This week, I’m continuing our series on teaching smart money habits to your teens and young adults. After I covered the basics, my own son asked what happens if your emergency fund runs out.
Today, I’m giving you the straightforward answer: why credit cards won’t save you, and why Long-Term Disability coverage is something you—and your kids—need to understand early.
If you want real financial security, you need to protect your income, not just your savings. Let’s get into what you should know, especially if you’re just starting out.
Listen now!
Show highlights include:
-
Why it’s important to consider major crises that could go on for more than 4 or 5 months if you rely only on an emergency fund. ([1:25])
-
What happens when emergency savings run out? Because you may not have been warned about the 20-30% high-interest trap many turn to for survival that could rack up debt for years for you. ([2:37])
-
What teenagers need to understand about having an emergency fund in the absence of the financial advantage older adults have. ([5:36])
-
Learn about Long-Term Disability (LTD) Insurance that can provide the equivalent of a portion of your income for an extended period of illness or injury. Find out more in detail in the recent episodes. ([6:09])
-
Short-Term vs. Long-Term Disability coverage. ([6:40])
-
Why teach teens and young adults about LTD matters and the importance of income in all of their financial planning. ([7:34])
-
Promise to discuss in the next episode: the two main ways to save money tax-free for retirement! ([11:29])
Reach out to me:
https://www.linkedin.com/in/valerie-laroque-lacp-b569509
Infinite Banking Mastery (infinitebankingnorthwest.com)
