ATLANTA, GA, June 26, 2010
/24-7PressRelease/ -- During times of national or personal crisis, the last thing you want to worry about is a threat to your financial security. That's why it's so important to review your "big three" emergency financial priorities* — insurance, emergency savings, and estate planning — long before anything goes wrong.
Insurance Saves the Day
There's an old saying: "It's better to have insurance and not need it than to need insurance and not have it." Life insurance can guarantee income following the death of a loved one who had provided financial support. Disability insurance can make up for earnings lost due to illness or injury. And long-term care insurance can help offset the cost of providing ongoing care to another individual.
Depending on your circumstances, other types of insurance may also be appropriate. For example, many standard homeowners' insurance policies do not protect against flood damage. But the National Flood Insurance Program ensures that consumers have the right to purchase such coverage on their own.
Accessible Savings Are a Must
It's not good enough to simply have "extra" assets that can be used for emergency spending. It's also essential to have easy access to that money so you can spend it when you need it.
In the big picture, experts typically suggest that you set aside the equivalent of several months' salary in an easily accessible emergency savings account, such as a bank account. Also, keep in mind that it may not be advisable to take a loan from your retirement account to help address short-term income needs. Taxes and penalties could take a big bite out of those assets, and you may end up with less money than you need in retirement.
Estate planning Answers Questions
To put it bluntly, estate planning involves answering questions and formulating strategies to deal with the financial implications of your death or a loved one's death.
Writing a revocable living trust that contains a will is one of the most basic elements of an estate plan. Other priorities include updating beneficiary designations on financial accounts and making arrangements for the care of minor children.
Are you prepared for a financial emergency? If not, contact Stash Graham to discuss your emergency financial strategy.
About Stash Graham: Stash Graham is an Investment Executive with J.P. Turner & Company, LLC (member SIPC) and a second generation financial professional who utilizes his market and economic analysis expertise to help people understand their finances. Based in Scottsdale, Arizona, Stash provides investment guidance to individuals and businesses located in the Tampa and Phoenix areas. Stash participates in a weekly financial segment on NewsTalk 820 AM reaching listeners in Tampa Bay and Western Florida. Prior to joining J.P. Turner, Stash served as Vice President and Market Analyst for a financial firm in Tampa. He holds a master's degree in business administration with a focus in finance, from La Salle University in Philadelphia. He can be reached at (480) 447-6307.
*Source S&P Financial.
About J.P. Turner: J.P. Turner & Company, LLC (Member SIPC) is a privately-owned, full-service independent and securities brokerage and investment banking firm headquartered in Atlanta with some 180 branch offices nationwide. Its affiliate company, J.P. Turner & Company Capital Management, LLC, offers investment planning and advisory services. J.P. Turner is consistently voted one of the Top 50 Independent Broker/Dealers by Investment News, Top Broker-Dealers by Financial Advisor, Top 10 Stock Brokerage Firms in Atlanta by the Atlanta Business Chronicle and one of the Top Places to Work in the Global Financial Markets by Here is the City News (a London publication). For additional information on J.P. Turner & Company visit http://www.jpturner.com. For information on J.P. Turner & Company Capital Management visit http://www.jpturnercm.com.
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