Financial planning. A necessary evil. First off, I think we are insurance poor. Health insurance. Life insurance. Car insurance (with teenage drivers! EEK). Dental insurance. Crop insurance. Property insurance. Umbrella insurance. Liability insurance. Workers compensation insurance. Do you ever feel like I do and wonder how you can afford anything else with all the insurance costs? We do. My advice to all you youngsters out there– buy your life insurance as early as you can in life. Don’t wait until you are approaching 50 and decide you don’t have enough. Even if your health is great, the insurance company doesn’t think your age is too great!
We are constantly in the throes of financial planning. We have re-done our wills, which prompted us to look again at our life insurance. Having mine, his, and ours creates its own set of challenges in every part of our life– especially in planning for the future. We have an adult child whom we don’t have to worry about as much as far as educating if something happens to us, but still want to make sure he is taken care of. On the flip side, we have a toddler who, if something happens to us, we have to worry about educating plus lots more. We have to decide who would take care of our Wild Child, feed her, clothe her, educate her. Plus, we need to make sure the funds are available to do all this and more. And, we have kids in between the old and the young, all with their own set of challenges. We try to cover all the bases when planning for each of their futures.
Being ranchers we are faced with even more decisions. Are any of our kids going to want to come back and live this life? If so, or if not, how do we help them even while encouraging them to make their own way? We hope that they have not only physical strength, but strength of work ethic, strength of morals and beliefs, and strength to face adversity. They are going to need all these to make a living in agriculture, or a living in any other field, but especially agriculture. We constantly question if we have planned enough. We know that our plans will have to repeatedly be studied and amended, especially in this ever-changing world. Our hope is always that we have our ducks in a row, and that we continue to make good decisions in all this process. Another thing on this ranch wife’s prayer list!