Guarding Against Financial Uncertainty
Tuesday, December 9th, 2003Protection & Security products form the foundation of a sound financial plan. These products should protect you from common risks we all need to think about and plan for:
- Losing your job
- Becoming sick or disabled
- Living too long
- Dying too soon
In its simplest form, the base of the financial planning pyramid consists of emergency savings and insurance. Here are some things to consider as you build the foundation of your financial plan:
Emergency Savings - Most financial professionals will tell you that it s a good idea to always have enough money on hand to pay your everyday living expenses for a period of three to six months.
This money could tide you over if you lose your job, or if you get sick or injured and need to cover expenses before your disability insurance kicks in. Consider your personal and family situation, job security, and other factors in determining how much to set aside.
Ideally, your emergency savings should be in vehi (more...)
