations to give to
-think about areas we want to save up money for
-make sure our giving and saving goals are similar enough that we could very well obtain them in a marriage
-discuss what a broad budget plan would look like for us as a married couple
Reflections of Marriage
In the marriage phase, I want to be able to pick a solid 3-5 foundations that my spouse and I will give philanthropically to continuously. I want to also be sure to volunteer and give my time (with my spouse) to these organizations we are both passionate about. I would like us to start setting money aside for future children (hospital bills, college funds, etc.) and setting aside money to get a house that would be big enough for a family. I want to create a budget and be able to stick with it and steer clear of any debt. I really want to make sure we bring to life what we discussed in the pre-marriage phase.
Ultimate to-do list:
-start saving money for future endeavors
-give a decent portion of our salaries philanthropically
-spend smart
-create a budget and make sure to stick to that budget
-make sure we aren't spending on things we don't really need too often so we can have our priorities in check on what we use our money for
Ultimate to-do list:
-start saving money for future endeavors
-give a decent portion of our salaries philanthropically
-spend smart
-create a budget and make sure to stick to that budget
-make sure we aren't spending on things we don't really need too often so we can have our priorities in check on what we use our money for
Reflections of Parenting
When I become a parent, as I have already stated in previous discussions, I hope to be financially independent and financially stable. I want my husband and I to account for the changes in our budgets that we will have to make. A goal I have is that my husband and I will make sure our children are always learning how to safe and spend money. Its important to me to have children who learn to put themselves on a budget (which I hope they'd learn from watch me and their dad). I also want to have time as a family to volunteer and work at different philanthropic events so the kids can get exposure to that world and hopefully find a mission they feel drawn to so when they're older, they will already be involved in a few organizations. I also hope they'd be inspired to want to give their time and money to organizations they feel called to when they get older as well. My ultimate goal is to raise children who will safe their money for emergencies and other funds, but will also not hesitate to give to valuable causes.
Ultimate to-do list:
-lead by example in being money smart
-start a savings account for them
-teach them the importance of saving
-teach them the importance in volunteering/giving
-adjust my (and husbands) financial plan
Ultimate to-do list:
-lead by example in being money smart
-start a savings account for them
-teach them the importance of saving
-teach them the importance in volunteering/giving
-adjust my (and husbands) financial plan
Reflections of Saving and Investing
I think it is very important to save your money. I plan to create a few different savings accounts as an adult. I want an emergency fund incase anything every happens and my family can't pay for the cost out of pocket. I also want to have a college savings account for each child I may have. My parents started a savings account for me, and each year for my birthday or Christmas, they would have me put aside a portion of the money I receive to go into that account so that when I turned 16 I could buy myself a car with that money. I would really like to do this for my children so they can have exposure to setting aside a portion of their own money for savings at an early age. I also want to set aside money for my retirement plan. I would also like to invest in organizations whose mission I feel passionate about.
Ultimate to-do list:
-place a decent percent of each paycheck toward my retirement plan
-teach my children to save their money at an early age
-start college savings accounts for my children
-continue to add to an emergency fund
-invest in organizations
Ultimate to-do list:
-place a decent percent of each paycheck toward my retirement plan
-teach my children to save their money at an early age
-start college savings accounts for my children
-continue to add to an emergency fund
-invest in organizations
My Wake Up Call and Solutions
The IOUSA videos were very interesting to watch. It informed me more on just how bad our national debt is and how it could affect me. There are studies that have proven that passed a certain number, human brains can’t grasp quite how much the number actually is, our brains simply turn the number into “a lot”. When we can’t understand how much (or how in debt) we are, because we can’t truly grasp the number, we have a problem.
I believe that myself and my generation have a lot to work on. If we can start to understand how this will affect us and future generations, maybe we can start taking steps to figure out solutions. We may not be the cause of the problem, but we will definitely contribute unless we change our ways.
I believe that myself and my generation have a lot to work on. If we can start to understand how this will affect us and future generations, maybe we can start taking steps to figure out solutions. We may not be the cause of the problem, but we will definitely contribute unless we change our ways.
Reflections of Saving and Living for Retirement
Leah Dubberly's video was very informative. I thought she provided great ideas on how to start saving for retirement. I have always heard how I should start saving for retirement as soon as I can. I plan to set financial goals for myself and set budgets on my spending habits, so I can have money to live on when I retire. She was another person to talk to us about the urgency we must have in saving money because things like Social Security probably won't around for our generation.
I used to PNC retirement calculator. https://www.pnc.com/en/calculators/investments-and-retirement/retirement-calculator.html (Links to an external site.)
Ultimate to-do list:
-start spending money on only needs and few wants (watch spending habits)
-start saving for retirement
-meet with a financial advisor
-invest my money
-have a 401(k)
I used to PNC retirement calculator. https://www.pnc.com/en/calculators/investments-and-retirement/retirement-calculator.html (Links to an external site.)
Ultimate to-do list:
-start spending money on only needs and few wants (watch spending habits)
-start saving for retirement
-meet with a financial advisor
-invest my money
-have a 401(k)
Reflections of Divorce
Divorce is something I, along with most others, hope to never face. This being said, I know I should keep it in the back of my mind that it could happen. I should take steps to make sure I would be able to handle my life as well as my children's lives. I do think it is important to not dwell on this possibility because that could drive the relationship there. I will try to plan for this on my own and not fully discuss this with my spouse.
Ultimate to-do list:
-have separate savings accounts
-find a good/affordable divorce attorney
-attempt to settle an agreement about the divorce outside of court
-make sure my children are taken care of (custody battle) and take steps to work with them and give them guidance and help through the process (therapy if necessary)
-revise my spending plan to being more like my single spending plan and if I have kids, then they will be included in this
Ultimate to-do list:
-have separate savings accounts
-find a good/affordable divorce attorney
-attempt to settle an agreement about the divorce outside of court
-make sure my children are taken care of (custody battle) and take steps to work with them and give them guidance and help through the process (therapy if necessary)
-revise my spending plan to being more like my single spending plan and if I have kids, then they will be included in this
Reflections of Caregiving
The caregiving stage is a stage I have never really thought much about before. I think this must be and most likely will be the most difficult situation I will ever find myself in. I think the way to lessen the difficulty;ty would be sitting down as a family and discussing what my parents (or spouse's parents) want to happen to them when they can no longer care for themselves. Then take the steps to figure out who is paying for what and what role each sibling will play in the caregiving role.
Caregiving to-do list:
-discuss with family what we (mostly parents) want to do as they age
-start planning financially for this stage
-discuss all potential options
-establish what roles each sibling will play
-discuss insurance plans
Caregiving to-do list:
-discuss with family what we (mostly parents) want to do as they age
-start planning financially for this stage
-discuss all potential options
-establish what roles each sibling will play
-discuss insurance plans
Reflections fo Widowhood
Widowhood is something I hope I never have to face. That being said, I still think it's important o plan for the worst. I think you should look into life insurance when you get married, especially when you have kids. I think you should update your will when anything major in your life changes. I plan to work, so this will help if I were to loosely husband because it wouldn't be a lose of all income, just one. I know this can still impact a family greatly. I want to continue saving money as planned from my single life all the way to potential widowhood.
Widowhood to-do list;
-get life insurance
-have an attorney
-work with attorney to help set up and keep will up-to-date
-save money as planned from before
-be cautious of large amounts of spending up to a year after spouse's death
Widowhood to-do list;
-get life insurance
-have an attorney
-work with attorney to help set up and keep will up-to-date
-save money as planned from before
-be cautious of large amounts of spending up to a year after spouse's death
Reflections of My Planning Team and Legacy
I think it is very important to make plans for yourself for after your death. I know from personal experience that when a loved one dies, planning for the ceremony and all that comes after that is really one of the last things you want to think about. My grandmother had made plans for all that should be done in regards to her funeral, assets, and whatever else remained. While I'm sure it was difficult and even weird for her to plan, it helped my dad and the rest of the family in the extremely difficult time. I hope to be able to have a plan and people along side of me who will know my wishes and how I want things to be executed so that doesn't burden my family.
Ultimate to-do list:
-make a plan for my funeral and go ahead and make the arrangements
-plan ahead for how I want my assets to be distributed or donated
-make sure my will is up-to-date
-have a group of trusted family and friends who I know will follow through with my plans
-speak with someone about my financial plan and can better lay that out for me
Ultimate to-do list:
-make a plan for my funeral and go ahead and make the arrangements
-plan ahead for how I want my assets to be distributed or donated
-make sure my will is up-to-date
-have a group of trusted family and friends who I know will follow through with my plans
-speak with someone about my financial plan and can better lay that out for me