Shaun Morgan, host of The Teacher Money Show, shares invaluable insights on achieving financial stability and independence, with a focus on strategic preparations for potential emergencies.
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Key Insights:
Listener question-What do I do when my 457b options are bad?:
- Consider alternative investment options like a 403b or IRA if their 457 plan offers limited fund choices.
- Carefully compare options based on expenses and returns, and steer clear of letting plan perks, like the 457 separate from service perk, dictate critical investment decisions.
Building an Emergency Fund:
- The heart of the discussion centers around the importance of constructing a robust emergency fund.
- Start by saving a one month emergency fund, then slowly save three to six months' worth of expenses from there. This will prepare you for most anything.
Debt Repayment Priority:
- For those grappling with significant debt, consider prioritizing debt repayment over aggressively growing the emergency fund. This will reduce your monthly necessary expenses.
Insurance Coverage Essentials:
- Insurance is critical for shielding against unforeseen financial disasters, especially early on.
- Remember to find the goldilocks zone on insurance, not too much and not too little.
- Important types of insurance to consider are property, health, life, disability, and long-term care.
Tune in to The Teacher Money Show for essential tips on fortifying your financial foundation and preparing for emergencies.
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