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We never know for sure what our future may bring. A car may need to be replaced or there may be cutbacks at work. There are three important things you can do now to plan for your family’s well being:
• Build an emergency fund. Once again, aim for three to six months’ worth of living expenses, so you don’t need to borrow or beg when you’re faced with some tough financial circumstances. Recently, in a television interview, three homeless families were asked what they would have done differently. Without any hesitation, they all said they would have saved more.
• Write a will. If you don’t have a will, consider getting one soon. A will prevents the state you live in from making decisions about your assets. It protects your assets. A will also designates a guardian for your minor children and names an executor.
• Buy life insurance that covers both you and your husband. This protects the family income and net worth upon the passing of income providers. Consider buying life insurance equal to five to 10 times your family’s annual income. Your husband may already have some employee coverage. Get low-cost term insurance, which usually offers the best benefit for your premium. Look for a reputable insurance company with good-quality ratings.
Writes on personal money management topics, showing others how to take control of their financial future. An award-winning writer,

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