Life Events in the context of personal finances is an event that significantly impacts a person’s financial situation and may require a change in financial planning and management. Such events may include getting married, having or adopting a child, buying a home, losing a job, divorcing, losing a spouse, or facing a serious illness or disability.
These events can bring about significant changes in income, expenses, assets, and liabilities, affecting a person’s short-term and long-term financial goals. Therefore, it is essential to have a solid financial plan in place to manage these changes and ensure financial stability and security for the future. It is recommended to consult with a financial advisor to help navigate these life-changing events and make informed decisions about managing personal finances.