(Closed) How are you preparing for the future?

posted 9 years ago in Married Life
  • poll: I would consider us:
    Very prepared for the future. : (8 votes)
    24 %
    We have most of our ducks in a row. : (21 votes)
    62 %
    We have discussed some of the topics, but haven't made steps yet. : (5 votes)
    15 %
    Not at all prepared! Thanks for the heads up, Niki! : (0 votes)
  • Post # 3
    Member
    487 posts
    Helper bee
    • Wedding: March 2009 - Byodo-In Temple, Luau Reception

    We have a 5 year plan, although it is not set in stone and we have no problems altering if need be.  

    • Do you have a savings? If you or your spouse (or both) were laid off, are you able to provide for yourselves for 6 months? We do have a savings, maybe not enough to live off of for 6 months, but we’re working on it. We’re also working on saving for a down payment for our next house (in 5 years).

    • Do you and your spouse have life insurance? Yes.

    • If something happened to your spouse and might have to be put on life support, do you know their wishes?  Does he know yours?  Do either of you have a will? I’m in the military, so it’s kind of frowned upon if we don’t have a will. Mr. Sushi doesn’t have one yet though.

    • If you live in an apartment, do you have renter’s insurance?  Did you know that if your apartment were to catch fire, your apartment complex’s insurance will not pay for items lost? We own (well, the bank owns), we have home owners insurance.

    Post # 4
    Member
    2695 posts
    Sugar bee
    • Wedding: February 2008

    • Do you have a savings? If you or your spouse (or both) were laid off, are you able to provide for yourselves for 6 months?  Yes, my husband was laid off and we have living expenses for well over 6 months

    • Do you and your spouse have life insurance?  I do, he probably doesn’t anymore.  But there is no need for it right now.

    • If something happened to your spouse and might have to be put on life support, do you know their wishes?  Does he know yours?  Do either of you have a will?  No

    • If you live in an apartment, do you have renter’s insurance?  Did you know that if your apartment were to catch fire, your apartment complex’s insurance will not pay for items lost?  Yes, we have renter’s insurance and a rider for my ring

    Post # 5
    Member
    1048 posts
    Bumble bee
    • Wedding: September 2009 - City Hall

    We have/are working on all of those things, except the will. We really ought to have the will – we’ll have to get our butts in gear and get it done, unpleasant as it is to think about.

    Post # 6
    Member
    1813 posts
    Buzzing bee

    We just got married & are talking about getting a will.  I have my basic wishes in an informal printout in my fire box.  Neither of us has kids yet, and we both own houses.

    Unless 2 out of the following 3 things happens, we are OK:

    1) he is laid off

    2) I’m laid off

    3)  my renters break their lease

    With renting out my house, we are able to live off one of our 2 incomes, so we feel pretty safe but know the value of saving up an emergency fund.  Right now our main emergency fund is about $5k in matured bonds that I have, but I know that’s not PERFECT.  Luckily we do not have CC debt, so that helps, too.  Now that the wedding is over, we should have "extra" $ that we plan to pay off my car in the next couple mos & then start paying down my student loan and doing some home improvements.

    Post # 7
    Member
    631 posts
    Busy bee

    • Do you have a savings? If you or your spouse (or both) were laid off, are you able to provide for yourselves for 6 months?  We have a lot of savings and we would be fine for a couple of years if we were both laid off.
    • Do you and your spouse have life insurance? No, but since both of us have a large independent earning capacity, we decided it wasn’t needed at this point.
    • If something happened to your spouse and might have to be put on life support, do you know their wishes?  Does he know yours?  Do either of you have a will? We both know each other’s wishes and we’re currently writing our wills.
    • If you live in an apartment, do you have renter’s insurance?  Did you know that if your apartment were to catch fire, your apartment complex’s insurance will not pay for items lost?  We have renter’s insurance.

    Great questions!  Very interesting to see everyone’s answers.

    Post # 9
    Member
    179 posts
    Blushing bee
    • Wedding: August 2007

    Along the lines of life insurance, I thought I would add a few tidbits that I learned recently having to do my own life insurance forms and discussing the future with Mr. Snow Pea.

    • Get multiple policies, different increments (max and what you can afford), through different companies – Years and years down the line, things change. You don’t want to put all your eggs in one basket and risk getting nothing for one reason or another.
    • Do you want to leave your parents something? Asian families often depend on their children. You can get another policy or specify a % of the same policy to go to them.
    • If you’re NOT already married, don’t forget to go back and include your spouse (and children)! This happened to a friend of mine and it was very sad. 
    • When considering the amount of coverage, don’t forget to include: the balance of your mortgage, AND childcare, home maintenance, etc…all the things that your spouse helped you with (ie. child rearing, maintenance) will now fall on one person’s shoulders. You don’t even realize.
    • In addition, I was once advised NOT to consolidate student loans together with your spouse’s student loans.
    • Reminder: Read the fine print on you/your credit cards. Student loans die with you (unless you/your spouse cosigned it), but credit card debt may get passed to next of kin.

    The topic ‘How are you preparing for the future?’ is closed to new replies.

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