When you read about money matters, you may see the phrase, \u201cgetting your financial house in order.\u201d What exactly does that mean?<\/p>\n
To some, when your financial \u201chouse is in order,\u201d it means it is built on a solid foundation.<\/strong> It means that you have the \u201cpillars\u201d in place that are designed to support your long-term financial well-being.<\/p>\n<\/div><\/div><\/div> #1: A banking relationship.<\/strong> Having a relationship with a bank can play a role in many financial strategies. You have many different choices when deciding on which bank is right for you. Some banks are larger and nationally-based, while others are smaller and community-based. Different banks may have unique advantages and disadvantages, so it\u2019s important to look around and see what each one can offer you.<\/p>\n #2: An emergency fund.<\/strong> You know that label you see on fire extinguisher boxes \u2013 \u201cbreak glass in case of emergency?\u201d Only in a financial emergency should you \u201cbreak into\u201d your emergency account. What is a financial emergency? Everyone\u2019s definition varies, but it can range from a broken water heater to major car repairs to unemployment help.<\/p>\n #3: A workplace retirement strategy.<\/strong> At some point, you may want to consider when is the right time to start saving for retirement. Workplace retirement plans can offer you a convenient way to get started, if one is available.<\/p>\n #4: An eye on Insurance.<\/strong> Like the other decisions you\u2019ll need to make while building your financial foundation, choosing the appropriate insurance program is going to be influenced by your own individual life circumstances. For example, if you\u2019re supporting a family, you may want to look into an insurance program that is designed to protect you in the event that something happens to you or prevents you from working for a period of time.<\/p>\n #5: Estate Strategy.<\/strong> It\u2019s never too early to start thinking about your legacy. For some, this can mean providing some financial support to your loved ones. For others, it might mean creating a program that supports charities and organizations. Whatever your aspirations, it\u2019s important to ensure that your assets transition smoothly in accordance with your wishes.<\/p>\n<\/div><\/div><\/div><\/div><\/div>The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest.\u00a0FMG\u00a0Suite\u00a0is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm.\u00a0The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright