Want to time travel?
Since we cannot travel freely right now, this may be the next best thing.
Imagination is one of the most effective superpowers we have. Like anything else, it can be used for good or evil or, to be more precise, empower or disempower.
When you use your imagination for worry, fear, or other “worst case” scenarios, you are disempowering yourself. I love the Mark Twain quote: “worry is like paying a debt you don’t owe” because it sums it up so perfectly.
When you use your imagination to figure out solutions to problems, create your future life full of realized goals (to the point it is so real you can smell the gourmet meal!), or reflect on all the blessings you have received in your life, you are empowering yourself.
So, let’s time travel to the future. You can choose the year, place, and who is with you.
What do you see? hear? smell?
Now, imagine you are not there, but everyone else is. Would they still be having the same experience without you? Or, would they be suffering financially because your income… and input… is not there?
Now, this may seem like it is delving into the “disempowering” scenarios I mentioned, but stick with me for a minute. We are not going to go that far. This is more of a “Christmas Future” kind of scene. Be realistic. Be an unemotional observer.
No one likes to talk about wills, trusts, or life insurance, but we have to. As the “money mom” or financial head of your family you have a responsibility to not only have these things in place, but to also speak openly about them with your family.
The best laid plans will be worthless if no one knows about them.
A will is a must. In some places it could be as simple as a document you create and have a witness sign. Or it may need to be filed. Make sure your loved ones know where the original is- and it does not hurt to leave a copy with a trusted friend, family member or professional (ie: attorney).
You may not need a trust, but it is worth looking in to. Depending on your situation it could save you thousands in estate taxes and/or keep your assets protected for future generations.
You may or may not need life insurance. It depends on how much you have in savings or liquid assets (do you have enough to cover your final expenses? debts?), and the revenue resources your family has (will they be able to pay the bills and maintain their current lifestyle?).
One of the wonderful things about this kind of time travel is that you can choose variables, the outcome you like best, and you can even reinsert yourself knowing your family will be protected no matter what happens.
Lastly, remember your needs may change as time passes. Revisit the future on a regular basis (and definitely after major life events) to ensure you still like it.