Purchase Disability and Life Insurance While You Can Still Benefit From Lower Rates
Having peace of mind, especially if you’ve got a high-income career, is one of the best moves you can do early on in life by purchasing disability and life insurance. The expenses are well worth it, especially when it comes to unforeseeable circumstances that could cut your income instantly.
During your youth, insurance rates will be relatively low, so it’s best to take advantage of the time you have, especially when it comes to disability insurance.
But the same goes for life insurance too. The more you age, the more expensive this will become.
This is also crucial if you have hefty student loans after finishing your studies. Millennials should cover themselves in any event with these two types of insurances in order to cover for children, family, mortgage, student loans, among other things.
Get a Financial Accountability Friend
A few decades ago, the thought of sharing one’s financial information with anyone was seen as taboo. But nowadays, having a financial accountability friend or buddy could help you make sure you’re on the right track money-wise.
Having someone you can go over your goals and timeline will help you whenever you’re close to straying from the right path. You’ll encourage each other to budget, save, and keep your eyes on the future instead of spending exorbitant amounts while living in the moment.
With these tips and reminders, we’re sure that every millennial can achieve financial success. Sure, it takes a bit of elbow grease, but it’s worth the hassle!
