web analytics
August 21, 2014 / 25 Av, 5774
Israel at War: Operation Protective Edge
 
 
At a Glance
Blogs
Sponsored Post
Jerusalem Mayor Nir Barkat (L) visits the JewishPress.com booth at The Event. And the Winners of the JewishPress.com Raffle Are…

Congratulations to all the winners of the JewishPress.com raffle at The Event



The Safety Net You Need

For this reason, it’s important to make sure you have a safety net in place. In terms of personal finance, this is a two-pronged approach: making sure that you have adequate insurance and having an emergency savings account.
Douglas Goldstein

Douglas Goldstein.

The last time you were at the circus did you gasp as the trapeze artist swung through the air?

Even though his antics might be scary, there’s a strong safety net catch him in the event of a fall. Hopefully, the trapeze artist won’t ever need to use it. But it is always there – just in case.

Even the world’s best acrobats have safety nets to catch them if the unfortunate occurs. So what does that say for the rest of us, who aren’t the world’s best?

Even if you’re not a trapeze artist, you need a safety net. As long as you have dependents, you need a safety net to save you from fiscal free fall.

Sometimes, the “fall” can be the result of poor financial planning and decision-making, but often it’s due to circumstances that are beyond your control.

For this reason, it’s important to make sure you have a safety net in place. In terms of personal finance, this is a two-pronged approach: making sure that you have adequate insurance and having an emergency savings account.

If you have young dependents, insurance is absolutely vital. What would happen if your family’s breadwinner(s) died or was seriously injured? While insurance won’t solve every problem, it definitely helps alleviate some fiscal concerns.

And in a situation that is far less drastic, but still costly, emergency savings can make all the difference between being unable to put food on the table or repairing the car.

Review your insurance portfolio to make sure that your family is covered in the event of a possible disaster, and evaluate your bank accounts to ensure that you have an emergency savings plan in order to catch you in case you fall. And like the trapeze artist, let’s hope that you never actually need to use it.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning firm located in Jerusalem. He specializes in working with clients in New York, Florida, and Israel and is a licensed financial professional both in the U.S. and Israel. Securities are offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Doug’s newest book The Expatriates’ Guide to Handling Money and Taxes is available at www.expatguidetomoney.com. He hosts a weekly finance show, Goldstein on Gelt, on internet radio. Listen live or download podcasts. Toll-free from U.S. 1-888-327-6179, Jerusalem: (02) 624-2788. Follow on Twitter: @DougGoldstein or contact at doug@profile-financial.com.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

One Response to “The Safety Net You Need”

  1. Myriam Obadia says:

    Talking about safety net, do you have a suggestion for me. I'm a new immigrant, but having arrived a year ago, I no longer receive misrad ha'klita allocation. I'm disabled and my SSDI disability check covers for my rent + utility (thanks to the 223 nis Israel send me for housing, the vad is also covered), but if I want to pay the Arnona I already owe, I won't be able to eat, and if I eat, I can't afford my medications. I have applied for disability in Israel too, but I have 2 more months to wait before I get an answer. I keep on being asked for help for the poor, and I do know there is even worse off than me, but I don't know how to tell Kupat Ha'ir and Meir Panim that I need their help. Do you know how I could contact them (in English since my Hebrew, while getting better, isn't fluent by any stretch of the imagination) At this point, according to the social services lady, I fall through the net: no public program for me until I'm certified as disabled in Israel too.

Comments are closed.

SocialTwist Tell-a-Friend

Douglas Goldstein
Current Top Story
An IDF patrol along the Gaza border.
Ground Op on Horizon with Emergency Orders to 10,000 IDF Reservists
Latest Blogs Stories
Jihad Supporting T-Shirts

Hamas’s online Jihadi supporters and groupies are desperately trying to differentiate between their support for Hamas and supporting ISIS.

Touro-012414-Goals

We all got degrees. We got married. We had families. We worked. We and were Koveih Itim

UNHRC war crimes panel head William Schabas - Not a good Schabas

But the real culprit is William Schabas, who by comparison makes Richard Goldstone look like a saint

South Africa of Flag

“The Jewish board of deputies, who are complicit, will feel the wrath of the People of SA with the age old biblical teaching of an eye for an eye.”

Discussion on recent changes to Social Security benefits and how it will effect you.

I do not understand why Bibi or anyone else (Obama) would ever contemplate accepting any terms by an organization that states loud and clear their goal of Israel’s destruction.

It’s the 4th time in 5 years Maccabi Haifa has traveled to America to play against NBA competition.

The media dumped on the “Lehava” people as extremist – racist and should mind their own business.

What is the point of having our own state when it cooperates with those who are against us?

It was the “first family event I missed due to aliyah.”

Antisemitism, stupidity, fear, or exaggeration?

During Operation Protective Edge, IDF soldiers were faced with deadly risks in the Gaza Strip. Sixty four soldiers were killed and many more were wounded in combat. This is the story of one IDF commander who put his life in danger to rescue a soldier kidnapped by Hamas. Lt. Eitan, 23, joined the elite unit […]

I am a right wing religious Jewish settler and I HATE seeing pictures of kids in Gaza who are dying or suffering because of this war.

Doug speaks with World Chess Cahmpion Magnus Carlsen.

If they weren’t true they would be funny!

Professor Aumann: Instead of hitting the opponent… step back and allow the opponent to hit himself

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Discussion on recent changes to Social Security benefits and how it will effect you.

Doug Goldstein

Doug speaks with World Chess Cahmpion Magnus Carlsen.

Do Keynesian theories about government spending still apply today?

How can you prevent emotional baggage from holding you back?

This week Doug speaks with David S. Rose, entrepreneur, former angel investor, and founder of Gust.

Doug’s interview with engineer and personal finance blogger Len Penzo.

The 7 Decisions that changed author Andy Andrews’ life and how they can guide you towards success.

If eligible, are their benefits to claiming Spanish citizenship?

    Latest Poll

    Do you think the FAA ban on US flights to Israel is political?






    View Results

    Loading ... Loading ...

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/the-safety-net-you-need/2012/10/28/

Scan this QR code to visit this page online: