Step # 2 – Write down detailed answers to this question…“What do I need in the form of a roof over my head, liquid cash, future retirement dollars, types of insurance coverage, and lump sum and / or ongoing financial support for myself and my children?”
After first identifying your current financial situation, address this question in a forward looking perspective related to future planning – not about where you were, but where you want to “go” along with your specific “why”. How you see yourself 5,10,15, 20 years down the road?
a. Consider where you plan to live. Will you stay in the marital home? If so, why is that important to you? Can you financially afford to stay? How much are the total expenses on a new place?
b. What type of lifestyle will you be living?
c. What is your current employment and income situation?
d. What is your overall health status? What type of health coverage will you need and what options do you have?
d. Do you need to go back to school and brush up on your education? How long will that take?
e. What are the current ages of your children and their future desired plans? Do they have special needs to consider?
f. How much time will you spend with your children and what are their planned activities?
These answers will help you to create a detailed preliminary income and spending plan that accurately reflects your new situation. It can be tough to do, but stay level-headed during this stage, and have realistic expectations of your future. Understand that your transition is temporary, and there are great things to come.
Step # 3 is next…...so come on back.
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