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5 financial tips for moms

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5 financial tips for moms -

Only 24% of mothers were satisfied with their current financial situation and a quarter admitted they are struggling to make ends meet or are worried for their financial future. However, only a third of mothers currently use the services of a financial professional to help them with their investment and / or insurance needs.

Some startling statistics of mothers who were interviewed for "State of the US parent study" published by MassMutual and conducted by Forbes Consulting Group, LLC. The study consisted of 1,014 interviews with American women who are financially responsible for children under 27. The interviews were conducted in older mothers 25-65 with household income greater than $ 50,000 that contributed to least 40% of the decisions regarding financial matters in them. households

regarding insurance, the data show that moms can bring their families in a vulnerable position: 46% of mothers surveyed do not have disability insurance and a number yet most (68%) do not have insurance, both key to long-term care to help ensure the long term financial stability

Here are some key tips MassMutual to help moms get their finances on track :.

  1. Be prepared. emergencies are not predictable. Set up an emergency account now to help protect you and avoid putting yourself in a troubling financial situation.
  2. Protect your income. If you are a stay at -home mom, provide valuable services to your family that can trigger out-of-pocket expenses should something ever happen to you. With the help of a financial professional, you can explore the options available to ensure that you plan in advance, no matter what the future holds.
  3. Protect your independence. long-term care insurance is an option that allows you to have a plan in place to help protect your assets and remain as independent as possible, if you need the need of long term care.
  4. map now (at the latest). do not procrastinate when it comes to planning your financial future. Nobody knows what the future brings, so now is the time to sit and think about how to pass your assets - not your taxes -. At your heirs
  5. do them. schedule monthly meetings for discussion sit down with your spouse or significant other to discuss your finances. It is essential for two people to have a complete understanding of all debts and assets in order to build a realistic plan.

This is excellent suggestions for Mass Mutual, but better still is to sit down with a professional or a financial agent to review your current situation, identify problem areas and to develop an action plan with appropriate solutions. A good starting point for a young family with the Foundation's educational resources VIE here.

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