You’ll Have Repeated Marriages
First, maybe, you would be likely to have four or five beloved spouses during your lifetime. It is connected with that fact, after all, 75% of all married couples find themselves single again because of divorce or maybe death of their spouse. Many people just remarry. We just cannot imagine a man living with the same person for 120 years!?
You’ll Have Multiple Careers
Second, you would have five or six careers. After leaving school, getting a degree, developing skill in a given field, dedicating yourself to it 20 or 30 years, you depart and begin again to do something new. Do not think it is crazy! For millions of military retirees, police officers, firefighters, and schoolteachers it is normal and they do it. Nowadays the idea of “retirement” is fading away.
You’ll Stretch Your Rites of Passage
As our lifetimes become extended, so too will our rites of passage will stretch because of our lifetimes. If people had married by age 20 earlier, the year 2050 will find people marring at age 50. And it would be normal.
And only these omens remind us that financial planning is a process, not a product. In accord with assumptions a financial plan have to be surveyed, challenged and altered based on changes in the economy and in your circumstances. But you may live longer than you fancy. If you plan to retire at 65 and are supposing a life expectancy of age 90, you’re supposing a 25-year retirement. But what should you do if you live to 140? Will you have enough money for a 75-year retirement?
So, who’s going to pay for it all?
The right to life — that is the most explosive social issue which will bring out into a new debate. Now, in the 21st Century, when people live for so many years beyond their resources, and society forced to pay the tab, some will discuss that those who cannot take care of themselves in old age, those who are living in pain or discomfort, those who do not have a family or support group on whom to rely, and those who cannot afford to pay for their care should have the right to choose death.
Be ready to enter the 22nd Century.
The fourth reason: "To Pay for the Costs of Raising Children"
When people earn much money they always try to think how to spend them rather then keep them. You don’t get to keep all the money you earn. You’re earning — and you’ll continue to earn — a huge income. You have lots of expenses. What is your biggest expense?
- Children!
In 2001a baby born cost highest income families $337,690. But the lowest income families will still spend $169,920, while those in between will rack up expenses of $231,470. That’s per child — and only for the first 17 years!
The fifth reason; "Paying for College"
At the age of 18 a child goes to college.
The cost of college in 2020 for a baby born in 2007 will be $125,000 for an in-state school and $300,000 for private and out-of-state schools.
The sixth reason: "Paying for a Daughter’s Wedding"
Do not think that it is better to have daughters instead of sons. You are expected to have a major expense. It’s a wedding. According to Conde Nast Bridal Group, the average cost is $22,360; Washingtonian magazine puts it at $28,000.
The seventh reason: "Buying a Car"
The most confusing financial decision is to buy a car. According to the National Automobile Dealers Association a price of a new car is $28,400. A dealer financing accepts if you should pay cash or use home equity?
The eighth reason: "Buying a Home"
The largest portion of your incomes is devoted to housing .So, how you handle the acquisition of your home will have far-reaching implications on virtually every edge of your financial life, including your ability to save, paying for college and planning for your retirement.
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