web analytics
July 4, 2015 / 17 Tammuz, 5775
At a Glance
Blogs
Sponsored Post


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.

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 and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. 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. Contact at doug@profile-financial.com

The author's opinion does not necessarily reflect the opinion of The Jewish Press.

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.

Current Top Story
UN Human Rights Council
UN HRC Condemns Israel (But Not Hamas) for War Crimes
Latest Blogs Stories
Malachi Rosenfeld HY"D

Israel & world Jewry are under attack and in grave danger but UN’s focus is denouncing Israel

Doug Goldstein

What is human chess? How easy is it to predict the actions of others?

Rethink UN bias against Israel

It’s time to stand up against the bias & no longer accept the constant UN prejudice against Israel.

Malachi Moshe Rosenfeld, one of four injured in a terror attack near the West Bank settlement of Shvut Rachel, north of Ramallah, has died (HYD)

Malachi Moshe Rosenfeld, injured in a terror attack in Samaria, has died (HYD)

Allah is NOT merciful: Stabbing, beheading, shooting innocents is barbaric & cowardly acts of terror

How could the Jerusalem Post think the attack could have been other than a terrorist act?

Going to Mt of Olives cemetery was like visiting Jurassic Park in a jeep with dinosaurs rampaging

Hanan Porat z”l, teary-eyed said ” We returned to the Gush(Etzion)we shall return to the Gush(Katif)

“Mispachology”: Theory you share a common link with someone you’ve never met or been in contact with

It seems that Pres. Rivlin has joined all other so-called Right politicians and now is trending Left

Dear Muslims, Happy Ramadan. It’s clear from the news that your people are having a “bang-up” month

The President was right, every Jew should have a gun. He just asked the wrong person about it.

Everybody knows that during Ramadan Arab Muslim terror attacks increase.

UN says Hamas tried to warn us of rocket attacks? I was here. Not once did those…I want to scream

{Originally posted to the author’s website, Emes Ve-Emunah} The inevitable finally happened. Rabbi Avi Weiss has dispensed with his prior refusal to call his female ordainees ‘rabbis’.  I challenged him to stop dancing around that title with made up titles  (like Raba and Maharat) and he finally rose to the challenge. His motivation in not […]

How can you transform thinking to action? What are the mountains you need to climb to reach goals?

More Articles from Doug Goldstein, CFP®
Doug Goldstein

What is human chess? How easy is it to predict the actions of others?

Doug Goldstein

How can you transform thinking to action? What are the mountains you need to climb to reach goals?

Sharing tips for preparing to give a talk and how to get started in the world of public speaking.

Do young adults know the difference between needs and wants? How can they develop good money habits?

What are the real intentions of online sellers? and the BEST way to assess your product’s value.

How has Putin’s plan to revive his country’s fortunes as a superpower affected US on world energy?

What’s it like to live in a West Bank settlement & are these communities good for Israel’s economy?

Are you a US citizen living in Israel? If so, you may benefit from opening a US brokerage account.

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: