Young Adults: Short Term / Long Term Issues

• Building Your Financial Literacy - Starting your financial life and making the decisions that go with your independence can be intimidating. The issues can be complex, the consequences of your decisions can be profound and it can be difficult to find someone to rely on. You can turn to your friends or your family for some help and guidance, but ultimately you must assume the responsibility for making and living with your financial decisions.
• Having Children and Money - Having a child is a major event in your family and for your finances. As you prepare for being a parent, be sure to consider the financial impact that a child will have. The additional costs of buying diapers and baby food may not seem too significant, but just wait. In 2013, the US Department of Agriculture estimated that the cost of raising a child from birth to age 18 was over $241,000, and that did not include the impact of inflation or college.
• Considering Starting a Business - Starting a business and being your own boss is a dream of many young people. It can be an opportunity to put innovative ideas to work, to fill a needed niche in a market and potentially to build your wealth. It can also be an overwhelming task. However, millions have been successful and millions have failed. There are no guarantees, but here are some of the issues you should consider.
• Divorce and Money - Divorce is one of the most traumatic events that in a person's life, usually only surpassed by the death of a spouse or the loss of a child. The emotional aspects are difficult to handle and then there are the issues with children and the financial aspects. This article addresses some financial issues to consider.
• Defining and Setting Goals for a Good Financial Life - Defining your financial goals can be difficult, just like reaching them. Also, defining your goals can be a process and they may change over time. Let's start with some general ideas that could be the definition of a good financial life.
• Planning for Major Purchases or Expenses - There will are always things you want to buy in addition to your normal living expenses. It may be a new computer, a gift for a special person, some clothes, a nice vacation or something for your home or apartment. All of these things take money. Let's take a look at some of the financial factors you should consider when making those purchases.
• Marriage and Money - If you are newly married, or planning on getting married soon, be sure to allocate some time to consider some of the financial aspects of marriage. Marriage will change how you handle your finances and it can also be the source of anguish in a marriage. Here are some things you may want to consider.
• Measure Your Financial Progress - Taking control of your financial future is a process. As with any process, it is important to monitor your progress and measure results. Doing so will help you understand how well you are doing and to determine if the financial strategies you are using are working.
• Beginning to Think About College for Children - As you probably know, college is expensive. As you may not know, college costs are rising faster than inflation and almost no one is predicting that college costs are going to go down. As a result, you may want to start thinking about funding your children's college costs now. The sooner you start thinking (and hopefully saving) the easier it will be.
• Beginning to Think About Estate Planning - When you hear the term "estate planning," you probably think of estate taxes and think that estate planning is only for older people or those with lots of assets. Estate planning is about estate taxes and quite a bit more.
• Beginning to Think About Retirement Planning - Retirement is probably many years, if not decades, in the future. Yet, being able to afford a financially secure retirement is expensive and understanding some of the basics now and taking a few steps can make that retirement you dream of a reality and a few years closer than what you think.
• Student Loans - Many college students graduate with sizable loans they used to pay for their education. How these loans are handled and paid off is critical and can have lifelong implications.