Are you bored hearing Corey and Rachelle talk about financial planning for families and couples? This one is for the lonely hearts (or happily single folks) out there on Valentine’s Day! Watch below, or scroll down to listen/download the audio-only version. Also available wherever you get your podcasts.
Don’t ignore insurance: It’s not just for families. Disability insurance protects YOU. It’s your ability to earn an income and work toward your own goals that you should be protecting. If you plan on having a family eventually, it can also make a lot of sense to look into life insurance. The cost is dependent on your age and health and any decline in health can make it more expensive or harder to get.
Take advantage of that single status. Kids and spouses can drag you down (financially)! If you are single and have fewer financial responsibilities, take the opportunity to get a head start on paying off student loans or saving for retirement.
Pay attention to your tax bracket. Higher income can push you into a higher income tax bracket much more quickly when you file as a single person. This can make it even more beneficial for some folks to do pre-tax savings into a retirement plan at work, which reduces your taxable income.
Tip of the Day: Revel in your flexibility and freedom and make financial decisions that help you reach your goals. Be selfish! It’s all about you.
For other financial planning video recordings, check out the Finity Group’s YouTube channel. Be sure to subscribe to Financial Clarity for Doctors on your preferred podcast app to listen on the go!
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.