If You Lost Your Job Tomorrow, Would You Survive Financially? Modest Money12 Comments


Sometimes, months of layoff rumors precede a job loss. You hear whispers of cutbacks and people not getting their raises. Other offices start to close, and you’re pressured to work harder and cut costs.

At other times, a job loss happens with absolutely no warning. Your business closes, you get fired, or you become disabled and unable to work.

If you get fired or laid off, you might draw unemployment for a little while. Unfortunately, the bills won’t stop coming even when your money disappears. The last thing you want to do when the unexpected happens is to find yourself without a plan. Disaster-proof your finances now before it’s too late.

Disability Insurance

About 70 percent of people own life insurance policies, but only 40 percent invest in disability insurance. In reality, it’s probably more important to protect your current income before investing in life insurance. A 20-year-old today has a 30-percent chance of becoming disabled and missing at least six months of work before retirement. You might think you can fall back on government benefits for disability, but they vary widely depending on where you life. In the U.S., for example, people draw an average of just $1,188 for Social…

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By : Adam | 10 Dec 2014
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NFCU Identity Protection Infographic

By : Adam | 9 Dec 2014

The rise of cyber theft over the last few years is not only depressing, it is downright scary. Chances are you’ve gotten a new credit card in the mail recently because your last one was compromised. That’s because more and more companies are being targeted …

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Legal Structure – Getting the Most Out of Your Small Business

By : Adam | 8 Dec 2014

Earning side income or owning a small business can be a very rewarding experience, both emotionally and financially. The obvious perks of such a venture are unlimited earning potential and a whole lot more freedom and choice. In Canada a business can operate as a …

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A Review of The Truth About Money by Ric Edelman

By : Adam | 5 Dec 2014

Ric Edelman is consistently rated as the top independent financial advisor in the country by well-respected publications. He also hosts a weekly radio show where he talks about the economy and answers questions. Even if you think you know a lot about finances, Ric is …

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When and Why to Sell a Structured Settlement

By : Adam | 4 Dec 2014

It hasn’t always been possible to sell a structured settlement. As long as there have been lawsuits, individuals have been encouraged to settle out of court, being awarded a lump sum in exchange for their complicity in not drawing a case out in a courtroom. …

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Saving Money on Your Bills

By : Adam | 3 Dec 2014

Paying bills is fact of life and sometimes depending on different circumstances, it can be very difficult to meet your repayment obligations. If you are finding it difficult to pay your bills, there are numerous things you can do. If you are in dire need …

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How to Pay For Your Lawsuit

By : Adam | 2 Dec 2014

Lawsuits are one of those things that most people know nothing about until they are involved in one. People sue for all kinds of reasons, but the situation nearly always involves some kind of emergency. Because over half (of Americans, at least) of surveyed respondents …

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