• Protection

    You are your most valuable asset

    When people think of the term “asset” they usually think of things like houses, cars, retirement accounts, etc.

    • BusinessDictionary.com defines asset as “Something valuable that an entity owns, benefits from, or has use of, in generating income.”
    • Your ability to gain income over the long run is the most valuable asset you have at your disposal.

    Building an emergency fund for the unexpected

    Some of those “what-if’s” include: medical bills, car problems, broken personal items, job loss, etc.

    Automate savings and don’t touch those dollars

    • First milestone: $1000
    • Next milestone: 3 months of income
    • Next Milestone: 6 months income

    These savings are separate from retirement, education, extras.
    They should be in an account that is very “liquid,” meaning they can be accessed quickly if needed.

    • This will typically be either a basic savings account or a money market account

    Health insurance

    • Individuals need to find the right balance of premium (cost of insurance) taken out of you paycheck (pre-tax) and deductible (amount paid out of pocket before insurance kicks in).
      • Higher deductibles are cheaper but require more in savings for medical expenses.

    Disability insurance

    • Designed to replace income in case of illness or injury that keeps you from working.
      • Odds of becoming disabled for 90 days or more during your work life are 3:1
    • Take what the employer offers.  It often makes sense to purchase extra if they offer it
    • Employer-sponsored disability insurance is taxable as a income and often isn’t enough to                                        cover monthly needs  
      • Purchase individual policy through trusted insurer.
      • Cost is often less than expected, especially if young and healthy.
    • Short term disability insurance is especially important for women who are planning on having children

    Life insurance

    • Designed to pay “benefit amount” to beneficiaries (designated by you) in case something as tragic as losing your life happens.
      • Odds of passing away with children still at home are 14:1
    • Employers often offer 1 or 2 times annual salary in death benefit amount.  If they offer more at a low cost, buy it.

    Retirement account (401(k)/403(b)/IRA/others)

    • Designed for long term retirement savings. Generally shouldn’t be touched until at least 59 ½ years old
    • If employers offer a “match” (employer will put a certain percentage of your paycheck in if you do as well) put in at least the percentage of the match (if they offer a 5% match put in 5%)

    Individual plans

    • There are often gaps in what might be ideal for disability insurance, life insurance and retirement savings
    • Individual disability policies should supplement employer policy so that at least 50% of income would be covered
    • Individual life insurance policies should supplement employer policies- amount based on individual situation- seek financial advisor to map out this amount
    • Retirement plans like Roth IRAs can supplement retirement savings


  • Hamline News

    Lecturer and Director of Exhibitions John-Mark Schlink has been selected to exhibit his print, "Cathedral Variations VIIII" in the 2014 Guanlan International Print Biennial in Lingshi, Shanxi Province, China in September. In addition, he has been invited to participate in the residency program at the Guanlan Original Printmaking Base.

    Students Amber Todd and Miranda Chimzar, accompanied by Coordinator of Religious and Spiritual Life Programs Nur Mood, attended the North American Interfaith Network Conference in Detroit Michigan.