Main Points - Protect

Making sure that we protect ourselves Financially is very important. Life is unpredictable sometimes, we might loose our job, get sick or get into an accident. Are you protected incase you do? Having the right insurance and the a proper plan can help eleveate some stress and Protect what you have worked for.

Be Aware!

The most important lesson that you should take away from Protecting your Financial Self, is to be aware. Aware that you might need extra money in an emergency, aware that you should Protect yourself and your family with insurance, aware that identify theft can be very costly and be aware of your Credit Score and Report.

Loosing a job can be detrimental enough, but if we don't plan for that possibility, then we won't be prepared incase it happens. Adding a Savings Goal to build an emergency fund is very important and will help with the process. It is recommended by "Experts" that we save anywhere from 3 to 9 months of expenses in case we experience a job loss. We can do this by determining how much we spend in a month, excluding our Savings Goals and multiply this by 3 to 9 months, depending upon your situation and family needs. If we loose our job and we have 6 months of expenses saved up (home loan payment, car payment, insurance, food, misc) then we should be able to weather the experience for that long while we actively seek new employment.

There are many types of insurance available to people.  We should look at insurance on an as needed basis. If you are unmarried with no children, then your insurance needs should reflect that. For example, your most important insurance need might be health and disability.  While someone who is married with children will require different insurance needs, possible needing health, disability and life insurance.

As life events occur it is important to examine your insurance needs based on your own situation and make sure that you are Protected and if you have a family they are Protected too, incase something happens to you.

Identity Theft is on the rise and will continue to be a headache for people who fall victim. It is important to Protect your Identity in order to protect yourself and your Finances. Keeping good records of your purchases and bank statements can help you detect fraudulent uses quickly. Check your Credit Report, under US Law, the three major credit rating companies must provide you a free Credit Report (not a credit score). If there are errors or fraudulent use, you should contact the bank or credit rating agency immediately.

If something sounds to good to be true, then it often is, many fall victim to fraudulent scams and schemes. They are often drawn in because something sounds really good to them or are presented with an opportunity that will provide them great rewards, when in the end they end up with identity theft or left without any money. We always advise people to stay away, and argue is it worth the Risk that you might not be able to meet your Goals or retire?

Often people receive phone calls, emails, text messages, all trying to solicit information from you, or claim to get you in on some type of deal.  Use extreme caution whenever someone solicits information from you in any circumstance, especially if you didn't start the conversation.