Life Events that Impact Your Financial Plan in a Big Way!

When you have a major life event such as getting married, having a child, or buying a home, your financial situation and priorities may change. As your life changes, your financial decisions must stay in line with your goals, values, and needs. When these situations come up, it's always a good idea to conduct a financial review. Evaluate your current situation, habits, and any additional needs to account for so you can be prepared.

Marriage. 

Splitting costs will likely save money in the long run for shared expenses. Still, you may have to adjust your budget to account for new expenses that come along with getting hitched. Moreover, agreement on financial priorities is essential for household harmony.

New baby. 

Time to adjust the budget for new expenses (additional health insurance, childcare, etc.) and potentially lower income (either temporary or long-term) if you or your spouse will take unpaid leave. It's also not too early to start setting money aside for college!

Buying a home. 

Your new mortgage payment will likely be your largest expense, requiring a top-to-bottom budget review. 

For all three major events listed above, you'll want to evaluate any additional financial or legal needs. Be sure to review the following: 

Insurance. 

Between you and your new spouse, who has better health insurance? Can one of you be added to the other's policy? Once you become a parent, you'll probably want life insurance to protect your family if something happens to you. Need homeowner's insurance? Be sure to get multiple quotes and compare.

Beneficiaries. 

Review all your financial accounts (checking, savings, retirement, investment) and insurance policies to ensure beneficiary information is up to date and accurate.

Wills and trusts. 

These legal documents become essential once you have a family or own an asset like a home. Wills and trusts are legally binding documents that clearly state your wishes regarding your assets' distribution.

As our lives change, we need to have the discipline to stay on the path we've set, as well as the flexibility to deviate when circumstances demand. Let's control what we can and then prepare for whatever else life throws our way. If you have a major life event on the horizon, contact our office to schedule some time for a review! We're here to help!

David Jarvill, CFP®
David Jarvill, CFP® Osaic Institutions Investment Advisor Representative 641-257-1212 Email David

About David

Dave started First Security's Wealth Management Department in the 1990's and has led it for over 31 years. After undergoing extensive training and meeting high standards, Dave became a CERTIFIED FINANCIAL PLANNER® (CFP®) in 1997. Since then, he has spent his career furthering his education. In 2005, Dave completed the Canon Trust Investment School, attended graduate school at the Graduate School of Banking in 2010, and earned the Accredited Investment Fiduciary designation in 2017.

Though he has spent much of his time dedicated to his career, Dave is an avid golfer who loves spending time on the green. He is a passionate Hawkeyes fan and University of Iowa alum, watching the team through losses and wins. Dave’s greatest joy is being a grandpa to his twin grandchildren in Colorado. His dream is to retire to Colorado to become a full-time grandpa and golfer.

Bobbi Spainhower, AAMS™, LUTCF®
Bobbi Spainhower, AAMS™, LUTCF® Osaic Institutions Investment Advisor Representative 641-257-1225 Email Bobbi

About Bobbi

Bobbi Spainhower has dedicated 11 years to First Security Investment Services after a career in education. Once she and her husband moved to Iowa, Bobbi discovered a passion for financial services, and since emerging in this field, she has earned several key licenses and designations. She has earned the Accredited Asset Management Specialist (AAMS™), FINRA Series 7, FINRA Series 66, and Life Underwriter Training Council Fellow (LUTCF®).

Bobbi is very involved in her community. She volunteers with organizations like Charles City Rotary Club and serves on the Floyd County Historical Society Endowment Board. Bobbi is originally from Utah, and her family relocated to Iowa in 2008 for her husband’s job. Since the move, they have embraced the charm of a small-town, Midwestern lifestyle.

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