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Developing a Measure of Security in Your Financial Life

Guest post by: Pia Lord

Article Overview: Having a safe and secure future and providing that for your family and kids is a dream that most of us want to accomplish. Follow these tips for developing the security basket that you and your family can rely on when you need the funds.

Developing a Measure of Security in Your Financial Life



Three Baskets that you can put your savings into are the

Security, Retirement, and Dream baskets. Of course these are figurative baskets,

you would really put the money into an account that earns you some interest or

into an investment that you get a return on. Within this basket, you want to make sure that

You have provided the 7 safeguards or at least o=the ones that you think are necessary.

By purchasing insurance policies, some have a cash value benefit, this money can be invested

for returns. Having an established will or living trust will help your heirs avoid probate court and a public evaluation of your estate. This article enumerate the safeguards that ought to encompass

developing security for you financial future.

BASKET ONE SECURITY

7 SAFEGUARDS:

SAFEGUARD # 1: SAVINGS of 3-24 months of living expenses in case of emergency

SAFEGUARD # 2: CREATE and Maintain An Up To Date WILL and LIVING TRUST

SAFEGUARD # 3: BEST HEALTH INSURANCE POLICY you can afford

SAFEGUARD # 4: If you have dependents, get LIFE INSURANCE

SAFEGUARD # 5: DISABILITY INSURANCE FOR Protecting Income

SAFEGUARD # 6: UMBRELLA or LIABILITY INSURANCE

SAFEGUARD # 7: LONG TERM CARE COVERAGE for over 50’s

Many of these items, especially the will /living trust, the health insurance, the savings, and the life insurance policy, Safeguards #1-#4, I ALSO THINK ARE INDISPENSABLE. Safeguards # 5,6,7 will certainly require that you are making substantial incomes over $100-200K per year, have age related illnesses or want to take the extra precautions.

Personally I think that if you exercise and take moderate risks in your life, you most likely won’t need the disability insurance, the liability insurance or the long term coverage.

However some people you want the extra protection and can afford the policies should get them for their own peace of mind.

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Article Tags: health insurance, life insurance, livingtrusts, savings accounts, security, trusts, wills
Referred by: http://jaykubassek.com



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