Considering all the needs of your family is an essential part of the financial planning process.
There are several things you can do to safeguard your family. For instance, get adequate insurance coverage, have multiple savings accounts, and create an emergency fund and a retirement corpus. Put together a budget with inputs from your family members.
Also, make sure you have a solid plan for paying any outstanding debts. Having too much debt will not only strain your finances but also negatively affect your relationship with your family.
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March 23, 2023