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PLANNING FOR LIFE MILESTONES
Planning for life milestones takes several years, no decades. And it never really seems to end. Because every person's life is actually an everyday journey toward periodic milestones, the planning for the next one sometimes start when the previous milestone has been reached.
A person's life milestones typical include:
Planning for your life milestones starting from birth up until college are your parents' responsibilities. That is how nature intended things to be. So if you're now working steadily, happily pursuing your goals, practicing your passions, or living your dreams, stop for a moment and thank your parents for all the effort they put into helping make you become who you are today. Now the life milestones starting from landing your first job up until retirement and anniversaries are YOUR RESPONSIBILITY. You need to realize that most of these milestones require you to shell out a considerable amount of money. Your wedding, for example, may cost you anywhere from Php300,000 to Php1 million or more to pull off. Having babies mean considering medical costs for mommy and babies, up until the delivery. And that's just the start of the expenses needed to take care of and sustain the babies. Don't forget that the baby will eventually grow up and you will be responsible for their daily living, educational, health, self-improvement and other financial needs until they get a job and start fending for themselves. But caring for them doesn't end there. You may want to give some monetary gift for your kid for his own milestones such as his wedding, his babies and so on. For all of these, you need to have a ready sum of money to use. But you won't attain a big amount if you simply rely on the money you saved through your Savings Account, your Time Deposit Account or a Special Deposit Account in the bank. You need to INVEST for these life milestones as soon as you earn your first paycheck so that your money will work harder for you by creating more money. To cope up with the substantial monetary requirements of these life milestones, you will need the far-superior compounding power of the following:
Remember, the steps to saving up for your life milestones are:
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