Life TransitionsLife transitions are usually life changing events that can impact your financial plan. Whether the impact is positive or negative it can bring new challenges to your daily living. I look at these transitions in two different ways; controlled and uncontrolled. Although both of these transitions can be prepared for ahead of time, too many times we see people unprepared to handle these changes.
Controlled EventsControlled transitions are events that are decided on or you’ve planned for. Majority of the time you have time leading up to this transitions that you can prepare for the outcome. Some examples would be retirement, marriage or birth of a child. The important part about each of these is you control when the outcome takes place and the financial impact it will have.
Uncontrolled EventsUnfortunately during our life we come across an uncontrolled event that is an unexpected and unfortunate situation. This can be a death in the family, a medical health issue or a loss of a job. If faced with one of these situations, the most important thing to do is to take time to assess all your options. Although these transitions arrive unexpectedly it doesn’t mean you can’t be prepared. Insurance plans, saving plans and getting rid of debt are just a couple of ways to protect you and your family. To learn more about Life Transitions you can listen to my interview with Clay Moden on 106.5FM WYRK.
WEEKLY SEGMENT ON WYRKYou can catch our weekly Plan.Protect.Invest. segment live on WYRK 106.5FM at 7:20am every Wednesday. Each week we will have a Sgroi Financial planner on with Clay Moden and the WYRK morning show to discuss financial topics to educate and help their listeners. Since 1971, Sgroi Financial has proudly served Buffalo, NY and the Western New York community from our West Seneca location.
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