Are Your Priorities of Personal Finance in Order?
With all the things going on in life, sometimes it’s hard to keep your priorities in check, especially when it comes to finances. Understanding how to organize your financial priorities properly will bring you peace of mind.
What Should Be My Priorities of Personal Finance?
First Priority: Live Life
Yes. Looking out for the future can be wise and advisable, but living life now should be top on your priority list. We have no control over what the future holds, so, although it’s good to plan for the future, don’t get too caught up in that. Live life now – within financial reason – and stop putting off the enjoyment of your life until after retirement.
Second Priority: Make Sure You Have Insurance That is Suitable for You
If you can afford it, always consider having good health insurance a priority. Your health is key to actually being able to live your life fully. Avoid making the mistake to start saving for the future and disregard your health in the present. Purchase health insurance that has your back in case there’s ever a medical emergency you need to see through. This way, you also make sure you’re protecting yourself against indebtedness for a medical emergency. Get a health insurance quote today to see check on the plans that are available in your area.
Third Priority: Become Financially Independent
Once we find ourselves affording all our needs and some of our wants (life), and we have adequate protection for emergencies (protection), we can then turn our attention more toward the third priority in personal finance: saving and investing for our future with the goal of achieving financial independence (investments).
Being financially independent is when we’ve worked to a point where we have enough money and assets working for us that we don’t need to work anymore to sustain ourselves. Not everyone is able to achieve that. However, that doesn’t mean we should neglect to save for the future. The idea of saving money is not just to use it all up on vacations and things; it’s also to have enough money available for us when we can no longer work.
If you’re in a situation that allows you to apply minimal balance to these three personal finance priorities, you’re in a great place. See your insurance agent to help you identify which types of insurance are suitable for you in order to support your life plan.