While money might not be the most important thing in this world, the value of financial stability cannot be emphasized enough. Especially in this current economic climate, with so much uncertainty at work (layoffs, hiring freezes, things just slowing down) it’s important to ensure you’re protecting your finances. However, ensuring that you have enough funds in the bank to cover your expenses is only a small aspect. If you want to unlock true success, it will be necessary to secure your future too.

A range of financial protections can be put in place to make this happen. Here are six of the best solutions that should be considered an immediate priority.

Insurance

Nobody can predict what the future holds. Consequently, then, it’s vital that you are prepared for every situation to protect yourself and the entire family. Finding the right life cover plan and provider is vital. Reading National Life Group reviews will highlight the different options and help you determine whether it’s the right choice. Aside from life cover, you may want to protect yourself against critical illness or a loss of earnings. Always remember that nobody likes paying for insurance until they need it.

Rainy Day Funds

While insurance plans can protect your finances when major issues strike, you must not overlook smaller matters. Studies show that half of all Americans could not withstand a sudden $500 emergency expense. Yikes. If possible, you should try to set aside at least one month’s worth of earnings. This will subsequently allow you to handle any short-term cash flow problems without the risk of falling into debt. Ideally you’ll build this up to 3-6 months worth of expenses, and I recommend keeping this in a totally separate savings account, that way you’ll be less likely to use it for non-emergencies!

Home Protection

Your home isn’t only the place where you spend most of your time. It is also the greatest financial asset and source of your biggest expenses. We did cover insurance in the insurance section, and it’s critical (most mortgage lenders require it) that you carry homeowners insurance. Outside of that, there could be other ways to protect your house. As such, it’s important that you protect the possession, not least because it also safeguards your family. Fireproofing the property can prevent fatal disasters and protect the contents of your home. Home security features and flood barriers can make a big difference too.

Investments

When looking at ways to protect your financial future, the harsh reality is that a savings account won’t go very far. I always say that your money should be working hard for you, and to do that it’s prudent to invest. The earlier you start, the more time you have to secure your future. Whether it’s a 401(K) retirement account or a non-retirement stock brokerage account, the stock market is an easy way hopefully (well some good years some bad but mostly good) grow your money. Checking out the US News reviews of the best stocks can get you started with ideas. However, there are plenty of opportunities surrounding crypto, real estate, and other commodities. As a reminder, I personally invest probably 90% of my stock money into low cost index funds and then have 10% to play around with!

Know Your Worth

The Great Resignation has shown that there is no need to settle for less than you are worth. You can now discover your value in several ways. Getting your resume reviewed and analyzed is a particularly wise move. Meanwhile, you can look at job postings for similar roles to see that you are paid a fair price. Securing a raise by speaking to your boss will instantly protect your finances. And the rewards can last a lifetime. Remember with inflation being around 9%, if you’re not getting a raise of 9% or more, you’re getting paid less than you did last year!

Financial Habits

Finally, it’s imperative that you adopt winning habits to prevent theft or fraud. The quick guide to keeping your finances protected will put you on the right path. Modern scams are often very intricate and convincing. Ultimately, though, the majority of victims are guilty of human error. By putting the right tools in place and educating yourself on the dangers, you can reduce the risks. Your immediate and long-term future will look far brighter.

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