7 Practical Ways to Help Guard Your Family Against Financial Ruin

Last updated Jan 28, 2021 | By FinanceBuzz Editors

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Protecting your family from financial harm is one of the most important things you’ll ever attempt — but it’s easier said than done.

Taking action today to grow your family’s wealth, protect and diversify your assets, and prepare for the unexpected could help shield your family from financial harm well into the future.

While preparing for the future might sound like a daunting task, we’re here to help. Read on to find seven practical ways you can help keep your family safe from financial ruin and unexpected challenges for years to come. 

Leave your family up to $1,500,000 starting at just $10 a month

Purchasing a life insurance policy is a great way to invest in your family's future, and if you're making more than $70,000/ year, it won't make a noticeable dent in your budget. A life insurance policy can help ensure that your family is taken care of in the event of your death. While no one likes thinking about that possibility, it’s important to be prepared for it nonetheless.

Luckily, you don’t have to spend a fortune or fill out lengthy paperwork to apply for coverage. With Bestow, the premiums start as low as $10/month. If approved, you can see your actual policy within just a few minutes and obtain coverage from the comfort of your home. There's no medical exam required.

Get a quote from Bestow now

Get $5 to start investing in Apple, Amazon, and other companies

If you aren't investing yet, it's definitely not too late to get started. All investments come with risk, but thanks to the magic of compound interest, if you invest your money you could see it grow more quickly than if you keep it in a savings account.

Stash was built to help beginner investors get started. You can buy fractional shares (partial shares) in companies that are household names like Apple, Google, Amazon, and more3. Normally a single share of these companies could cost hundreds or even thousands of dollars, but you only need as little as $5 to get started with Stash.

If you're thinking about saving for retirement, you can start investing in an IRA and enjoy the tax benefits that come with retirement accounts. Stash also offers tools and guidance to help you along the way.

As a bonus, Stash will give you $5 to invest after you deposit $5 or more into your personal portfolio.1

Want even more tools and guidance? If you choose the Stash+ plan2 when signing up, you can earn 2x stock rewards when you spend on eligible purchases!4

Sign up for Stash now

Start generating passive income

Passive income is money you make from a source that's not your job. Sounds pretty great - right? One potential source of passive income: real estate investing. 

Traditionally, investing in real estate was a complicated process requiring huge down payments. But with Diversyfund, you could co-own a portfolio of fully-vetted, cash-flowing assets in just five minutes. Getting started is easy. You just create your free account, browse available investments, put your money (at least $500) into the projects that seem interesting to you, and then monitor your investments through the Diversyfund dashboard.

Diversyfund is an all-in-one platform with no middle man and, most importantly, no fees. With real estate beating the stock market by a significant margin for the last 30 years, now might be a good time to diversify your investments.

Sign up for Diversyfund here

Refinance your student loans while rates are low

With rates at a historic low, there’s never been a better time to refinance your student loans. Getting started is easy! Figure will pre-qualify you with a few clicks and their 100% online application only takes minutes. This does not affect your credit score.

Figure’s block chain technology offers the fastest way to refinance, with rates as low as 3.49% APR. You can apply in just 5 minutes and get refinanced in only 5 days. Plus Figure offers an optional origination fee allowing you to reduce your fixed interest rate and will give you a discount just for setting up autopay.

Get started with Figure

Get paid even if you're too sick to work

A recession is no time to gamble with your paycheck. You depend on your paycheck for food, housing…pretty much everything.

If you get too sick or hurt to work, disability insurance can kick in to replace lost income. We're not just talking about something catastrophic like a heart attack - you could miss work because of a back injury, broken bone, or other common ailments.

Breeze is an online disability insurance company that makes getting disability insurance easy and affordable. Breeze is backed by Assurity, one of the highest-rated disability insurance companies in the U.S.

Get a quote in just seconds — no medical exam required — and coverage in under 15 minutes. Long term disability plans start at just $9 per month.

Get your quote now

Diversify your retirement portfolio with gold and silver

Stock market volatility can be financially damaging for investors, especially as you near retirement. You could move your investments into a savings account, but have you seen interest rates lately? Another option to consider — diversify with gold.

Gold values are inversely correlated with the stock market and the dollar. When one goes down, the other usually goes up. If you want to protect your retirement funds, having diversified investments can help you weather market swings.

Gold Alliance is a reputable precious metals dealer that specializes in precious metals IRAs. They make it simple to transfer funds from your current retirement account (like a 401(k) or IRA) into a precious metal IRA — with no taxes or penalties.

Gold Alliance offers a free investors' guide to help you learn more about why gold and silver could be a smart choice for diversifying your portfolio, and how the process works. 

Get your free guide now 

Bestow Benefits

  • Leave your family up to $1,500,000 in life insurance
  • Apply for a policy in under 5 minutes
  • No medical exam required
  • Policies start at just $10/month