Wednesday, August 31, 2011

Is your family in good hands?

Today is so uncertain. Not that everyday isn't, but the financial markets are swaying too far in one direction or another.

I made the mistake of cashing out my 401K in 2002 when I became a SAHM to my first son. I should have rolled that money into a nice nest egg account.

My husband has a fabulous 401K with an employer who matches up to a certain percent, so he takes advantage of his employers generosity.

Many people are dipping into their savings to live everyday, pay bills, or just to even survive and eat. What we don't realize is that in 5 years we will have nothing at all if we keep up this pace.

What do you to protect your financial nest egg? Have you changed your 401K to ensure more safety in the market? Do you take greater chances hoping for a big payout?

What about college? My amazing In-Laws gave each of their kid’s part of their disbursements early. My husband received a nice chunk of cash. We made some payments on bills, but at the time, we only had 1 child, so we chose to put the majority of the money in a college fund.

Right now, one of my son's can go to a college and have it be paid (at least here in Florida).

What do you have in savings? Can you cover your bills for 1 month if needed? What about 6 months? I know we can't. We are trying to build up that savings a little at a time. It's difficult, but worth it in the event of an emergency.

What about life insurance? What would you or your spouse do if the other were seriously injured or worse? Would the insurance from his or her job cover any "real" expenses? Not really.

If something were to happen to my husband, or his job, our lives would be tested. We are not as prepared as we could or should be!

Did you know that more than half of the American population is under-insured, if at all? That fact is really overwhelming! More than half of the people in the United States, including my family, would be in dire straits if something happened to the breadwinner of my home, which is my husband.

Allstate helps protect so many things we don't think about, or don't want to think about. Life Insurance, Home Insurance and retirement have been a part of Allstate for over 50 years.

“I wrote this blog post while participating in the SocialMoms and Allstate blogging program, for a gift card worth $50. For more information on how you can participate, click here.”

1 comment:

  1. At this time, our savings is gone. My hubby got laid off and had a rough time finding another job. We are still fighting to "get back up on our feet."

    I pray that sometime soon we get back on track so we can begin saving once again.


Thank you for sharing your ramblings with me