Preparing and maintaining an updated will is one of the best things a person can do for his or her family. People who have assets and want to have them distributed in a specific manner after their death will need to layout their requests in a will. In Texas and elsewhere, over 30 percent of adults procrastinate about creating a will or any sort of estate plan.
When it comes down to financial matters, most Americans who fail to make retirement plan contributions lose out on the opportunity to grow their money. Studies show that 25 percent of workers fail to invest in retirement plans and are losing money because of it. Contributing $300 each month over 40 years would result in over $700,000 with an annual return of 7 percent. Those who delay contributing five years will only amass about $500,000 with the same return rate.
Creating a budget is an effective tool to manage monthly expenses. Once there is a budget in place, one can consider ways to reduce spending and free up cash flow to start saving money. To avoid falling into credit card debt in the event of a job loss or illness, experts recommend building an emergency fund with at least three to six months of living expenses in the bank.
Taking the time now to address important financial matters such as budgets, estate planning and wills can ease financial burdens if an emergency arises or an unforeseen tragedy occurs. Texas residents may consider consulting with an attorney to develop a well-thought-out estate plan and a financial advisor for retirement planning. Proper preparation now will ensure that all asset distribution is carried out according to one's wishes.
Source: fool.com, "The Top 5 Money Matters Americans Procrastinate On -- The Motley Fool", Maurie Backman, April 9, 2018