Over the course of the journey we call life; there will undoubtedly be important events that will impact the course of our lives from this day forward. These different happenings will alter our lives as we know it and we will be forced to take a detour off our chosen life path. There are events that we willingly choose and we anticipate that will change our lives assumingly for the better: a wedding, a new career, starting a family, purchasing a new home or retirement. Or there are also events that we are plunged into without warning that threaten to drown us: a breakup, job loss, an incurable diagnosis, or divorce.
Whether the event has a positive or negative impact on you, it will most certainly change your financial plan. Any time a major life event happens, you should consult with your financial/insurance planner to ensure that you are still on track to achieve any set goals or to adapt your goals to your new circumstances.
Use the chart below to determine the probability and impact certain life events will have in relation to your life path.
|Life Event||Probability (High-Low)||Impact (High-Low)|
|Change in living arrangements|
|Moving in with a partner|
|Buying a home|
|Adopting a child|
|Paying for children’s education|
|Children leaving home|
|Children returning home|
|Major change in finances|
|Starting a business|
|Personal health issues|
|Family health issues|
|Caring for parents|