My son is in his last year of college and we have been discussing what happens when he finishes. He has a decent job to go back to, which is definitely something to be happy about these days, but he also needs to think beyond work. I want him to start off on the right foot, and not spend his life struggling financially. I want him to own his first home from a young age so that it is paid for long before he is ready to retire. It’s hard for a twenty year old to think about things like mortgages and retirement, so they need to be educated as to why it is important. I would like to get him to sit down with someone at Genworth Financial to make a plan on how he can meet his goals. I really wish I had done something like that when I was his age, so I hope that he will follow through!
I don’t really remember my parents talking to me about buying a house or saving for retirement, but my father definitely made sure I understood the need for life insurance. As a former insurance salesman, he always had his own life insurance and when I had my first child and was ready to move out on my own (yes…those two things were simultaneous), he made sure I knew how important it was for me to have a life insurance policy for myself and my son. I have always carried life insurance since then, and now I’m teaching my son about it so that he can choose the right policy for his needs.
Did your parents talk to you about life insurance and financial planning? Did it impact your financial decisions?