Updated: Dec 9, 2019
Financial planning can be daunting whether you are preoccupied by short term hurdles, such as paying off debt, or long term worries, such as saving for retirement. However, these concerns don’t have to be all consuming. BlackRock conducted a study across 27,000 individuals around the world about the correlation between wealth and well-being. Their findings illuminated how one’s overall well-being can be impacted by how they manage their money and use it to plan for their future.
They found that individuals who invest a portion of their income for their future reported having a significantly more positive outlook on life than those who did not. However, over half of the study’s participants were not investing due to fear or a lack of understanding on how to achieve their goals. And, while a majority were not planning their financial future, almost all of them realized that they would be happier and have a better sense of security if they were doing so.
Clearly, having a financial plan has a positive effect both emotionally and financially yet so many people are unaware of how to create one. But, finding some solutions to your needs can be as easy as buying a life insurance policy. Life insurance is an important aspect of a financial plan, both short and long term. Life insurance policies are very flexible and can be designed to accommodate a wide array of financial wishes whether it be security in retirement, wealth transfer, or short-term protection. By adding life insurance to your financial plan, you can have a greater sense of well-being and a more positive outlook on your future knowing all your financial needs are being met.