Business

June is upon us, half the year is over, plans for the year should be well underway. What about financial plans? Ask yourself: Do I have a strong foundation in place should the unexpected happen? If a major emergency were to happen, it could wipe out one savings, one’s investments and one’s retirement. The best plan would be to have a strong foundation initially in place, then tackle debt management, follow this with setting up an emergency fund and then consider investments. Unfortunately, there are a lot of people who do the reverse ... focus on investments and then maybe an emergency fund ... debts are when they can get to it and just pay the minimum and protection is just something that might throw in just in case someone might die. A strong financial foundation, however, should be the first and foremost in a financial plan. In this way, should something happen to the major breadwinner or that stay at home parent, the entire lifestyle and household will not be turned upside down. Also, wealth will be there to supplement retirement. There are certain challenges that families will face that concern protection, including: protection of life, protection of health, disability protection. There are challenges that concern money, including reducing liabilities and getting out of debt; dealing with the monterey impact of constant changes in job, career, or business or living a secure long life with adequate income.