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Dealing with your own mortality can be difficult and overwhelming.  So much so, that often times you may choose not to think about it at all. 

If you think that you can realistically hit these targets, it may seem like the remaining 62% of your net income is yours to do what you want with, but don’t forget about the other expenses not already included in your loan payment calculation.  Insurance costs, utility bills, and groceries add up and are probably more costly than you think especially if you have never itemized them before. 

In previous articles, we have outlined the steps that you can take to improve both your understanding and the quality of your financial situation.  No step, however, is more important than the one that involves your willingness to communicate with your spouse, trusted friend/mentor, and/or financial advisor.

First, if you are going to accept the responsibility of helping someone pay their bills when they are unable to do it themselves, make sure you do right.  The last thing you would want is to have the right intention, but end up making a difficult situation worse.