Do not delay your estate and financial planning.
We make priorities in life.
If something is important to you, you prioritize it.
If not, you procrastinate.
According to a recent Motley Fool article titled “3 Money Moves You Can't Afford to Put Off,” you cannot afford to procrastinate on estate planning or financial planning.
What should you do?
Set up an emergency fund.
Unexpected things happen.
Often these unexpected things are unpleasant and expensive.
You should have at least 3 months of expenses saved for emergencies.
If you do not, you are not alone.
Nearly 40 percent of Americans do not have enough saved to cover $400 of unplanned expenses.
Yikes!
Decrease your expenses now and deposit what you are saving into your emergency fund.
Future you will be far less stressed.
Get life insurance.
Do you have a family?
Are you the main breadwinner?
If yes, life insurance is a must.
They will need the income if you die suddenly.
What if you are single and are not a high earner?
You should still have life insurance to help your family with paying off any creditors or even covering your burial.
Term life insurance can be an affordable option over permanent life insurance, depending on your unique circumstances.
Be sure to get the right coverage for your situation and work with an experienced life insurance agent.
Sign a will.
Have you thought about who gets what when you die or who will take care of your children?
If not, you need to act now.
Around 58 percent of Americans do not have a will.
Without this, the state decides the answers to the above question.
Work with an experienced estate planning attorney to ensure this is done properly.
Taking the time now will set you and your loved ones up for success later.
Reference: Motley Fool (February 23, 2019) “3 Money Moves You Can't Afford to Put Off”
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