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As you set aside money in savings, protect yourself through diversification. The FDIC limits have been increased to $250,000 per bank. You should spread your savings balance around to prevent exposure to a bank failure and fraud. Diversifying your portfolio and staggering maturities will provide you access to a higher rate of return.
Protect yourself and your investments with the proper insurance. Without your health you can’t enjoy wealth. Proper insurance on your property such as autos and homes will protect you from unforeseen losses. Liability insurance protects you from loss through lawsuits. Life insurance can be established and adjusted to make your goal for your family in the event of your early demise. Disability insurance protects your income in the event of a serious accident. The companies and contracts involved in protecting yourself can be complicated. Your financial coach should be willing to work with you and coach you as your assets and life changes.
Use caution as you seek out advice. Just as you should for any investment, due diligence is required when considering any financial or legal advisor. Find a qualified trusted advisor that you feel comfortable with, and communicate well with you. Too often plans and ideas are laid out, but there isn’t any follow through to measure progress and make adjustments. Your coach should be someone that you can relate to and trust.
Break the debt habit. You’re stealing your wealth potential by generating debt. Paying off your debts as quickly as possible will take you to the next level of independence and security. When you are truly free your mind is open to so many other possibilities, and you will find more wealth generating opportunities than you ever dreamed possible. Just pay off any debts and listen to your financial coach as you make real progress toward wealth generation.
