Financial Security: Insurance

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Personal insurance includes health insurance, disability insurance, life insurance, liability insurance, and property insurance. The purpose of insurance is to guard against risks.

Every day we are exposed to many risks which can cause a financial loss. Accidents, property damage, illness, and death are risks we often consider. However, other risks, such as the possibility of being sued or becoming disabled and unable to work, are also important. We each have to decide how we will protect ourselves should a …

Financial Security: Retirement Planning

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Planning for retirement is a challenge for everyone. Again, the earlier you begin, the longer you will have to accumulate funds and capitalize on compound interest. A plan designed to meet specific retirement goals may be separate from or part of the investment building block.

Some people have given a great deal of thought to retirement, but others have not. Less than half (42%) of working Americans have made a retirement savings calculation, according to the 2006 Retirement Confidence Survey, …

Financial Security: Saving and Investing

Even though the words “saving” and “investing” are often used interchangeably, there are differences between the two.

Saving provides funds for emergencies and for making specific purchases in the relatively near future (usually three years or less). Safety of the principal and liquidity of the funds (ease of converting to cash) are important aspects of savings dollars. Because of these characteristics, savings dollars generally yield a low rate of return and do not maintain purchasing power.

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Investing, on the other …

Financial Security: Children and Money

Children are not born with “money sense.” Children learn about money by example and experience, beginning at a very young age. Parents are an important influence on what and how children learn about money. It is never to early to start teaching sound money management skills. Begin teaching basic principles of money as soon as children can understand that money is needed to buy the things they enjoy.

Much of what your children learn about money is not from the …

Financial Security: Consumer Education

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In the world of shopping both on the web and in the stores, it pays to be a knowledgeable consumer. By making wise decisions using your resources in exchange for goods and services, you can extend these resources. Being a smart shopper involves being informed when buyng a car or home, preventing identity theft, understanding credit, resolving problems after a purchase, and much more.

Photo credit: Pocket Change by Mike Schmid (CC BY-SA 2.0)

 

 

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Financial Security: Estate Planning

An estate plan is a plan for the disposition of resources and property after death or during crisis.

A will is one component of an estate plan. Although necessary to direct the distribution of assets after death, almost 70 percent of U.S. adults do not have wills. Many people think they do not need a will because they do not have many assets, or they think that preparing a will costs too much. Dying without a will is called dying …

Financial Security: Financial Planning Process

Financial planning is a process based on what each person considers most important based on his or her values and goals.

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A financial plan is really a coordinated series of plans that begins with goals and objectives reflecting values, attitudes, lifestyle circumstances, needs, and wants. The process helps individuals develop and implement financial moves to reach financial objectives.

 

Decision making is a very important aspect of the financial planning process. It is the key element in making choices about how …

Financial Security: Health Finance

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Health care includes medical and dental services, prescription drugs, and insurance costs. These costs have historically increased faster than the rate of inflation. By becoming an infomed consumer and making well thought out decisions regarding your health care, you can not only save money but receive quality care.

 

 

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