Things To Add To Your Financial Bucket List
A bucket list refers to a set of goals one plans to achieve before one’s death. A financial bucket list specifically deals with monetary goals and dreams. Everyone who intends to have a financially stable career should have a bucket list; it, in many ways makes the journey seamless. For one, it spurs commitment from you and makes life meaningful. Meaningful in the sense that you are not just living for living sake; you are purpose-driven. We have put together a list of items that you should add to your bucket list; these would make life even more interesting and worthwhile. Above all, financial security for you and your family is ensured. Consider these for your bucket list:
1. A Will: Cut the crap about you not dying early or how some supernatural force has guaranteed long life; we all would love to live long but that doesn’t keep the inevitable from coming to pass. Woe betide anyone who lives a financially healthy life with his family only to die and the family loses everything because there was no will. I’ve never been to the other world, but I tell you, those who had no will before their demise regret their actions. Get your lawyer to make arrangements for the drafting of your will, distribute your resources as you will; rest assured, upon your passing there would be no chance for disagreements as to who gets what.
2. Retire Early: Can you help admiring people in their forties or fifties who are retired and enjoying life? It is indeed a good thing. It is a good thing to work and be responsible but not for all your life. Retiring early does not necessarily mean idleness and irresponsibility; it gives you the time to rest and still participate in day to day activities but not as actively as before. Unfortunately, not many people plan for this. If you asked any job seeker about retirement plans, they would probably just ask to get a job first before anything else. But it shouldn’t be. Those who plan to retire early must be able to have a healthy saving, a pension guarantee, and a secondary source of income after retirement. We’d like you to have a retirement plan; start now.
3. Start A Personal Business: It is perfectly okay to start out as an employee and work your way up the ladder. But it could be better if you had something to call your own, you know, something you can lay claim to. The job you have right now may not be there tomorrow and you don’t want to join the next generation of job hunters without having an edge (that is, if at all you want to continue as an employee). Everybody wants to be her own boss but not everybody gets to achieve such feat. The reason, those who don’t probably didn’t have it on their bucket list. Remember, a bucket list inspires commitment no matter how thorny the path to success is. No matter how small it may look when you start, always imagine how big it could get if you stick to it long enough.
4. Build A House: Either a personal house or a rent-able one, it is a milestone. Don’t you feel a bit reluctant each time you have to pay rent to someone else? Of course you do, or maybe you’ve just learnt to overlook it. Again, having a house of your own keeps you from having to worry about how to pay and when to pay. You just automatically develop that peace of mind that comes with such acquisition. What’s more interesting is if you have a rent-able apartment. Now you get to receive money from tenants from time to time. Beautiful isn’t it? The more reason you should add this to your bucket list.
5. Fund Your Children’s Education: Have you heard stories about people who started out well but suddenly got hit by a raging storm and everything began to fall apart? And their children who were attending top notch schools now had to move to public ones or even had to stay out for a while? Sure, there are people like that. But imagine if they had an account where they saved money for their children’s fees, a lot would have been prevented. Their kids would still be in school (good ones) while they made to get back up again. Don’t be too sure about anything, always have a contingency plan; and which better one is there than ensuring that your kids get educated?
6. Life Insurance: Get a life insurance policy at a trusted insurance company. In case anything happens to you, your loved ones would not have to spend a fortune bidding you farewell. Don’t push this aside, you know how difficult it is in this climate, you’ll be doing many people a favour by getting a life insurance policy. It would be a plus if you got one for all the members of your family, that way, when the inevitable happens you would only cry because you lost a loved one not because of the money you have to spend. Make sense? Go get one.
7. Update Your Next Of Kin: Your next of kin could be anybody: a friend, a business partner, a spouse but definitely not an enemy, just saying. Your next of kin gets contacted whenever there is an emergency that concerns your life. For instance, if you are in a coma, they can make decisions on your behalf; and sometimes this has to do with your finances. So you’ve got to choose wisely. It is important you keep whoever you choose apprised so as to finalise everything and avoid complications. 8. Power Of
Attorney: Culled from Legal Zoom, “A power of attorney (POA) is a document that allows you to appoint a person or organization to manage your affairs if you become unable to do so.” Your affairs, meaning everything that you are involved in. But of course there are levels of control and as such it ranges from total control to specific ones. If you like you can call this a kind of delegation (see HOW TO DELEGATE MORE EFFICIENTLY). Bottom line is, your business and engagements are not put on hold simply because you are not available. Whoever you sign for this post takes on your responsibilities in your absence. So you could take a little break and go on a vacation or something while your business waxes strong. Sounds good? 9. Financial Fact File : Everyone has passwords for almost everything especially stuff that has to do with our finances. In the interest of your loved ones, keep a file that shows all of these passwords so that they won’t have to cross seven seas and seven forests just to get access to your money when you are gone. Not just the passwords but also account numbers and pins. You may also include business transactions that may come in handy over time. You don’t have one yet? Get to it and keep it updated. 10. Plan
Your Funeral: Now this one may spook you a tad but come on, take a deep breath…and read on. As said earlier and as you know, death is not something that is wont for giving a notice before arrival so you’ve got to make plans for your funeral while you can. Have funeral wishes? How it should be, where it should be, who to invite and who not to, what to reveal on your passing etc. You know what it is. Make arrangements and have your funeral planned even before it happens. Not everybody is opportuned to do so.
Finally, life is long and short at the same time. You don’t know the end but you can dictate what happens before and after then. You can, yes you can. And as aptly mentioned in WHAT IS ON YOUR BUCKET LIST? “there are no boundaries…there are no general rules.” Your bucket list is yours, you call the shots.