Financial preparedness is key to a stress-free future for you and your family. From saving and investing early and often to budgeting and making smart money choices, there are many things that will typically put you on the right financial track.
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However, there is one specific financial initiative that financial guru Suze Orman wants you to do before the new year rolls around.
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On one of her latest Suze School podcasts, she explained that she wants you to “make a date with your money.” Whether it’s by yourself, with your spouse or partner or with your children, make a date where you’ll dedicate the entire day to “dealing with every aspect of your money.”
Orman emphasized that it’s not so much about what you’re invested in, but rather how your finances are organized.
“Is everything in place? Are you protected in case something happens?” she asked.
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Here are some key initiatives to consider when you make a date with your money.
Be sure to check all your home or rental insurance policies to see what they do and do not cover.
For example, have you increased the coverage of the policy since the value of the home went up? If your home is worth more today because its value has appreciated over time, you’ll likely need more homeowners insurance coverage. Have you acquired more expensive belongings in your rental apartment? If so, you may need more renters insurance coverage.
As a result of recent natural disasters and the effects of inflation, materials to rebuild homes now cost more than they used to. Does your insurance policy cover all the replacement costs associated with building materials?
Also, do you have flood insurance? Most homeowners insurance policies don’t automatically include this coverage, but it’s important to add it on — especially if you live in or near a flood zone.
It’s crucial to check up on all of your retirement and life insurance plans. Additionally, don’t forget to check your health savings account. The reason? You’ll need to keep all your beneficiaries up to date.
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