The prosperous life you imagine for yourself, and your loved ones requires a solid financial foundation. This list below is your road map. It will help and encourage you to make educated choices that fit into the big picture you want for yourself and your loved ones.
Planning for the future of your LGBTQ family and understanding your own financial views and feelings are just two of the many important topics covered. By working through the items on the list, you’ll gain insight into your current financial condition, spot problem areas, and be in a better position to plan.
How many can you say for sure that you’ve done with your loved ones?
- I make financial choices that allow me to live the life I envision and develop into the person I hope to become. Take steps towards making your financial decisions reflect your core values and priorities in life.
- I am aware of the mental models, emotions, and prejudices that shape my financial choices. Take control of your finances by recognizing and controlling your emotional responses.
- I know precisely what my assets and debts are. Act by learning as much as possible about your personal finances.
- I do not experience any emotional distress when thinking about money. Take steps to alleviate any worries you may have about money.
- I have well-defined monetary objectives and a plan to meet them. Establish specific financial goals and develop doable plans.
- I keep tabs on my financial objectives and evaluate my progress towards them frequently. Act by regularly reviewing and re-evaluating your monetary objectives.
- I am aware of the yearly income of my family. Figure out how much money you have at home so you can make smart choices.
- I am aware of the monthly amount that can be saved from my net income. The next step is to calculate how much money you can set aside every month.
- I know exactly how much I spend, save, and invest every month because I keep meticulous records. Take charge by keeping tabs on your finances.
- I’m minimizing my tax burden in every way possible. Take steps to reduce your tax liability by perfecting your tax preparation.
- I do an annual tax check-up and prepare for future life and financial milestones. Act and revisit your tax strategies on a regular basis.
- I keep track of how much of my salary goes towards my various loans (auto, student, etc.) each month. Evaluate the consequences of your debts.
- Having debt and having to make monthly payments do not bother me. Take steps to alleviate the strain of debt.
- I am aware of the monthly amount of my investment income that remains after taxes. Figure out how much you will put into your investments.
- I know exactly what I’m investing in and how much of a risk I’m willing to take. Get a handle on the amount of risk in your investment portfolio.
- I have calculated how many months my emergency savings would keep me afloat. Get ready for the unexpected by stocking up on a sufficient emergency fund.
- I have health, disability, life, and property (house, car) insurance, all of which are crucial to my financial security. Take the appropriate precautions by reviewing your insurance options.
- To make sure my insurance is up to date, I review it on a regular basis and if something major happens in my life. Act by reviewing and updating your insurance coverage on a regular basis.
- I am aware of the date when my estate planning documents (such as a will or power of attorney for finances) were signed. Do what must be done to keep your will and other estate documents up to date.
- I make sure my will and other estate paperwork are always up-to-date by reading them. Do something about it and keep your estate plan up-to-date.
- I am aware of how much of my salary is being set aside for retirement. The next step is to calculate your rate of retirement savings.
- At my young age, I am fully aware of the sum I have set aside for old age. Take stock of your retirement funds at the present time.
- I have calculated how much I need to save each year to retire comfortably. Plan to save for your retirement and stick to it.
- My knowledge and schedule allow me to put my entire financial strategy into action.Measure your competence in handling financial planning responsibilities.
- As my life and financial circumstances change, I update my financial strategy accordingly. Take remedial action by updating your financial strategy on a regular basis.
The road to financial security is never-ending. One that helps you flourish by fostering health, wonderful connections, and compelling goals. Ensure that your financial strategy is reviewed and updated on a regular basis.
Long-term financial security requires being proactive and adaptive through life’s many changes, including adding additional family members, approaching retirement, or relocating to a different nation. Seek expert financial advice if you believe you need it to maximize the effectiveness of your approach and make sure it fits your needs and goals. Expat Wealth At Work are life financial consultants who specialize in assisting LGBTQ expat families in meeting their unique financial goals and are a great resource. You may confidently move forward into a flourishing future that is full of financial security, independence, and peace of mind by prioritizing financial well-being and adopting the 25 steps above.