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