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Insurance

Insurance is probably not on your list of most favorite topics. The fact is that insurance can be a pretty boring subject. Not only is it boring, it is also a topic that many associate with uncomfortable or bad situations. This can include death, disaster, accidents, illness, etc. But, the fact remains that if one of these sad situations knocks on your door, the last thing you will want to have to worry about is your finances. That is why it is so important that you protect yourself, your family, your property and possessions.

The first rule of thumb with insurance is that you should only purchase insurance for big things. Insurance is set up to provide protection for you if a financial catastrophe occurred. You shouldn’t waste your money on extended warranties or repair plans on small purchases. This is just wasted money on your end. If a business if offering you a superior product, why are they trying to get you to purchase insurance for it?

When you do go to purchase auto insurance, home, life or health insurance you should truly consider upping your deductible. Your monthly premiums will be low, and you can save upwards of 20% per policy. Good quality insurance is not cheap. However, when you compare it to what you can lose without it, it is worth the cost. You should also keep in mind that insurance companies are very smart, and they can sometimes be ruthless. Check around and compare policies and prices. You should never go with the first quote you receive. Just because one company’s quote is higher doesn’t necessarily mean that their policy is superior than a lesser priced policy from another insurance company. Educate yourself and shop around. There are policies out there that are both affordable and of good quality.

 
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You can never have too much knowledge when it comes to the financial world. Since it changes daily you must keep on your toes and be aware of the changes. Everyone wants to be secure financially in their later life and this begins with investing and building a portfolio.
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Planning for your retirement should include a regular or ROTH IRA. Depending on your tax bracket when you retire will determine which type of IRA is best for you. If you feel you will be in the lower tax bracket, then a regular IRA is best, otherwise a ROTH IRA is best for those in the higher tax bracket.
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