Jumpline Magazine July 2024 - Flipbook - Page 12
12
Financial Alternatives
Are We
Reactive or
Pro-Active?
As MDFR oreoghters, we have decided
to take on demanding roles in our lives.
With commitments to our family and to
the job, it9s crucial for us to manage our personal, work, AND
onancial lives effectively and intelligently. So, I thought I would
offer some tips to help us achieve that balance:
1. Emergency Fund: Given the unpredictable nature of
oreoghting, having an emergency fund that covers at least three
to six months9 worth of expenses is essential. This fund can
help you navigate unexpected expenses or job-related uncertainties.
2. Insurance: Make sure you have adequate insurance
coverage, including health insurance, disability insurance, and
life insurance. These policies can protect you and your loved
ones from onancial hardships in case of emergencies. Consider getting long-term care insurance, especially if you plan to
retire early. This can be less expensive when you are younger
AND it protects your assets from being depleted by healthcare
costs later in life.
3. Retirement Planning: Take advantage of any retirement beneots offered by our department, especially our 457b
plans offered through Nationwide and Mission Retirement.
Consider using this plan as a way to
