An Extra Thousand Dollars
Have an extra thousand bucks on hand? If so, don’t underestimate the value of those few dollars - even if you’re already invested or saving on a regular basis. A thousand dollars can get you a session with a financial adviser who can go over your finances and recommend a course of action. Typically, this will include a portfolio review, a budget and cash flow analysis, a look at your insurance policies and retirement savings plan. However, you should seek out an adviser who has a flat fee or rates of less than $200 per hour. The process should take no more than three to four hours. Attend that meeting with clear and precise objectives; take along a list of your assets and liabilities. The financial adviser may need them to construct a personal plan for you. You don’t want to waste this time or the thousand dollars so be prepared.
A second option, for those one thousand dollars is a getaway or weekend to some island in the Caribbean. The fall and winter months are the perfect time to take off to places like the North Carolina outer banks, the British Isle or Bermuda. This is the time when prices are at their lowest and the less than one thousand dollar deals are plentiful. In order to find the best ones, you might visit travel.com where you may be able to pick up on fall specials and free night deals. As an alternative, explore Costa Rica, Ambergris Cave in Belize; the Shenandoah National Park in Virginia, visit Washington, DC or take an all-inclusive cruise for under one thousand dollars per couple.
A third option for that thousand dollars is to guard against a potential flood in your home. Water damage can be one of the costliest threats to you as a homeowner. Recent studies have shown that natural disasters that involve flooding are approximately 90 percent of weather related calamities and they usual occur in low risk areas. The average homeowner’s policy does not cover flood damage, something that can be purchase for less than a thousand dollars per annum; about $600.
Finally, the professionals suggest that we keep enough money tucked away to cover six months of living expenses, previously it was three, but that may not be enough if we get laid off. A search for a new position normally takes about seven months if we’re lucky – the new job often pays less than the former. So that extra thousand may be able to cover your mortgage payment for one month with a bit left over for other things while you search.
This entry was posted in Finance
and tagged adviser
. Bookmark the permalink