So you’ve just graduated and ended a chapter in your life and now you’re moving on to the next. It’s time to get your self setup for your future and even the present! After graduation, landing a good job, launching one’s career, paying back student loans and saving soon take precedence. Now you must transition out of your carefree days to create as well as implement your individual personal finance roadmap, I’m here to help with this.
At this stage in your life you’ll need to look at things like:
- Life Insurance
It’s also important to consider even a small life insurance policy at this time while your young. Each year as you get older the costs increase exponentially.
When you’re just coming out of school retirement may seem like such a far off thing to concern yourself with but consider this, saving just$20 a week at 5% interest over 40 years is $131, 900. Be one of the smart ones who gets ahead of the game!
- Health/Dental Benefits
Now that you’re not in school you’re not covered under your parents benefits and until you find a permanent full-time job, you’ll need this.
This is a great rider to add to your insurance policy. Workers new to a job are three times more likely to be injured during the first month on the job than more experienced workers. From 2006-2012 more than 58,000 young (under 25) workers received injuries resulting in lost time at work, according to the WSIB. Source
- Critical Illness
- I think we can all say we know someone who has been impacted by a critical illness, particularly Cancer. While your provincial healthcare may cover some expenses, some much needed medication will require astronomical out of pocket expenses. A recent study shows that the average Breast cancer patient pays $1051.96 per month in out of pocket expenses. This includes things such as drugs, travel, homecare etc.
Overwhelmed? Please done panic, this can all be a lot more affordable than you think. Give me a call to discuss!