Hi, this is Brittney Castro, Certified Financial planner, of Financiallywisewomen.com. Welcome to the 9 STEPS to Becoming a Financially Wise Women Video series.
Whether you’re just starting your career, getting married, buying a home, raising kids, starting a business, approaching retirement, or simply taking control of your finances for the first time, now is the time to get the financial education you need to become a Financially Wise woman.
Step 6 of Becoming a Financially Wise Woman- Protect yourself against the unexpected.
With insurance that is. As you build your financial foundation and work toward saving for your financial future, you need to protect yourself and your assets along the way. Insurance becomes a way to shift the risk to the insurance company.
Although most individuals are not fond of having to pay for the different types of insurance they need, insurance is the glue that holds everything together in your financial picture should something catastrophic occur that you did not plan for.
As much as we like to think nothing bad will ever happen to us, the reality is sometimes they do. And if and when they do, we surely will be glad we had insurance coverage.
So what type of insurance do you need? Well it depends but you will want to review it all. Your health insurance, auto, home, disability, life insurance, long term care insurance, umbrella insurance, and if you are a business owner, business insurances too. So you can see there is a lot of insurance out there, because as you grow financially, there are a lot of things to cover.
As you transition into your different life stages, make sure you review your insurance needs on a regular basis to identify any gaps. Also, you will also want to confirm you don’t have too much insurance. Yes, there is such a thing as being over insured. And you don’t want to have to pay for insurance you may not need.
So if you have not already done so this year, go review your insurance coverage and make sure you have the proper insurance coverage in place based on your current financial situation and financial goals.
This is Brittney Castro and thank you for watching the 9 Steps to Becoming a Financially Wise Woman video series. Tune in next time for Step 7. Remember to Like us on Facebook!