Secure Your Family’s Financial Future by Investing and Writing a Will

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As you start earning money, your goals might change to include having a family. You might take a mortgage to afford a bigger house in which to raise your family and as your children grow, you will need tuition fees and a college fund.

These increased responsibilities mean you need to start managing your finances better, invest and save.

I. Investing your money

The first thing you need to do with your extra money is to invest. No matter what your earning ability is, there is always an opportunity that might be the right fit for you to invest in. Here are a few:

  • You can invest in stocks, bonds or precious metals
  • Invest in real estate to get regular monthly income
  • Become an entrepreneur
  • You can take out a life insurance cover

Besides these modes of investment, you can raise a lot of money over a prolonged period of time if you do the below:

  • Put some monthly income into a savings account
  • Contribute to a college fund every month

You might be spending a lot of your monthly income on things you do not need. Look for areas you can cut back and put that money into good investment options.

II. Secure your family’s future with a will

Making a will is important for the following reasons:

  1. To pay for burial expenses

If you don’t want your spouse and children to be overwhelmed by the high cost of funeral expenses, you should deal with this eventuality by stipulating in your will how your burial expenses should be paid.

  1. For your children’s education and other expenses

If you do not plan well, your children’s lives will be greatly destabilized.

Plan for their schooling and other expenses in your will-also appoint a caregiver of your choice to avoid their being shuttled around homes.

  1. To maintain level of lifestyle

You can specify in your will that in the event of your death, your income should go to paying certain expenses on a monthly basis.

This is necessary in order to maintain the same level of lifestyle that your family is used to.

  1. To settle debts

If you have not provided clear instructions about your debts, your family will be greatly inconvenienced. Your will should indicate the payment of your debts such as mortgages and others.

  1. To take care of your business interests

Families can cause a lot of disruption to a business in the absence of a will.

If you have invested in a business, you will need to indicate how your property should be divided among your dependents.

If you have business partners, make sure their interests are catered for as they might dispute the will. To learn more about disputing a will.

  1. For tax payment planning

Estate taxes can be high so you should account for them in your will to avoid risking your family’s inheritance.

In the absence of a will, your family might incur more legacy taxes than is necessary.

  1. Your property goes to its intended inheritors

If you have no spouse or offspring and you die without an existing will, any existing relatives you have may inherit your property even if this is not what you intended.

By investing your finances wisely and writing a good will to handle execution of your estate, you will leave your family very comfortable.

About the author

Emmanuel Cruzoe is an accomplished family attorney with over 16 years’ experience in his profession. He has handled many cases and settlements over the years and has a lot of insight to offer on divorce, pre-nuptial agreements and wills. Visit his site http://www.disputingwills.co.uk/ to read more.

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James is a financial expert who has contributed several business and finance related articles. His expertise and first-hand knowledge of economics makes his blogs and articles informative and helpful for those looking out for guidance and assistance in matters related to finance.

He has an active schedule of TV and radio interviews

He is co-host of the popular VT Radio show Jim and Gordie Show.

latest-articles-buttonJim comes from an old military family dating back to the American Revolution. Dozens of Confederate ancestors fought for the South in the War Between the States. Uncles fought in WWII and Korea. His father was a WWII P-40 and later P-51 Mustang fighter pilot. Vietnam found several uncles serving, a cousin, and brother Wendell as a young Ranger officer. His mother was a WWII widow at 16, her first husband killed with all 580 aboard when the SS Paul Hamilton, an ammunition ship with 7000 tons of explosives aboard, was torpedoed off the coast of Algiers.

He has been writing, speaking and doing public relations, television, consulting and now multimedia work for a variety of American heritage, historical, military, veterans and Intel platforms. Jim’s only film appearance was in the PBS Looking for Lincoln documentary with Prof. Henry Lewis Gates, and he has guest lectured at the Army Command and General Staff School at Fort Gordon.

Currently he is working to take his extensive historical video archives on line to assist his affiliated organizations with their website multimedia efforts, such as the Military Order of World Wars, Atlanta, Sons of the American Revolution, Sons of Confederate Veterans , Assoc. for Intelligence Officers, the Navy League, Georgia Heritage Council, National Memorial Assoc.of Georgia.

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