Economic Investment by Dr. Ee’a Jones ~ April 1, 2018
I’m continuing with the theme of investing in your whole self. This month’s blog addresses your economic or financial investment in yourself. In January 2018, I stated “most banks, or credit unions, have financial advisors available for free consultation. Take advantage of this to learn how to store away your retirement nest egg. If you’ve gotten retirement squared away, make goals for monthly savings, vacation funds, etc.”
Most of us have a bank account with checking and/or savings. Banking has transitioned via technology where it is literally at our fingertips via phone applications. This has simplified banking tremendously for all of us. Make sure you are thinking ahead.
If you are at a job that matches a retirement fund, take advantage of a deposit directly from your check each pay period. The maximum percentage at which you can contribute is determined by your company. There are likely other options which you can contribute into an account you have set up with no employee match benefit. Check with your company’s benefits department to obtain this information for you.
There are also supplemental insurances that will pay you when you are hospitalized, in Intensive Care, or if you are diagnosed with cancer. Your company’s benefits department can also tell about these options. Keep in mind that insurances such as life, burial, accidental death and dismemberment, and auto are also a part of your economic investment in yourself (and your family). Such insurances can help to alleviate the burden on your family if something happens to you. Making these financial investments can help you become more confident about your future, and your family’s future.
I’d like to add one more bit of information for you – protect your identity. It’s important to always think about how you can do this. Your banking institution likely has some measures you can use. There are also some commercial measures you can use as well. Password protection is important as well. The general consensus is not to use the same password for all accounts. Check your bank, retirement, and any other financial statements regularly for any suspicious activity.
Investing in your economic health doesn’t have to be difficult. Good economic health contributes to good mental health!