Preparing for a Recession: Our Family’s 5 Step Financial Plan

This pending recession has thrown our happy family schedule all out of whack.

  • School: Our kid’s school is closed for the next 3 weeks. It’s looking likely that might extend at least 8 weeks and maybe through the rest of the school year.
  • Work: Our President recommends against gatherings of 10 or more so Nicole will more than likely be joining me as we work from home with kids.
  • Money: Although it probably wasn’t smart, I tracked our net worth losses over the past month and we’re down by at least $100,000 (and that is before the crazy stock market activity this week).

I’m sure our situation pales in comparison to other families who may soon be out of work. That’s going to affect a lot of families, small businesses and our country’s economy.

As we figure out what’s next, I wanted to share 5 things our family is doing to deal with the Coronavirus (COVID-19) season. I hope it helps you as you’re planning for your family. 

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Why Our Family Got Umbrella Insurance and How Much It Costs

Katherine from Buffalo, NY reached out regarding Umbrella Insurance …

Hi Andy:

I am a new listener and I love your podcast. The way you breakdown topics and explain them very easy to understand and makes me feel like I can achieve my financial goals with the correct planning and mindset.

I realize that this isn’t a finance question, however, it is a family-safety/ planning question. Can you briefly explain the importance of an umbrella policy? I know it is important to protect your assets but I am confused when the right time to have one is. My husband and I are just buying our first house and are unsure if we need one yet. Any information or advice would be appreciated!

Best,

Katherine

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5 Term Life Insurance Providers That Make the Process Easy

Are you overwhelmed by the thought of buying life insurance? You’re not alone. With so many options to pick from, it can be hard to choose. Back in the day, purchasing life insurance meant meeting with a salesperson to get a quote and often required a complicated medical exam. Luckily, you have better options that your grandparents did.

Here are 5 providers of term life insurance that are making it easier than ever to get the coverage you need.

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Why a Living Trust Isn’t For Me Right Now

A few years ago, my wife and I got our wills completed. That made us feel great! With our life insurance and will complete, we’re now protecting our family if the unexpected were to occur. My next goal was to look into a living trust.

I’ve heard from friends and family that a living trust is something we need, but I wasn’t sure why. I decided to look into it a bit more. Here is what I learned…

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