Many people are unsure of when to take certain steps in life – so please consider his list. If you are age 18 (or 21 or 25 or 40) – guess what? You are a grownup and here are some things you really must do.
- Open a bank account and learn how to balance it every month. Always know how much $ you have independent of your online balance.
- Find a tax preparer and be responsible for getting your taxes done – don’t leave it to Mom or Dad.
- Establish a relationship with an attorney and establish an estate plan (power if attorney, health care electives and will to start). Keep it updated every 2-3 years.
- Purchase a pre-need plan for cremation/burial. This is extremely smart (it is very inexpensive when you are young and you pay for it by making small monthly payments a few years) for and will save your future family tens of thousands of dollars.
- Start a financial plan. Meet a great financial planner and purchase life insurance, start an IRA and save $ every month.
- Move out of your parents’ basement, extra bedroom or garage apartment!
Chechele Law can help you with items 1-5, we prepare taxes, teach clients how to reconcile bank accounts establish estate plans and refer our clients to great financial planners and a pre-need counselor. For #6, sorry, you are on your own.