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Stay flexible with your financial plan as life circumstances change from "summary" of Broke Millennial by Erin Lowry
Life has a funny way of throwing curveballs at you when you least expect it. One day you're cruising along, sticking to your financial plan like a pro, and the next day you're faced with a major life change that turns everything upside down. It could be losing your job, getting hit with unexpected medical bills, or even something as joyous as starting a family. Whatever the case may be, the key is to stay nimble and open to adjusting your financial plan as needed. Being flexible with your financial plan doesn't mean abandoning it altogether at the first sign of trouble. It simply means being willing to reassess your goals and make necessary changes to stay on track. For example, if you suddenly find yourself out of work, you may need to cut back on non-essential expenses and focus on building an emergency fund to tide you over until you find a new job. Or if you're faced with unexpected medical bills, you may need to dip into your savings or look for alternative ways to cover the costs. The important thing to remember is that life is unpredictable, and your financial plan should reflect that reality. By staying flexible and adaptable, you can weather whatever storms come your way and come out stronger on the other side. It's all about being proactive and taking control of your finances, rather than letting them control you. Of course, staying flexible with your financial plan also means being proactive about planning for future changes. For example, if you're thinking about starting a family, you'll need to factor in the costs of childcare, healthcare, and other expenses that come with parenthood. By thinking ahead and making adjustments to your financial plan now, you can avoid being caught off guard when life inevitably throws you a curveball. In the end, staying flexible with your financial plan is all about being prepared for whatever life throws your way. By staying nimble, adaptable, and proactive, you can navigate life's ups and downs with confidence and come out ahead in the long run. So don't be afraid to reassess your goals, make adjustments as needed, and keep moving forward on your financial journey.
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