This is the final part in a short series about Suze Orman’s advice for 2006, which is not about 2006, specifically.
Watch Your Identity.
There’s good advice here. Don’t pay for credit monitoring services because you can do it for free. Everyone in the United States is entitled to one free credit report from each of the three credit bureaus, Transunion, Equifax and Experian. You can manage these free credit reports from annualcreditreport.com. Beware — there are many copycat websites that attempt to trick the user into believing he or she will be obtaining a free credit report, but then the user is led to believe that payment is required. If you go through annualcreditreport.com, you don’t have to worry about that.
Insure Your Family’s Well-Being.
If there are people who rely on your income for subsistence, you should have a life insurance policy to protect them in case the worse happens.
You should use life insurance to make sure your family is safe should tragedy strike. All you need is term insurance. Ignore anyone who tries to sell you a super-expensive policy with a name such as whole life, variable life, or universal life.
Values Are Your Ticket to True Prosperity.
Net worth is important, but money alone will never make us happy. So ask yourself questions such as: “What’s the goal of life?” “What’s the goal of having money?”
This fits squarely into the latest trend in financial planning — “life planning” — in which goals and values are necessary to consider before understanding how to plan financially. Lee Eisenberg makes a big deal out of this in The Number.
Updated February 7, 2012 and originally published December 19, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.