MODERN WOODMEN of AMERICA - Financial Planning

Manage your debt
Though credit card companies may now trust you with higher credit limits, don’t bury yourself in debt at such a young age. Too much debt can set you up for a difficult financial future. Use the advice in this section to systematically pay off your current debt and learn to live within your means. More >>>

Create a budget
If this is the first time you’ve had disposable income, now is the best time for you to start a budget. With a well-defined budget, you can decide how much money you want to spend on different areas of your life and avoid frittering away money. Your budget should also include setting aside money for your future. More >>>

Protect yourself with insurance
You may be young and healthy; but death, illness and disability can strike at any age.

Life insurance
If you want to protect your future insurability, lock in low premium rates, pay your debts and protect your family from final expenses in case you should die, purchase life insurance now while you’re young and healthy. More >>>

Health insurance
With the rising costs of healthcare and prescription drugs, health insurance is essential, no matter how young or healthy you are. If you do not have any through your employer, purchase your own plan as soon as possible. More >>>

Disability income insurance
Did you know that a 20-year-old worker has a three in 10 chance of becoming disabled before retirement age? Protect your future income with disability income insurance. More >>>

Invest for your future
You’re just learning what it’s like to work for your money. Wouldn’t it be nice to make your money work for you? That’s what investing is all about. Time is on your side, and along with discipline and knowledge, that’s all you need to start investing the smart way. More >>>

Start saving for your retirement
It’s never too soon to start saving for your retirement! You could live in retirement for 30 years or more, and you may not have Social Security income to fall back on. More >>>