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June 15, 2006: The Not-A-Millionaire Guide to Financial Security
Forget about getting rich, think about getting solvent, says a June 15, 2006, article on the CNNMoney Web site.[1] It states, being financially secure isn't out of the question. And once you achieve that, you've laid the groundwork for living well.
Broadly speaking, solvency means being able to meet your financial obligations – no matter your income level.
For long-term solvency, though, you'll need more than just enough to pay your bills today. You'll need protections in place to keep you solvent when a costly crisis hits.
Otherwise, "solvency can be very fleeting," said USAA certified financial planner June Walbert.
One way to stay solvent, even when emergency strikes, is to have a disability insurance policy.
The article states, at a minimum, you want to have short-term disability benefits covering 100 percent of your gross pay for three months, and at least 60 percent to 70 percent of your pay for longer term disability. (This is typically what employers provide for their employees.)
If you're the main breadwinner in your family, Walbert suggests bumping up your long-term disability payments as close to 100 percent of your pay as possible.
References
- Sahadi, Jeanne. "The Not-A-Millionaire Guide to Financial Security," CNNMoney.com, June 15, 2006. http://money.cnn.com/2006/06/15/commentary/everyday/sahadi/index.htm
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