The Five Pillars of Financial Wellness
1.) Reduce or Eliminate Debt (mortgage / auto loan OK)
2.) Live on 80% of your after-tax income
3.) Maintain an emergency Fund (six months' living expenses / in a safe account)
4.) Invest for the Long-Term (10+ years / 20 years / 50 years)
5.) Have the right amount of the right types of insurance:
- Renters
- Home
- Auto
- Umbrella Liability Policy
- Life Insurance
- Disability Income Insurance (in case you cannot work)
- Long-Term Care Insurance (generally, after age 50)
Following these pillars or ideas will really set the foundation for your financial wellness.
If you have questions please feel free to reach out to our office (803) 736-3406 and at Zach@milestonewealthadvisors.com