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    It is all too easy to get bogged down on the here and now, especially when it comes to our financial situation. If we have no money, then it feels like the end of the world. If we find ourselves with enough cash to live a comfortable life with a few luxuries thrown into the mix, we can get into the habit of thinking the good times will be around forever. In reality, there’s only one thing that will determine whether you’re going to be secure in the future, and that is the future. A lump sum of money will be of no use if it’s not enough to fund the world of tomorrow.

    Fortunately, you don’t need a crystal ball to figure out the future. While the political landscape is harder to judge, you’re in the blessed position of being able to control your own destiny. Below, we take a look at a few factors you’ll need to keep in mind when it comes to thinking about your future, and what your financial landscape will look like.

    Your Hopes And Dreams

    There’s nobody else going to be living your life, only you. So the question is, what do you want your life to look like in the future? While it can be a little bit daunting to think about life’s big decisions, it’s imperative if you don’t want to grow older and figure out that you can’t make your dreams come true because you can’t afford to.

    One Child, Two Child, Three Child

    Life comes to us in phases. Sometimes we’re out living life, having fun, not worrying about how much money we have in our bank accounts (because none of our friends has any money anyway!). Eventually, however, you’ll want to put down your roots and may consider starting a family. While this is first and foremost a labor of love, it’s important to remember that each additional child will cost, on average, $10,000 each year. And aside from the cost of just raising a child, you’ll also need to consider the extra space that you’ll need to house them all. As such, the difference between having one child and four is significant. If you want a big family, you’ll want to start putting a little extra into the savings pot now!

    What You Need

    Of course, you don’t need to have a child, a house, a car, or anything else for that matter. When you’re planning for your future, it’s important to think about what you really want, not what society expects you to do or what your friends are doing. There are much cheaper ways to live, which can be just as comfortable as a traditional home with three bedrooms and a garage. You might be able to secure your financial future today if you realise that in the future, the life you want to lead won’t cost all that much money.

    Underestimating Retirement

    What will you be doing in the far, far future? Well, you won’t be working, so where will your money be coming from? A recent study by an investment company found that some 75% of Americans underestimated how much money they’ll need to have tucked away for their golden years. The fact of the matter is, people are living longer, and with rising costs – especially in healthcare – then people need to have much more money than they think in savings. The general wisdom is that you should have around 70% of your usual annual salary for around twenty years. Or, if you want to put in another way, you should have ten times your final salary in savings when you retire. The vast majority of the country are underestimating how much they’ll need later in life: make sure you’re one of the people who know what it’s going to take!

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    Careers

    There will be some factors taken out of your control, and an example of this is the career you’ll be able to have. However, the good news is that we know what is going to happen tomorrow in the working world so that you can plan accordingly!

    The Rise of the Machines

    The automation of jobs is beginning to creep in slowly, but it’s going to take off in a big way over the next couple of decades. In all, experts predict that around 40% of jobs might be lost to automation, and spread out over a longer period that estimate seems conservative. The robots won’t discriminate: people of all backgrounds will find their livelihoods at stake, including construction workers, financial analysts, journalists, and more or less everybody who works in manufacturing. You can’t stop their rise, but you can make sure you’re not affected by having a future-proof career. Talking of which….

    Jobs for the Future

    Fortunately, there are jobs that robots won’t be able to replace, and these are the ones that you should be looking at. The most common sector that will be safe is healthcare, purely because robots are not able to replace the human factor that makes these jobs so important. You don’t have to become a doctor, either; you can earn good money by becoming a nurse, especially if you have a DNP. What is a DNP Doctor of Nursing Practice, you ask? It’s an advanced nursing degree that can open up many job opportunities within the field, such as developing policies, managing other nurses, and conducting research. Other careers that will be safe from robots include teachers, physical therapists, and CEOs.

    Making the Switch

    If you’re already well established in your industry and don’t want to make a change anytime soon, try to see if there are options to take sideways steps to a role that has more growth possibilities. There are plenty of resources on the web that’ll tell you the likelihood of a role being lost to automation, and which ones should be safe. Doing so will ensure you’re not left out in the cold after years spent building up a career!

    Unforeseen Circumstances

    You can’t see everything that is coming up in the future. If you could, you’d be able to play the stock market and become a billionaire. Alas, the real world dictates that there will always be surprises out there that might affect our financial standing.

    If Everything Goes Wrong

    You’re probably getting tired of everybody telling you that you need to have plenty of savings, but it’s true. Having a pot of money will greatly reduce the chances of losing everything should something go catastrophically wrong. Things like climate change might have a greater impact on you than you realise; check out this website to see how vulnerable where you live is. It’s also a good idea to establish a passive source of income, so that should you be forced to leave your job you’ll still have money coming in as you search for more work.

    If You Have a Business

    The economy is a fickle thing. You only have to look back to the 2008 financial crash to see that. If you have a business, then you’re never safe, even if you’re doing well. Your one political initiative away from going under, or one Wall Street error away from losing all your assets. You can’t do much about them, but you can insure your business thoroughly to ensure that you don’t lose all your money at the same time.

    Final Thoughts

    You can’t predict what’s going to happen, but you can prepare for it by thinking about your future and making smart decisions when it comes to your career and finances.