Movement in the financial markets lately can make you seasick! If you manage your own finances as I do the market ups and downs will make you wonder if you should make changes or stand pat.
The GenuLines post below offers some ideas on getting your financial house in order. Read it and “reap”
Do You Have A Financial Safety Net? (And How To Build One)
Do you have a financial safety net? It’s something worth thinking about and setting up.
If not, now is the time to get started.
You can begin by putting away three to six months of living expenses.
Keep this money in an interest-bearing account. Know what your family needs to live on in the event your income stops.
Then start saving as much money as you can until you have built up this safety net.
You can shave your spending, too.
Do More With Less
Do a little less eating out. Think twice about buying the newest TV and tech gadgets.
To make the process go faster add any bonuses, tax refunds, etc.
But don’t stop there. Make it your goal to add to your cushion as often as possible.
Then come back and revise your numbers from time to time.
Your living expenses may go up or down over time. You can quickly adjust the amount you need in readily accessible cash.
Protection
Life and disability insurance are two more important parts of your financial strategy. Do you have a plan in place to continue to cover your living expenses (or those of your family) if you can no longer work?
Call your insurance agent and go over your current coverage. Make sure the insurance you’re paying for will pay out what you need and if not, make adjustments.
Now you have two legs of your plan firmly in place. Next, think about investing any additional savings in higher interest-bearing accounts.
Do your best to forget about accessing any of this money in the near term. Think about how handy it will be to have it when you’re dealing with an emergency.
Or, when you’re ready to retire.
And, don’t let your money sit in a bank or, worse yet, in a drawer in your house. There are lots of investment vehicles that will get you a much better return than a savings account.
Talk to your financial adviser. You’ll come up with a plan that’s right for you, your family, and whatever the future may hold.
JohnK 10-16-2018
Overheard: No wealth can ever make a bad man at peace with himself” ~Plato
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