Part 7/9:
Maintain an Emergency Fund: Creating a reserve of three to six months' worth of living expenses in a readily accessible account is crucial for maintaining stability during financial crises.
Manage Debt: Keeping must-pay expenses (like large mortgages or car payments) manageable can reduce financial strain during difficult times.
Organize Legal Documentation: Drafting a will and establishing powers of attorney ensures that financial matters are managed according to one’s wishes in the event of incapacitation.
Build a Support Network: Cultivating relationships can provide emotional and logistical support during challenging financial times.