Whether you realize it or not, your financial security is more than just how much money you have in savings or if your credit card bills are current. Retirement investments, long-term care insurance, even the equity in your home all play an important part in your overall financial picture.
Personal Finance Tips
- With the recent downfall of the housing market perhaps the idea of selling your home and living off the proceeds when you retire is no longer a possibility. If you still enjoy living there and can afford your mortgage, then don’t worry about it and start planning for other retirement options.
- As a healthy active person it’s hard to imagine becoming disabled through an accident or due to advancing old age; but it does happen more often than not. Consider taking out a disability or long-term health care insurance policy now while you are still fit and premium rates are low.
- Understand that savings are different than investments. Investments are monies tied up for longer periods of time whose dividends will ebb and flow, while savings can easily be accessed and won’t earn as much interest no matter how long the money sits there.
- And Suze’s most important personal finance tip is always ask yourself if that upcoming purchase is really a need or do you just want it? She says if you always choose NEED over WANT you will have a very happy and secure financial life.