We are quickly approaching the March 3rd RRSP deadline and people everywhere are scrambling to scrap together enough money to make a contribution this year, corporations are working to get bonuses paid in time for employees to contribute to their RRSP’s and some, as always, are simply waiting until the last moment.
After a long career in the insurance industry, there is one thing I have always found very puzzling. People often take planning for retirement, which can be years out into the future, more seriously than planning to protect the key thing that drives one’s ability to contribute to RRSP’s. You are the machine that drives you’re earning potential yet, unfortunately, it is often the one asset that is grossly unprotected and often the most neglected.
The general rule of thumb is to have enough savings to cover at least six months of living expenses in case something unfortunate happens, like a serious medical condition or the loss of a job. How much emergency savings do you have?
According to the Bankrate.com Financial Security Index released in June, only 24% of Americans have that six-month savings cushion. More than one quarter of all Americans, 27%, have no emergency savings whatsoever.
Whether you have some or none at all, now is a good time to change your habits and build that emergency savings fund.
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1. Your association might arrange discounts with an insurance company that you could take advantage of. Find out if such has been arranged for any association you’re part of. You might have discounts waiting for you to take. It’s also possible, despite all, that you would save more by not using the insurer that gives your association a rebate since another insurance company may offer you a better rate as a person.
The simple way you can know for sure which is better for you is by obtaining and comparing quotes from as many different insurance companies as make sense. Every insurance expert will tell you that this is the only way you can know whose the best offer is.
I’m a hard worker and a really good saver. I also want to have time to be a stay-at-home mom when I have kids, so I decided early on in life that I would not be a burden. In order to avoid being a burden, I needed to have money to contribute when I got married.