These are just a few basic financial steps that all people need when putting together a financial plan.  All people need a minimum of 3 months of expenses set aside in cash (savings or checking) for an emergency or opportunity, such as layoff or illness.

All people need to review their insurance coverage.  This includes not only homeowners and auto insurance, but also life & disability insurance.  Many people are losing their jobs and only had coverage through their employer, which leaves them with no coverage.  Consider purchasing your own policies so you maintain control regardless of your employment situation.  And review your coverage at least once a year to makes sure you have the appropriate amount and review beneficiaries.  I just recently found an old life policy of my husband’s that had his parents listed as the beneficiary.

Once these two areas are covered, then consider investing in your future.  It does not make sense to save for retirement if you have no savings.  If something happens with your employment or you become ill, dipping into retirement plans can be very costly due to taxes and the consequences of a down market. 

A final step all people need to take is having at least a basic estate plan in place.  This includes a will, durable and medical power of attorney.

The best advice I can give is to hire a financial advisor to help you with the above, but at least this provides a few ideas on the basics of what you need to do to prepare for your financial future.  Though I have no more of an idea of what the future holds, the one thing I know is that I can control my financial decisions day in and day out.

Financial Planning Advice is a post from: Bathroom Vanities, Decorative Wall Mirrors & Chandelier Lighting Fixtures