Once you've paid off debt and started a savings strategy, it's wise to protect what you're working so hard to build.
Here are three strategies to manage and protect your wealth.
1.
Begin with an emergency fund.
How many times have you had a little extra cash, and the refrigerator goes out? The air conditioner is on the fritz? With an emergency fund in place, you can meet these inconveniences head on without derailing your savings plans.
Eventually, your emergency fund should be able to meet your monthly expenses in the case of a job loss, illness or injury.
Figure out the total of your monthly expenses, plus a little padding, and multiply that by at least three months.
Now you have your next savings goal.
2.
Get insurance.
Make sure you are properly insured based on your assets.
Auto, homeowners, life or disability insurance can be the difference between you and financial disaster.
And don't forget medical/dental insurance.
If insurance isn't available through your employer, shop for an affordable individual policy.
The premiums will cut into your savings, but imagine what an illness or accident could do to you financially.
It isn't worth the risk.
3.
Make a will.
No matter where you are in building your wealth, you should make sure you know what will happen to it when you die.
A will lets you decide what your heirs will receive - not the state.
You took the initiative to build your wealth, now take responsibility to protect it.
Just a few simple steps will help you keep what you've made no matter what the future holds.