According to a 2020 LIMRA study, 41 million Americans without life insurance admit that they need it. This is largely due to a misconception about costs, as half of the study’s respondents estimated that life insurance was three times more expensive than it is. Educating yourself on life insurance, coverage options, and pricing is necessary to make an informed decision. What are the basic questions about life insurance? What works best for you?

One in four Americans have student loan debt. Student loan debt is one of the biggest financial challenges facing people in their 20’s and 30’s, with the average student loan debt currently totaling $37,172. According to the Federal Reserve, more than 600,000 borrowers in the country are over $200,000 in student debt, and that number may continue to increase. This is a large burden for many people in the U.S. and ultimately impacts your ability to reach other important financial goals moving forward. How you choose to manage student loan debt can make a big difference in your long-term financial picture. Not to mention the additional debt you may take on once you’re married.

When your children are ready to earn a college education, the subject of college funds will inevitably arise. During that discussion, it’s important that you are able to empower your children to get a good education without going into debt. A college education is expensive, and if inflation keeps up, the price of tuition is going to increase massively. For these reasons alone, saving up for your children’s education is essential to set them up for success. If you’re not certain of where to start, here’s how you can plan for your child’s college education as a federal employee.