How to Protect Yourself Financially From a Disability

Category : legal

Life is unpredictable, and no matter how careful you are about your health and safety, it’s possible to suffer a short-term disability at any time. Even a minor accident or illness could keep you out of work for months. To protect yourself and your family financially, you should take several proactive steps.

Create an Emergency Fund

Saving is never easy, but it’s important to put aside some money from every paycheck to create an emergency fund. The amount isn’t as important as the regularity. Even a small biweekly contribution can accumulate over time to a significant amount.

Then, don’t touch the money unless there’s a real emergency. If you do have to miss work because of a short-term disability, you’ll have the funds to keep paying your bills. If you’re fortunate to never use it, you’ll have a nice nest egg someday.

Evaluate Your Insurance Needs

Check with your employer to see what types of insurance may help you out in case of a short-term disability. The two most common work benefits are short-term disability and workers’ compensation. An injury on the job may entitle you to workers’ compensation.

If you are injured off the job or you experience illness, then disability insurance may cover you. Coverage varies, but it could pay half or more of your salary if you’re out of work for up to a year. Your employer may provide the insurance at no cost or with low-cost premiums, so consult with your HR department.

Keep Your Debt Low

Disability pay might cover the basics, such as rent and utilities, but if you have high debt, you may still struggle financially. Credit card debt is the worst because of the high interest rates. If you’re only able to make the minimum payment each month because you’re out of work, your balance could skyrocket. Plan now to eliminate the credit card debt balance and keep it low enough to pay off each month. That way, if something happens that puts you in a financial crunch, you won’t be adding to the pain with high debt.

Planning for the worst isn’t always on your mind, especially if you’re young and healthy. But that’s precisely the best time to get your finances in order. Emergencies happen without warning, and you can get through them with peace of mind if you are well prepared.

Check out this article on high-paying trades you should look into!


High-Paying Trades You Should Look Into

Category : jobs

Choosing your career can be a big decision that is hard to figure out for many people. However, if you know you are interested in the trades, it is important to consider your options and your earning potential before settling on a particular trade. Being able to make enough money through your job will make your life easier and give you options if you are trying to decide what you want to do with your life.

Electrician

Working as an electrician can be a very profitable career, and it has plenty of job opportunities available. In general, you will need to start your career as an apprentice, and that process generally takes about four years. Depending on where you live, you may also be required to take courses that supplement your education. However, after completing your apprenticeship, you have a large potential for making a profit and your skills will be in high demand. You can specialize in commercial or residential projects, which can help you find a niche and give you room to start building up your clientele.

Welder

Becoming a welder is another great option for working in a highly profitable trade that can be a lot of fun for many workers. Welders can work in a variety of different settings from industrial spaces to more artistic forms of their work. Welding can be a dangerous job, so it is important that you understand the safety demands and use precautions to keep yourself safe. Welders are required to wear safety gear such as glasses or goggles. Wearing the right gear will prevent you from sustaining serious injuries and help you to get more out of your career in welding.

Carpenter

If you are interested in working with your hands and enjoy being creative, carpentry might be a good fit for you. The great thing about this field is that carpentry skills are highly adaptable, and you can use them to work in tons of different areas. You can build furniture, which can be one of the most creative options within the trades. But you can also build cabinetry and other wood structures, depending on your specialty.

Your future can be however you imagine it, as long as you choose a career that you love. These options all offer bright futures and significant salaries to keep you invested. Now you just have to decide which you think will be the right fit for your needs.

Check out this article on great reasons to make a career change!


Categories

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.