In today’s complicated, interconnected world, being financially responsible has its advantages. It has dozens of them, but four stand out as being the most universal and relevant ones for modern working adults. For some, there’s nothing more rewarding than knowing they can leave a legacy for a favorite charity. But without planning and enough capital resources, that goal is nothing more than an empty dream. The road to financial responsibility is paved with hard work, planning, and patience.

Want to leave money to a worthy cause? Consider buying enough life insurance while you’re still young. Need cash to pay for a child’s college tuition? Why not borrow against the built-up equity in your home? Other benefits of being smart with your money include having excellent credit scores and enjoying a retirement that is free from money-related worries. Here are specifics about each point.

Leave a Legacy to a Charitable Organization

There are working adults who develop a personal connection with certain charitable organizations. In many cases, they wish to leave a financial legacy to the entity as a way of supporting the ongoing charitable mission, like cancer research, a faith-based food bank, or a similar cause. The most effective way to achieve that goal is to purchase life insurance that pays a monetary benefit of a certain amount, with the chosen organization as the beneficiary.

Use Home Equity to Finance a Child’s Degree

Being smart about using money can lead to all sorts of great things, notably homeownership. Once you reach that stage of the game, it’s much easier to achieve other milestones, like leveraging the power of built-up equity to pay for a child’s college education. If you currently own a home and have kids who are almost out of high school, explore what a home equity line of credit (HELOC) can do.

HELOCs offer owners a chance to gain full access to money they have put into their homes in the form of an open credit line that comes with low interest rates. In general, interest on HELOC borrowing is directly tied to the current prime rate. Keep in mind that federal student loan programs come with limits, and many students exhaust those amounts before all their expenses are paid. Having access to home equity can bridge the gap between what college loans cover and the total cost of a degree program.

High Credit Scores Make Borrowing Cheaper

The primary reward for those who struggle to achieve high credit scores is inexpensive borrowing. Individuals whose scores are higher than average tend to get lower interest rates, more lenient terms, and other concessions. Another advantage is high borrowing limits, which institutions offer to people whose scores are well above the 700 mark with the three main bureaus.

No Worries After Retirement

There are many reasons to look forward to retirement but one of the chief concerns for individuals who have worked hard for decades is to have a comfortable retirement financially. The definition of comfortable varies greatly but usually includes the ability to travel and enjoy life without constantly worrying about money. For those who saved from an early age and contributed to IRAs and similar accounts regularly, retirement years can be the highlight of their lives.


Northern girl Laura is the epitome of a true entrepreneur. Laura’s spirit for adventure and passion for people blaze through House of Coco. She founded House of Coco in 2014 and has grown it in to an internationally recognised brand whilst having a lot of fun along the way. Travel is in her DNA and she is a true visionary and a global citizen.

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