I started teaching when I was 23 years old when the idea of retirement felt a million years away. I focused on planning lessons and learning how to teach. Recently, though, the folks at Equitable created a lifetype quiz that helped me see the value of a good financial strategy. Turns out, I can save to buy the house I’ve always wanted. Here are some of the other benefits I discovered:
1. Having a smart financial plan is good for our peace of mind
When you have a plan for making, spending, and saving your money, you’ll spend less time worrying about your budget and your future. I find I can now enjoy the everyday things more—my work, my friends, and—especially—my family.
2. Learning how to plan your finances helps you make better decisions.
So many of us avoid planning for the future because we think we don’t have enough money to make anything happen, but a financial plan can show you real possibilities. I’ve gone from being nervous about opening my credit card bills to feeling confident that my budget is on track.
3. Knowing you have a financial plan can give you a healthier body and outlook.
Instead of waking up in the middle of the night worrying about your bank account, you’ll get more sleep. You’ll have less stress and feel happier. You might even sign up for a 5K!
4. Planning for the future means dreams really can come true.
Didn’t think you’d ever get to Paris? Wondering if you’ll ever be able to afford a graduate degree? Think again. Life is full of complexity, so understanding your unique approach can help you navigate life better.
5. Saving now pays off in the long run.
Starting financial planning early doesn’t mean things will be set in stone. Saving on a regular basis results in growing wealth which means whether you’re thinking about climbing mountains or planting roots, you’ve got the opportunity to make your money work for you the way you want it to.
Our friends at Equitable asked the question: What’s your way of life? Take this simple 9-question quiz to find out. Remember, there’s no right answer. I was surprised to find out that I’m really a Nester when I’ve always thought I was an Explorer. Take the quiz to learn more about your lifetype.
Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company.