1. MAKE SURE YOUR SAVINGS ARE SAFE!
DO YOUR OWN SAFETY CHECK -To be super safe Suze recommends everyone go to the FDIC website and take the time to use their Electronic Deposit Insurance Estimator ( EDIE). This free tool will show you exactly what is and is not insured in your personal bank accounts. Click the WALK ME THROUGH button at the bottom of the page and you are on your way to knowing exactly how safe your money is.
The bottom line is that the details of what is, and is not, covered by the FDIC insurance program can be very confusing. Take the time to make sure your money is safe. If you find you have money that is not insured move it immediately to another FDIC insured bank.
NOTE: The FDIC only insures up to $100,000 per account in one bank. Anything over that is NOT safe. If you have more than that, you could think of opening another account in another bank insured by the FDIC. If you have a joint account, you may be insured for up to $200,000. See, What You Need To Know About FDIC Insurance.
And Suze has more advice on keeping your money safe. Go to the official website, http://www.suzeorman.com/, or more specifically, click here.
Make sure your credit union is backed by The National Credit Union Administration (NCUA). This federal agency administers the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF, like the FDIC’s Deposit Insurance Fund, is a federal insurance fund backed by the full faith and credit of the U.S. Government.
The NCUSIF insures member savings in federally insured credit unions, which account for approximately 98 percent of all credit unions. All federal credit unions and the vast majority of state-chartered credit unions are covered by NCUSIF insurance protection.
Credit unions that are insured by NCUSIF must prominently display the official NCUA insurance sign. No credit union may terminate its federal insurance without first notifying its members. If your credit union is not backed by NCUA, move your money immediately to one that is.
SO NOW YOU KNOW
2. PAY DOWN YOUR CREDIT CARD DEBT!!!
Banks are less inclined right now to want to extend credit to everyone, including those of you who are paying on time and have good credit. And the banks reserve the right to lower credit limits on current accounts.
3. HEALTH INSURANCE AND TERM LIFE INSURANCE
You need to be covered, period. The reasons for health insurance are obvious. But as far as life insurance goes, the ideal is to have both employee death benefits along with TERM life insurance. It is important that you have life insurance independent of employment. If you've had $500,000 in life insurance for the past 10 years and lose your job tomorrow, how much coverage does that equal? Zero, Zilch, Nada!!! So...where will your family be?
4. CONTINUE TO MAKE CONTRIBUTIONS TO YOUR RETIREMENT PLAN!!!!!!While the economy is down, your money will buy more stock, so when the economy starts to grow and flourish again, your investments/profits will have grown as well.
5. STOP spending money you can't afford to spend.
Okay folks, this one is just plain, common sense. Think necessity over personal desire. Who are we really trying to impress anyway? Stop buying things because of the way they make you feel. At the end of the day, none of that stuff matters. Take it from someone who is driving a 1993 Honda, who hasn't had a car note in over 10 years and is absolutely loving it. Take it from someone who after being in an accident, pleaded with the adjuster to NOT total my car. Nah, it doesn't look as good as it did before the wreck, but it's still getting me where I need to go. And believe me, when I do buy another car, I will buy used-new, and let someone else take the head off of it out of the parking lot. I will get just what I want - whatever that is - and I won't be complaining about $10/gallon gas or high insurance premiums or sales taxes!
Cause see, I feel blessed knowing that I can take care of my son and me, in spite of everything going on in the economy right now. I feel blessed knowing that we can eat everyday. I feel blessed knowing that we have a roof over our heads. I feel blessed that I've already purchased a home (Thank you Daddy for inspiring me to do this years ago). I feel blessed that I do not have any credit card debt. And I feel blessed knowing that no one in the government can take away the peace that comes with these blessings. And that's what's up for real!!!
Now am I saying I'm totally financially secure? Am I saying I'm wealthy? Am I saying I've got it going on? Heaven's no! All praises to the Almighty. But what I am saying is I'm blessed. Thank you God. Thank You for everything you've done in my life. Thank You for watching over my family and me. Thank You for guiding me even when I didn't recognize Your guidance. Thank You for teaching me how to fish. I'm still learning and still have so much growing and learning to do, but I vow that I will not stop until I've taught others how to fish too.
Peace, love, light, & financial security,