Necessary Steps in Your Financial Planning
When it comes to financial planning, start the conversation early. For example, don’t overlook topics like emergency savings, life and disability insurance, or estate planning. They all require your attention as key components of a robust plan that aim to protect and improve your financial future and the financial futures of those most important to you.
Emergency Fund
An emergency fund is money set aside specifically to be used in case of a financial rainy day. Although it can be difficult in fair weather to remember the value or intention behind emergency savings, you’ll be grateful for those funds if you ever need to replace your water heater and fix your bumper in the same weekend, for instance.
Life and Disability Insurance
For those with fiscal responsibilities or obligations that will persist for years to come, life insurance is an important piece of planning for financial well-being. Having appropriate coverage can give you confidence that remaining debts can be paid off, minor or disabled children are cared for, or that your spouse has enough to live on for their retirement should something happen to you. In the event you suffer a significant health issue that leaves you unable to work, disability insurance could be key for helping you weather those periods
Estate Planning
Whether it’s relatively straightforward like ensuring the correct beneficiaries are listed on your accounts and policies, more involved such as ensuring your desires are carried out through specific directives in your will, or includes conversations with family members in naming guardians for minors – consider your loved ones and your legacy as you review your assets and financial future.
Even if certain topics aren’t your favorite talking points – pouring rain, gloomy days, life insurance – they’re still important. Your foresight in preparing for these types of events will benefit you when the storm begins, and you can start now with support from our team of Wealth Management Advisors. You and your loved ones will be grateful that you did.
Prepare for the unexpected.
Contact Visions Wealth Management today at visionswealthmanagement.com or 800.242.2120, ext. 10469.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.