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A Beginner’s Approach To Life Planning with Real Estate

Tuesday, March 20, 2018   /   by Leon Zhivelev

A Beginner’s Approach To Life Planning with Real Estate

A Beginner’s Approach To Life Planning with Real Estate
Written by Jim McKinley


Photo by Paulbr75



Planning for the future is something every American should do, but it’s difficult to find the time, money, or energy to prepare, especially when you’re unsure of how to start. If you have children, your focus may be on their financial security after you’re gone; if you’re a senior, you may be thinking of how best to plan for future health or mobility issues. There are so many details involved in life planning that it can become overwhelming pretty easily.


However, there are several simple ways you can get started; the key is to know what you’re looking for. Start by making a list of your goals; if you want to create a will so that your family will be provided for after you’re gone, start there. Buying life insurance is another simple step that might cost less than $30 per month, depending on the plan and the state you live in. Start small and work your way up to avoid becoming overwhelmed.


Keep reading for more tips on how to plan for the future.



Look into real estate


Making a move toward investing in real estate can help you solidify your financial security, so talk to a financial advisor about the best way to break into it. You might buy a vacation home, or invest in a small property near your own home that will become a rental, giving you extra money each month to put into savings.


Downsize


Downsizing is something many Americans find themselves thinking about after their children have moved out or after retirement. Moving into a smaller home means having less to take care of and a smaller mortgage payment, both of which can be a huge benefit when you’re older. Smaller homes also usually mean no stairs to climb or big lawns to take care of, another plus for seniors. It’s important to make sure any new home will work for you, however, especially if you anticipate having to make home modifications for the safety of you or your spouse. Use this handy home cost calculator to figure out a budget and to make sure you get the most out of your dollar.


Prepare a will


Making sure you have a directive written out and notarized will help your family members have a smooth transition after you’re gone. If you own property, it’s especially important to be clear about what you want and who should take the reins. Leave no room for ambiguity, as any issue with the will could throw into question who owns the property and create a legal battle for your loved ones that might stretch out for months. Talk to a lawyer who specializes in real estate to make sure you have all your bases covered.


Set a budget


Working out a budget will help you and your partner stay on task and prepare not only for your futures, but for those of your children as well. You might decide to talk to an accountant or professional financial planner to make sure nothing has been overlooked, or you might start small and simply take a look at your monthly expenses versus how much is coming in so that you can make cuts in spending. Whatever you choose, make sure you stick with it, and keep track of your savings to help motivate you.


Life planning doesn’t have to be stressful or overwhelming. With a good plan and some help from a pro, you can create a path to the future that won’t have you anxious about the unknown. Start slowly and take your time so that nothing is overlooked.

 
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1700 79th Street Causeway, Suite 160
North Bay Village, FL 33141
305-751-6400

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