In the next few weeks we will be discussing the 5 Steps to make sure your family is protected financially!
Have you ever thought about what would happen to your family if something happened to you? All of us have at one point or another, even if it was in the form a frantic mental love note sent to family members during bad airplane turbulence. But concern for protecting your family financially doesn’t have to turn to worry if you follow these steps.
#1. Take a look at what financial security means for you. Just as “rich” means different things to different people, so does financial security. Start by asking yourself what would happen if the primary breadwinner died prematurely (that could be you or your spouse or partner). You’d want your loved ones to be OK financially, but does that mean having enough income … for a lifetime? … so they wouldn’t need to move out of your home and neighborhood? … enough money for your spouse or partner to transition to a job if they are a stay-at-home parent? … to provide for your kids through college or maybe just a portion and have them pay the rest? Once you’ve established that, you can move on to making sure a plan is in place.