Planned Life Changes

While life is often incredibly unpredictable, there are also plenty of things you can (and should) plan for in advance.   From pursuing your education, beginning your career or starting a business to having a baby and balancing family with work, financial planning throughout the different stages of life, and on to planning for retirement and end of life arrangements, there’s plenty of things to keep in mind and to have plans in the works for.

Establishing a solid foundation for the future of your career, no matter whether you are just graduating from high school or moving in a new direction years down the line, generally requires an investment in furthering your education, learning a trade, or getting your own business venture started.  On the planning side, there are many things to consider when making decisions about what degree program or direction best fits your short-term and long-term goals. Furthermore, particularly for those who will choose to go into business for themselves, it’s crucial to plan for what resources you’ll need in order to hit the ground running and establish the foundation that will help you to enjoy a successful, profitable career as a result of your own entrepreneurial endeavors.

Jill Willard, Internship/Entrepreneurial Coordinator for The Port at Iowa Western Community College (beitwise.com), offers the following advice for entrepreneurs who are planning for their business venture and necessary resources involved:

“When an individual decides to take action with starting up their own business they need to take into consideration the resources that are already available to them, how reliable those resources are and the areas in which they will need additional assistance.  Entrepreneurs tend to be extremely resourceful; they may work out of their home, use their aged computer and printers for business activities, may host conference meetings at the local library and possibly spend a lot of time at the local coffee shops accessing the free Wi-Fi.  While these resources are available they may be unreliable, distracting and may not provide a professional setting to make the best first impression on future investors and customers.

As more and more entrepreneurs focus on developing their business idea there is an increasing need for a supportive entrepreneurial infrastructure.  To meet this demand, The Port at Iowa Western Community College was developed to provide an affordable professional workspace with connectivity to resources and opportunities for business growth.   Through support from a Department of Labor grant, this entrepreneurial center provides a professional workspace including computers, printers, secure office space and a professional conference room equipped with video conferencing. A network of entrepreneurial support is available through networking opportunities, entrepreneurial mentors and a direct connection to the Small Business Development Center in Council Bluffs.

The Port at IWCC was established to provide rising entrepreneurs of all ages a collaborative workspace to promote, enhance and encourage the success of start-up businesses. The Port plays an important role in assisting entrepreneurs to developing a better understand of their start-up’s unique set of opportunities and to identify the areas for improvement. When working at The Port entrepreneurs have access to one-on-one business counseling including market research, law expertise, business management, strategic planning, funding resources and student interns to assist with website development, logo design, marketing materials and technology needs.”

It is extremely crucial for everyone, no matter how young or old, to have a financial plan for the future. This allows you to not only gauge where you are currently but also to outline a detailed plan that will determine where you ultimately end up. “Having a structured plan creates a sense of urgency that will assist in keeping future planning a high priority,” explains Aaron Fulkner, Financial Service Representative at Mutual 1st Federal (www.mutualfirst.com). “Half of the battle is creating the mindset of planning for the future – the other half is having a knowledgeable financial professional in your corner to help guide you along the way.

Speaking as a financial professional, it is my responsibility to ensure that each member has all of the tools needed to make planning for the future not just something you should do but that you want to do.  In a way we too walk through each of our members life experiences with them so the better we educate and help them plan hopefully at the end of the day that translates into a brighter and more fulfilling future.

At Mutual 1st Federal, our high level of service is one of the most significant things that not only sets us apart from other credit unions but helps build the foundation to a successful relationship with each of our members. We have great products to offer; however it’s the commitment to truly serve each member, making them feel not like a simple commodity but instead a valued relationship. That is what we strive for and that is the expectation we look to exceed day in and day out.

We provide products such as savings, money market and certificate account(s) that help focus on money management and future financial planning. We also offer loans/lines of credits that could be used for debt consolidation purposes to help restructure and more often than not improve a member’s current and future financial state.

Lastly, our service and dedication to genuinely want help each of our members succeed in anything that they set out to do. We pride ourselves
on establishing and maintaining relationships not just for today but well into the future. Respectfully Yours is not just our tag line, it is a way of life, a promise – a commitment to every member(s) present and future endeavors.”

Later on down the line, ideally once you’ve enjoyed a long and successful career, retirement moves onto the horizon.  Planning for retirement all throughout your career will allow you to enjoy your senior years without having to constantly worry about money running out or leaving your family financially responsible for your care or funeral arrangements among other things.

Coordinating a legal plan and a financial plan is the key to efficient tax planning and long term success in planning for retirement and future generations. Be sure the professionals you trust, i.e. your attorney, financial advisor, CPA, and trust officer are on the same page with your overall financial goals and expectations so that they can work together to advise you toward what will best fit in line with your goals or wishes.  Along the same lines of retirement planning, basic estate planning is a must for everyone, including a Last Will and Testament, Power of Attorney, and Advanced Health Care Directive, including a Living Will. The right documents, written effectively, can provide direction, control and stability over financial matters so that life can continue for those left behind in the wake of our passing.

Likewise, you may elect to establish a trust for any number of reasons, including providing financial support for family members during your lifetime and beyond and ensuring your decisions can be implemented in the event of illness or incapacity.

It’s also important to keep in mind that technology has made the advent of multiple passwords for online accounts and activities a necessity. Making sure those are documented somewhere safe is essential to picking up the pieces after someone passes away. It’s incredibly helpful to create a master list and keep it updated, and notify those who need to be aware of the information regarding how to access it.  Above all, planning for your future as well as the future of your loved ones can be a vital and rewarding process.

No matter where your path in life leads you, balancing family and career is one thing in particular that can be quite the ongoing challenge.  Not only is family time of the utmost importance, but while you are at work, it’s important that your children are engaging in new experiences, learning new things, and benefitting from structure and consistency. As it can be difficult at times to even plan for the day ahead let alone for the upcoming months and years, you might want to consider partnering with a resource that is able assist you above and beyond what traditional child care options are able to provide.

Ty Delley, owner of Back2Family (back2family.com) , explains, “When it comes to after school childcare, families typically have about three options — center care, which may be onsite at the school, a local childcare facility, or via a neighborhood in-home daycare; the assistance of a family member or friend; or parents having the flexibility to pick up kids from school and work from home the remainder of the day. Back2Family provides a fourth option, which is to match families with a specifically selected Family Partner who can help with transportation, homework, meal preparation, household tidying up, and brief errands.

Each family has to assess their needs and priorities to determine what works best for their family. A few questions to help make the decision may include the following:

Am I more comfortable with my kids in a center or a home environment?

How much flexibility do I need in after school care? Do I need it every day or just certain days of the week?

How much homework assistance does my child/children need?

What type of care best aligns with our evening activities/time at home?

Often times, budget is another factor, and depending on the answers to some of the above questions, we have found that many families can actually save money or pay the same amount of money to have someone provide care for their children in their own home via Back2Family.”

Overall, highlights of Back2Family include:
• Child and family care through Back2Family is customized and flexible to meet each family’s needs.
• Family Partners have been thoroughly vetted, screened and trained.
• Back2Family manages expectations, schedules and communication so families don’t have to worry about the details of the day-to-day logistics.
• Back2Family provides back-ups for Family Partners if the primary Family Partner is unavailable.

There are sure to be many exciting things in store for the future, as well as a few obstacles here and there to deal with, and planning for them should be an exciting and positive experience instead of something to worry about or dread. In terms of resources to utilize when planning for the future, there are plenty of businesses and organizations in the Omaha area that make it a main priority to assist with aspects of any one of the many life changes where their expertise applies.  Partnering with those that already have access to knowledge in areas that you are lacking will complement any project or planned life change, and will ensure that you successfully navigate the challenges you’ll meet along the way.

Whether it’s your finances, career or family, while you can never plan for all things, having something in place is always better than nothing.  Although there are plenty of things that haven’t been touched on that are just as important to plan for diligently and well in advance, these basics will help you lay the foundation for your future as well as the future of your family.