Four Steps Toward Building Financial Security
Worrying about money and about how you will provide for yourself and your family, now and in the years to come, can take a toll on both your physical and emotional health. As experienced New York estate planning and asset protection attorneys, we know how employment problems and unexpected injuries or illnesses can easily sideline you from achieving your financial goals. However, the good news is that it is never to late begin planning for the future. The following are five relatively simple steps you can take towards building financial security, starting today.
Actions You Can Take Today to Protect Your Future
Are you waiting for the right situation or for a certain set of circumstances to occur before you give thought towards planning for your future? While this is common, the fact is that for most people building financial security is a slow and steady process.
Regardless of whether or not the ideal job or a major windfall ever comes along, there are certain steps you can take today towards ensuring you have what you need, both now and in the future. To get started, Nerdwallet recommends following these simple tips:
Build an emergency fund: It is easy to get caught in the trap of spending all of your available cash on bills and items you want or need. However, putting money from each paycheck into an emergency fund ensures you are prepared if the unexpected occurs. This should be separate from any other savings accounts. Financial advisors generally recommend shooting for the goal of having enough to cover six months worth of expenses.
Consider your insurance coverage: Review your health, home, and auto insurance policies to ensure you are adequately covered and consider life insurance if you have young children. According to the Social Security Administration, roughly one out of every five people will eventually suffer a disability. Investing in disability insurance may be a wise choice.
Take advantage of retirement plans: Many employers offer matching contributions for 401k and other types of retirement accounts. Make sure you are contributing the maximum amount to take advantage of this. Living on less money while you are young is preferable to having to pinch pennies in your golden years.
Tackle estate planning tasks: Take the time now to create a will and make sure you have the proper advance directives in place. These are simple estate planning tasks that pay big dividends in terms of providing you peace of mind, while helping to make challenging situations easier for those you care about.
Contact Us Today for Help
No matter what your circumstances or what stage of life you are in, Cavallo & Cavallo is here to guide you in building your financial security. As your neighborhood law firm, we can help you create the legal documents you need to protect yourself and your family, regardless of what the future might hold. Call or contact our New York estate planning and asset protection attorney and request a consultation to discuss your situation and how we can help you in our Bronx or Westchester office today.