Protect the Life You're Building

Financial Housekeeping I'm Asking You to Do

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A few months ago, I started a new job, and let me tell you...

They rolled out the red carpet when it came to the benefits package.

Health insurance. Retirement savings. Life insurance. PTO. The whole nine.

And as a Millennial in my 40s, I didn't need anyone to tell me twice to look at the benefits.

I had to make sure that everything they promised in the interview process and the offer letter was exactly what they said it would be.

So while I was making sure I was contributing enough to get the full company match in my 401(k), the excitement of a new job with full benefits got to me, and I almost clicked right past the life insurance section.

But I caught myself. And I'm glad I did.

Honestly, this is the financial housekeeping I'm asking you to do too.

We talk a lot about building wealth. Investing early. Taking advantage of your employer's retirement plan. Letting compound growth work over time.

And yes, start as early as you can.

You don't need to be rich. You don't need thousands of dollars sitting around.

If your employer offers a 401(k), 403(b), 457, TSP or another retirement plan, find out whether they match your contributions and what you need to contribute to receive the full match.

That's part of your compensation. Take it.

But while you're checking that box, don't skip over the life insurance section of your benefits package.

Because here's the thing about building wealth: You also have to protect what you're building.

If someone depends on your income, you need to think about what happens to them if you're no longer here to provide it.

That's especially important if you're the breadwinner.

Your family still has a mortgage or rent. Groceries. Childcare. Debt. Everyday expenses. Future expenses.

And suddenly, the question isn't "How much have I invested?"

It's "How does my family keep going without my income?"

That's where life insurance comes in.

Life insurance isn't an investment. It's protection.

If your employer offers it, take the time to understand how much coverage you're actually getting. Employer coverage can be limited, and in some cases you can't keep it if you leave the company, meaning if you switch jobs, that protection could disappear right when your family needs it most.

And if your employer doesn't offer life insurance at all?

Don't skip it. Look into getting an individual policy.

And please don't think this is just a conversation for people in their 40s and 50s.

If you're in your 20s or 30s and you're getting serious about building wealth, this conversation is for you too.

You're building the emergency fund.

You're paying down debt.

You're investing for retirement.

You're building the life you want.

Protect the life you're building.

So here's your financial housekeeping assignment:

1. Check your retirement plan. Are you getting the full employer match?

2. Check your investments. Is your money actually invested according to your goals?

3. Check your life insurance. If someone depends on your income, would they be financially protected if you weren't here?

Your benefits aren't just paperwork to get through during open enrollment.

They're part of what you're being paid.

Use them. Understand them. And if there's a gap, do something about it.

Because building wealth is important. Protecting the life you're building is part of the plan too.

That's how we Make Dollars Make Cense.

Until next Monday,

Monia