When you reach a milestone, you've also hit a turning point for your finances. Make the right choice, and it will pay off big in the end. Make the wrong one, and it can cost you. Why? Because everything from your tax scenario to your income to your benefits to your spending may change, and that means it'll pay to give the new environment you're in a little thought.

If you're one of those people whose finances stay on the back burner until an important event strikes, then milestones also present an opportunity.

Here's how to respond to the ones you're likely to encounter decade by decade over the years:

• Marriage
• The Birth of a Child
• A New Job
• Your First House
• Death of a Parent
• A Graduation

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