September 2018
Beginner
256 pages
2h 22m
English
Content preview from From Here to Financial Happiness
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Day Twenty Nine Taking Charge
Who depends on you financially? For some, the answer is nobody. If we never again earned another paycheck, it might be a problem for us. But for those we know and love, there would be no financial ill effect.
For others, there are many dependents. If we stopped earning an income, it might have financial repercussions for our spouse or partner, our children, and perhaps others. Below, list those who depend on you financially.
Give some thought as to how long you'll need to provide financial support. If you have a spouse who doesn't work, you would likely be looking to cover all household expenses for the rest of your – and his or her – life. For your children, that financial support might end with high school or college. All this should factor into both your college savings strategy, which we will address on day 53, and your estate plan, which we'll tackle starting on day 70. But it also has implications for your insurance coverage – and that's where we'll turn tomorrow.
| Who | How Long |
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