What are some steps you can take to protect your family financially should you decide to stay home to raise your children?
It is most important to have a risk management plan in place to help protect or minimize financial damage in the event of a crisis. It’s important to protect the income of the sole breadwinner, especially if there is only one working partner. Many group employer benefit plans offer short and long-term disability; it is important to take advantage of this coverage.
- The primary breadwinner should also have a life insurance policy on his or her life with the other parent as the beneficiary.
- Pay yourself first!
- Invest in yourself through education and sharpening your skill set by attending online classes when you are able