by Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho.
Some people work to capture that leprechaun sitting at the end of a rainbow, guarding a pot of gold – a wonderfully colorful idea for acquiring wealth. But, I’ve yet to hear of anyone who was successful.
How can you make your own financial luck? The answer is not exciting but easily doable over time.
First, identify and be realistic about your current and future financial needs and potential risks.
- Do you have enough regular income now and for your future to meet your needs?
- What are the current and future expenses that you plan to be paid with that income? These expenses include the basics: housing, food, health, transportation, clothing, insurance, and more, plus fun and other extras that fit for you.
- What size reserve makes you comfortable when or if the unexpected happens, such as a health crisis or a family emergency?
Second, identify areas that you can change the dollar amount you pay with your change of choices or behavior. One example is housing. If you are retired, plan ahead where you want to live for the rest of your life and act on that decision. If you want to live in your existing home, pay for the changes that allow you to live there safely and independently. If you plan to move closer to children, do it while you have the energy and are able. If you wait too long and there is a health crisis, your choices are limited and almost always more expensive. Another example is the cost of health-related expenses. We have all heard “if you don’t use it you lose it”. That goes for thinking, getting out of a chair, walking up steps, walking through the grocery store, taking out the garbage, pushing a lawnmower or vacuum and so many ordinary daily activities that make life interesting.
As fun as it is to consider grabbing that “pot of gold” or wining the lottery, a more comfortable approach is to make you own luck to create and secure the financial future you want for you.
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Do you have a written estate plan that protects your future and your loved ones? Call to schedule a meeting with Susan Graham to give you peace of mind that your affairs are in order (phone 208-344-0375 or Contact Us on our website).
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