Doug Haldeman is a Life Events Manager, the thing with life events is that some of them bring us enormous joy and some of them bring large amounts of stress. Large amounts of joy could be the birth of a child, graduating college, or getting married. Large amount of stress could be the loss of a loved one, the loss of a job, or divorce.
In Doug’s 20 years of managing life events in the mortgage industry, he has discovered that people only come to see him as their lives are changing.
Doug has come to learn 2 things:
1) The life events that cause us enormous stress weren’t planned
2) That we will all suffer one of two pains. The pain of discipline of the pain of regret.
It is guaranteed that the pain of discipline and planning for life events weighs ounces while the pain of regret and the cost of unplanned life events weighs tons. In some cases it can devastate a family or destroy a dream. Doug has lived through all of these life events, that’s why he loves what he does.
He gets to give his clients peace of mind when they’re prepared. Doug hopes to build stronger families and communities by eliminating much of their stress. What have you done to be sure you and your family are prepared?
| Life Stage | Life Events | Financial Events |
| Stage One |
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| Stage Two |
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| Stage Three |
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Stage one: Developing good financial habits
•Track your spending habits to identify ways to save. Prepare a household budget.
•Set aside 3-6 months of expenses as emergency reserves in a savings account. These funds can protect you, and your credit rating, against unforeseen events such as a large car repair bill or loss of employment.
•Use a wise borrowing strategy. Borrow for things that provide long-term value. Control the use of credit cards.
•Establish a saving pattern. Consider an automatic savings program so that some amount is deposited into a savings account each paycheck.
•Set some savings goals. Whether you want to accumulate a down payment for a home, pay for a car or vacation, connecting a tangible goal with your saving can provide the motivation and discipline you need to save.
•Make sure you have adequate insurance coverage to protect your family and assets.
•Take advantage of employee benefit plans at work.
Stage two: Prime earning years
•Start early to save for children’s college expenses. Consider using Section 529 Plans or Coverdell Education Savings Accounts (Education IRAs) to get additional tax advantages with the college funds.
•Take full advantage of employer offered retirement plans. If you have a 401(k) plan available, contribute as much as you can or at least enough to get the full employer matching contribution. Consider starting a Roth IRA account to provide for tax free withdrawals in retirement.
•Invest wisely. Consider an asset allocation strategy that matches your time horizon and risk tolerance. Don’t ignore the potential long-term returns of equities, but do your homework and talk with a qualified advisor.
•Be sure your insurance protection has kept pace with your needs. Having adequate life insurance to protect your family, in case of your untimely death, is critical.
•Prepare an estate plan to minimize taxes and to ensure that your custodial, financial and medical wishes are carried out.
Stage three: Retirement (near or during)
•Be sure your medical insurance is adequate. The costs of medical care continue to rise and we are living longer. Medicare, Medicaid and private health insurance will all be important.
•Consider purchasing a Long-Term Care insurance policy to protect your hard earned retirement savings.
•Be sure your estate plan is up to date. Changes in your financial situation, moving to a different house or state and changes in your family should all be triggers for reviewing your estate plan with a qualified estate planning attorney.
•Continue to manage your investments carefully. If you are using an advisor or stockbroker, be sure to fully understand their recommendations before accepting them.
•Enjoy your retirement!
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