How's your long-term financial plan looking?
If not quite in focus, you're not the only one — this is one of those priorities that tends to fall off the daily to-do list of busy families.
Graeme Gibson, a chiropractor in Seattle, WA, understands this firsthand, and regrets that he and his wife, Kate, delayed having financial talks early in their marriage. "While it seems obvious now, 15 years later we missed out on saving tens of thousands of dollars toward retirement, investments and our children's college funds," says Gibson. The positive side is that they're now dedicated to working together to achieve financial wellness.
Ideally, financial discussions get under way when a couple gets married and continue as they experience various life events. In reality, however, many families don't sit down and have a family team meeting. You may need an expert's help, but financial planning ultimately begins at home with the ones you love.
Getting everyone involved — from small children to aging parents — can be a challenge, but it's worth the effort to create a comprehensive plan that's as unique as your family.