web analytics
September 22, 2014 / 27 Elul, 5774
At a Glance
Blogs
Sponsored Post
Meir Panim with Soldiers 5774 Roundup: Year of Relief and Service for Israel’s Needy

Meir Panim implements programs that serve Israel’s neediest populations with respect and dignity. Meir Panim also coordinated care packages for families in the South during the Gaza War.



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, SIFMA, 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


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

Current Top Story
Logos of the Arab Bank
Arab Bank Found Liable for Hamas Terror Funding
Latest Blogs Stories
Obama and Netanyahu in the Oval Office

ISIS and Hamas are cut from the same cloth. Obama should listen to Netanyahu.

Rivlin

Last night I attended the big festive celebration of ten years of Menachem Begin Heritage Center and Museum. Security was tight, almost like at a foreign airport, because both Prime Minister Binyamin Netanyahu and President Ruby Rivlin were to be there. And yes, they were and yes they spoke. Officially the evening was a tribute […]

Teens-091214-Shofar

Hamas’ tunnels were destroyed as were plans for their unparalleled terror attacks on Rosh Hashana.

Doug Goldstein

Grandmaster Michael Adams talks about life as a professional chess player.

The Jewish Press stressed the possible ramifications of such a breach of Israeli political protocol

Why some countries are more economically successful than others? Tune in for the answer…

If not scared by God be scared by man; Hopefully ethics will integrate into lives for proper reasons

Smear campaigns by people with agendas other than justice do not faze him; He does what is right.

Countries like Turkey, Europe and even the US have proven fertile ground for recruiting terrorists

How many times have you heard anti-semites spew words like Israel are Nazis, or what you are doing to the Arabs is worse that what the Nazis did to the Jews?!…

My blog, Israpundit, was hacked, and I had to move to a new domain…

There’s much confusion about the definition of Daas Torah; simply put it means the wisdom of Torah.

We’ll never be able to negotiate a true, lasting peace with the Arabs.Their aim is our destruction.

Now I live in a country where every shop in the food court is kosher! I can have anything I want!

Pashkevil: “Come out today and battle the Zionist Amalek and all the traitors in Nahal Haredi…”

Jordan: Only M.E. country with no historical basis and ruled by occupiers placed by European powers.

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Grandmaster Michael Adams talks about life as a professional chess player.

Doug Goldstein

Why some countries are more economically successful than others? Tune in for the answer…

Why is an IRA a worthwhile account for retirement? And how can you use it to the best advantage?

How do you reach the top of your profession, and are you always aware of your own talents?

How has the sudden growth in modern technology affected world economy and future employment levels?

Learn about Monte Carlo-not the place but simulator forbuilding a financial plan.

This week’s podcast discusses the need for transparency in international business dealings.

Life after 50? You better believe it! Tips on how to prepare and enjoy life after retirement.

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: