Posted on: 13th October 2014 in Financial Planning
Single parents tend to face multiple challenges in their daily lives as they are the sole provider of care and emotional support to their children, and they may also be the only financial provider. This blog is designed to help make those challenges more manageable by providing guiding information and advice about financial planning. Have a cash flow plan Single parents may be subjected to irregular streams of income. Consider planning ahead of time by projecting your future income over several time frames. If any expected income changes, you have two choices: either make up the loss of income from other sources or adjust your lifestyle. Create a safety net It is important to have an adequate emergency fund that acts as a financial safety net. As a general rule, you should have a savings account or a low-risk investment account which would be able to cover at least six months’ worth of non-discretionary expenses which you could use to handle daily expenses. Set up a trust which is a legal structure in which your assets can be held for the children and is overseen by a trustee. The trustee should also be considered carefully just like when you are choosing a guardian, who can possibly, be the same person.We have 18 offices across the globe and we manage over $2billion for our 20,000+ clients
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