4 necessary expenses for young professionals

Health insurance

You may think you’re young and invincible but then a mosquito comes along and you’ve got Zika. Under the Affordable Care Act, not having insurance could be a penalty when it comes time to pay your taxes. Sign up for that company health plan if it’s offered, and save yourself from headaches later.

Life insurance

If you’re young and/or single you may not think life insurance is important right now. With no spouse or kids, it may not feel like you need to have that coverage. If you were to pass away, your family would have to pay funeral costs and may even be responsible for any debt you have. A simple life insurance plan could help alleviate some of those costs.

Emergency fund

Even if you feel you’re doing well saving for retirement, you may be overlooking saving for emergencies. You never know when something may come up that’ll cost you. A medical bill, automotive damage, or a residential fire could surprise you with unexpected costs. Hopefully insurance would help in those instances, but it never hurts to be prepared.

A financial advisor

If you want to start out your career on the right path to retirement, you may want to consider a financial advisor. While you can do a lot on your own, a financial advisor is a good way to reduce stress. Letting a professional take the reins could help you if you’re often worrying about money issues.

John Pettit

John Pettit

John Pettit is the Managing Editor for CUInsight.com. John manages the content on the site, including current news, editorial, press releases, jobs and events. He keeps the credit union ... Web: www.cuinsight.com Details

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