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3 Ways to Secure Your Financial Future


In some ways, life is predictable. In a multitude of other ways, it is incredibly unpredictable. It is always in your best interest to plan for the unforeseen and prepare for the unknown. With that intent, now is the time to take stock of your current financial situation and make any additions or adjustments to maintain the course for financial security.

Sell Your Annuity

If you have an annuity and require funds, a viable option is to sell the annuity. When doing so, you will take a form of annuity settlements. This could mean receiving a lump sum that is less than the total original annuity. Or, the settlement may involve receiving monthly payments from the annuity.

Both the lump sum and monthly annuity payments are advantageous depending upon your specific situation. The large one-time payment may be used for a business endeavor or personal home renovation. 

Choosing to sell your annuity and take an annuity settlement does not mean you have to sell it in its entirety. In fact, you can choose to sell only a portion of the total annuity to satisfy your current needs. Let the experts walk you through your options to have all of the pertinent information on hand to make the best decision.

Keep Cash on Hand

With the uptick in natural disasters comes power outages and infrastructure downtime. These delays and nuisances will not last forever, but when they occur getting your money out of an ATM will be next to impossible. If you need to make local purchases, cash transactions will be easier for you when the power is out. And, cash may be the only option for purchasing goods.

Everyone has differing employee and family sizes and needs, so a one-size-fits-all approach does not work here. Track your necessary expenses for a month, and include the expenses of those who work, live with, or rely on you for assistance. Place that amount of emergency cash in small, easy-to-spend bills in your home or workplace safe. Label the total amount of cash along with how many bills of each denomination you are storing. Remind yourself not to use this as a personal ATM when you are out of cash. Add to the total amount, as needed, if new employees or family members come into your employ or home. 

You may never need to use your emergency cash, but you will be grateful to have it in case of an emergency. This way, you can keep your business or home up and running.

Do Your Research

This step does not involve any tangible action on your part. Instead, it means that you need to understand the fine print of every financial transaction you engage in. If you find something confusing, ask the person you are working with for clarification. Use online tools to better grasp the nuances of different accounts. And, always ask questions and compare options until you find an institution or account type that will satisfy your needs and interests.

If a company you are interested in banking or investing with is online-only but has accessible customer service, consider that when factoring in where to put your money. Should you find a seemingly great business that lacks communication or service, move on to the next one until you find one that will serve your needs.

When reviewing old accounts or opening new ones, always research the company and then the type of account you currently have or are interested in. Ask questions and incessantly read the fine print. Additionally, when you receive mailers from your financial institutions via regular mail or as an added “insert” in your online bill, always read through them in their entirety. They may contain information regarding changes to your account that can affect you.

Be comfortable with your personal and professional finances. It is ok if you do not have every bit of knowledge in your proverbial wheelhouse. When you do not know, learn and then learn some more. Take care of your financial future and go forth confidently.





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