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They say the only constant in life is...change. All of us will face times in our lives when everything seems to change--and all at once! Change can be expected and anticipated, or it can happen suddenly with little or no warning. Major life changes will usually have a significant impact on our financial health both positive or negative. With a little knowledge and planning we can make advance preparations to weather the storm, or find the best path toward financial recovery.
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Here Comes Baby - The average middle-income family will spend $250,000 raising a child until
age 18. Just as you find the extra time and energy you will need to take care of the little bundle of consuming joy, you will find ways to work it out financially. (Practical Money Skills)
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Marriage - Marriage is the coming together of two separate lives, and two separate financial histories. Developing the communication skills needed to talk about financial matters together is critical to your marriage. (Practical Money Skills)
- Divorce - The
financial and lifestyle changes that result from the end of a relationship can be just as difficult as the emotional impact. For most
people, divorce is the biggest financial transaction they ever face. (Practical Money Skills)
- Suddenly Single - Loss of a spouse can be one of the most traumatic events you may face in your life. The intense emotions surrounding this event may require a long and painful transition time.
(NEFE)
- Marrying Again - More than 40% of marriages in the U.S. are remarriages for one or both partners, bringing more experience than we had before. We also come with more financial complications.(NEFE)
- Job Loss - An unexpected job loss may cause difficult financial and psychological repercussions. However, surviving your job loss, even thriving from it, are possible.(NEFE)
- Financial Windfall - Receiving a large amount of “sudden money” may be expected or a complete surprise. Receiving an inheritance, retirement payout, lottery winnings, personal injury settlement, divorce, business earnings, or cashing out stock options can change your life.(NEFE)
- Before Disaster Strikes - Ways to be financially prepared to deal with a natural disaster. Information on insurance, household inventory, evacuation, and more.
- Disaster Recovery: A Guide to Financial Issues - How to regain your financial balance following a disaster by taking immediate steps, what to do in the initial weeks and months, and how to begin planning again for the future.
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