Starting a Career and Starting a Family

To successfully reach your financial goals, a lot depends on what you do and when. Last week we reviewed to-do lists for high school and college. Busey Banks Susan Abbott has a few ideas young adults can consider when starting a career and/or starting a family: Part Two - Starting a Career and Starting a Family Q: What financial steps should new graduates take? Keep your credit card and other debts manageable. Maintain a good credit record. Save money for both short-term and long-term goals. Do your best to stick to a budget and control your spending, especially if youre still paying back student loans or working at an entry level job. Insurance may seem like a waste of money, but you only need one accident or catastrophe to wipe you out financially. Think about disability and health insurance. Q: And how about starting a family? Continue saving and investing money, including in retirement accounts. If you dont already own your home, do some research to see if this is a good option for you. Make sure you are properly insured, including life, health, disability and homeowners or renters insurance. Talk with an attorney about the legal documents you should have to protect your loved ones if you become seriously ill or die. These documents typically include a will, a "durable power of attorney" (giving one or more people the authority to handle personal matters if you become mentally or physically incompetent) and a "living will" (specifying the medical care you want or dont want if you become hopelessly ill and cannot communicate your wishes). Q: Final thoughts? Even if youre fortunate enough to have parents or other loved ones you can turn to for help or advice, its really up to you to take charge of your finances. It can be intimidating for anyone, and its easy to become overwhelmed and frustrated. Everyone makes mistakes - the important thing is to take action.