EP 51 - Protecting Your Wealth: The Value of an Emergency Savings Fund and Insurance in Times of Crisis

More Than Money

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1+ y ago 30:32

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Welcome to this week's episode of the More Than Money Podcast, where we discuss strategies for protecting your wealth and safeguarding your financial future.

In this episode, we'll discuss the importance of emergency savings funds and personal insurance.

First up, emergency savings funds. These are essential for covering unexpected expenses and can help alleviate financial stress in times of need. But how much should you aim to save in your emergency fund? Generally, we recommend saving enough to cover at least three to six months' worth of living expenses. This will give you a solid foundation to fall back on in unforeseen circumstances.

Next, we'll discuss personal insurance. This is another critical tool for protecting your wealth and ensuring financial stability. There are several types of insurance to consider, including; life insurance, Total and Permanent disability, income protection and crisis/trauma insurance. Life insurance can provide financial security for your loved ones during your unexpected death.

Tune in to this week's episode to learn more about the importance of emergency savings funds and personal insurance and how they can help protect your wealth and safeguard your financial future.

Thanks for listening!

Resources

Life Insurance: moneysmart.gov.au/lifeinsurance
Total and Permanent Disability Insurance: moneysmart.gov.au/TPDinsurance
Income Protection: moneysmart.gov.au/incomeprotection
Trauma Insurance: moneysmart.gov.au/traumainsurance
Health insurance: moneysmart.gov.au/health-insurance

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Episode Sponsor | This episode is brought to you by More Time Financial, a financial planning company that is on a mission to help young Australians make smarter decisions with money by providing real-life financial advice, coaching and financial education.

Book in for a free initial 30-minute consultation - https://moretimefinancial.com.au/get-started/

Disclaimer | In preparing this podcast episode, the contributors have not taken into account any particular person's objectives, financial situation or needs. Before acting on this information, you should consider its relevance to your personal circumstances.

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