Tax season is in the review mirror. My insurance company called a couple of weeks ago as a courtesy to update my life insurance before my fortieth birthday (as the prices are sure to increase). There is a rare open season for our long-term care insurance at work as well. All of these things converged at the same time and have had me focused on getting my "papers" in order. I have worked hard in my career and thought I had pretty security blanket to live comfortably in my latter years, but the more reviewed these different insurance policies and spoke with a financial planner I realized I had to make some adjustments to maintain my standard of living. I also want to be prepared so that I never become a burden to my children.
The catch phrase for women my age is "Forty is the new twenty". However I believe new forty is confident, informed, and prepared. In my twenties and uh-hem, my thirties, I kept thinking that I had more time to plan for some things. I contributed to my retirement plan up the matching percentage, I had the minimum life insurance plan, and have been able to do most of the things I have wanted to do in terms of giving and travel. I have also struggled with debt at different points over the years, coming out and vowing to become a "cash-only" spender. But here and there, the credit cards have been whipped out foiling my "cash-only" plan because I thought I would deal with it later.
Well, later is here and I am so thankful that I am in a position to secure my future and God has always given me the grace to keep myself from totally wrecking my financial life. Later is now and as move into my "formidable forties" I do so with wisdom and applied knowledge. I love how the word of God puts it in Proverbs 21:20 "the house of the wise are full of choice foods and oil, but the foolish devours all he has" and Proverbs 21:5 "the plans of the diligent surely lead to plenty, but of everyone who is hasty, surely lead to poverty". I am only a complete debt-busting budget and will have all credit cards paid off within twelve months. I have an affordable long-term care insurance plan that I hope I never need but it will keep my very comfortable in the event that I do. I have completed my physical for a robust life insurance plan that will protect my investments and my family when the time comes. One final thing I must do is to have a will prepared and I will keep you posted on when we accomplish that. I guess the blog will help me be accountable!
One final note, during my physical the doctor was amazed at how LOW my blood pressure was and it prompted me to begin researching the mind-body-spirit connections as they relate to finances, relationships, fitness, etc. I plan to follow up on that in subsequent posts. My pastor made a statement in fall of 2009 that he heard the Lord saying it was time to get low in credit and high in cash. While we have no control over the stock market, the real estate market, or the prices and the food market, we can apply Godly principles to whatever state we find ourselves in and live an abundant life. When we do things His way the word says, "the blessings of the Lord will make us rich and add no sorrow". Until next time, I pray that if you haven't thought much about your financial future that this will move you to do so.