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Financial Resolutions for the New Year
by Scott W.
Danger, CPA
Every year I make my resolutions for the new year. Some of
them involve projects around the house, some involve trying to fit into
those clothes that miraculously "shrunk" during the year, and
some are related to financial matters. Now don’t worry, I won’t bore
you with stories of sit-ups or planting shrubs. Instead, I’ll share some financial ideas I hope you’ll think about for
the new year.
I know it’s not the most exciting topic to read, but I
assure you it is very important. Taking the time to address these ideas
now could mean the difference between financial freedom and financial
hardship. Since everyone’s situation is different, some of these may
apply to you and some may not. And, since we all have different financial
needs, the resolution ideas are generic. Please seek professional advice
or study the topics in detail for specifics to you situation.
Life Insurance - Both spouses should be covered. Even
spouses who are not employed outside the home. Term insurance is
relatively inexpensive if you are healthy and for most young couples, it
is the best deal.
Disability Insurance - This is insurance to replace your
income if you become disabled. Statistics show you are much more likely to
use disability insurance in your working years than life insurance. If you
don’t have it, get it.
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