027 Beyond Your Wedding Day Podcast- Feeling Safe and Secure With Your Money

by mike on March 30, 2011

027 Beyond Your Wedding Day Podcast- Feeling Safe and Secure With Your Money

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In this episode of the Beyond Your Wedding Day Podcast, we continue discussing the book Smart Couples Finish Rich by David Bach. We discuss step 6 (chapter 6) entitled “The Security Basket”.

Things happen in life to mess everything up: job losses, divorces, car repairs, etc.

1.) Set up an emergency fund

*3-6 months worth of expenses in a money market account

2.) Set up a will!

*you will die and you need to have a will in place for when that happens

*determine who gets your stuff and who will get custody of your children if something happens to both of you

3.) You need life insurance!

*once again, you will die

*if anyone relies on your income, you need life insurance

*you need life insurance on a stay at home mom

*8-12 times your annual income in a level term policy

*stay away from cash value insurance

4.) Get the best health insurance you can afford

*you can get into 6 figures or more of charges at a hospital really fast

*make sure to have maternity coverage if you are having children soon

5.) Unlike everyone else, get disability insurance!

*get a policy that pays at a minimum 60% of your gross pay until you are 65 if you are considered disabled and can’t work

*it will be tax free income unless the insurance is provided by your employer

*get owner-occupation coverage in case you cannot do the specific job you do now due to disability (for example, a professional speaker lost their voice permanently)

*your premium gets smaller as you lengthen the waiting period until your coverage kicks in

*If you are 60 years old (or older), you need long term care insurance

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