FAQ

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Should I Invest? What is An Emergency Fund? 

 

Before investing it is necessary first to ensure you have an adequate emergency fund and you have paid off any unnecessary credit cards or high-interest consumer debt. If you are single or married with one income, it is recommended that your emergency funds are sufficient to meet six (6) months of living expenses. If you are married or have two sources of income three (3) months of living expenses is an acceptable amount for your emergency fund.

 

Furthermore, by eliminating debt and establishing an emergency fund, you will be prepared for an unexpected expense or job loss. For example, imagine if you had not established an emergency fund and unexpectedly had several repairs and medical expenses. Without the emergency fund, you would most likely need to sell your investments for these expenses.

 

Do I Need A Will? Why?

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Yes, Wills are not just for the rich and wealthy. Regardless of how much or how little money you have, a will ensures your wishes are heard. It states that whatever personal belongings and assets you have will go to family or the beneficiaries you designate. If you own a business, a will can help ensure a smooth legal transition of those assets.

 

Do I Need A Retirement Plan? Why?

 

When considering retirement planning a company-sponsored plan is a good option. Unfortunately, social security payments may not be available in the future therefore this type of income should be used as a supplement if budgeting for the future. Proper retirement planning is necessary in the event you need to cover any long-term care that you may require later in life. It's always good to begin as young as possible but planning may be started at any age.