When a crisis strikes — a medical emergency, a long-term disability, or the unexpected death of a spouse — the right insurance policies are what stand between you and financial disaster. Part of financial health is understanding and putting into place the essential insurance policies. But be on guard: insurance is a commission-driven business, and so you may be offered expensive products that you don’t need. Below is some honest, independent guidance on insurance policies you should have (or at least strongly consider having).
Given the news of the Capital One data breach affecting over 100 million people in the U.S. (about a third of the U.S. population), here’s your action plan to help protect your identity and personal information.
Around here, we tend to talk more about cash flow — earning, saving, and spending — and less about net worth. Why? Because net worth is the sum of what’s happened in the past — how much you’ve previously accumulated — while cash flow drives where you’re headed right now. Are you saving more than you’re spending? Are you throwing money at high-interest debt payments? There’s only so much you can do right this second to increase your net worth, but there’s plenty you can do to improve saving and spending habits and start trending in the right direction.
That being said, net worth awareness is one of the building blocks of financial health. There’s quite a bit of fixation on net worth out there, so we’ll take some time to talk about what it is and what it isn’t, and then we’ll go over how to approach your own net worth.
With a month to go until the ball drops and we flip to 2019 (a.k.a. the year in which Blade Runner and its flying cars are set — we’re just a bit behind!), now is the time to make sure all your year-end tasks get done. Without further ado, here’s your year-end financial checklist.
A secret last will and testament, a fifteen-year fight to remove a comatose woman’s feeding tube, a last-minute model wife who sues for the late billionaire’s estate — this is the stuff of John Grisham novels, Supreme Court cases, and Us Weekly. For the rest of us, estate planning may be less dramatic (hopefully), but it remains an essential piece of ordering your financial world.
In response to Equifax’s news of a massive security breach affecting 143 million people (which is nearly half the U.S. population), I’ve prepared a brief action plan to help protect your identity and personal information.