Five Steps for Staying in Financial Control with Long-Term ... ( "By taking these steps early the...)

Five Steps for Staying in Financial Control with Long-Term Disability

Date:8/22/2008

"By taking these steps early, they won't have to struggle as much with the questions they'll face," Gada said. "They need answers--What are my benefits going to be when I stop working? How do I http://www.allsup.com/About-SSDI/SSDI-Process.aspx [start the SSDI process]? How do I make the health insurance gap between SSDI application and http://www.allsup.com/Financial-Matters/Managing-Healthcare-Costs/Medicare.aspx [Medicare eligibility]?"

Five Steps for Staying In Financial Control

Gada explained five steps to help those with disabilities establish and maintain control over the issues that impact their personal financial goals.

1. Set goals. These are going to vary depending on the individual. But keep in mind two types of goals--short-terms goals (for up to a year) and long-term goals (a year or more). Short-term goals might include taking a family vacation and weighing whether to allocate that $5,000 toward an emergency fund instead. A long-term goal might include allocating resources toward a long-term care policy or using it to ensure a child's college fund is in good shape.

2. Manage assets. The concept is simple, but the process does take time and homework. This step gets into the numbers--assets and net worth, current income and budget, methods for increasing income and reducing expenses, plus savings and other investments.

"Generally, this involves tallying your resources, formulating a budget and constructing a plan to make the best use of your income and assets over time," Gada said. Allsup offers more information about http://www.allsup.com/Financial-Matters/Financial-Planning.aspx [finan
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