Related: https://www.choosefi.com/losing-a-loved-one-the-importance-of-a-financial-legacy-book/

We have a Step 0 in this chart. Why?

Step Zero is similar to the foundation of a house. Before you start picking out curtains or deciding where the couch should go, you need a solid base to build upon. In the world of personal finance, Step Zero is all about ensuring your family’s security before taking steps to build wealth or tackle other financial goals.

What does Step Zero include? It’s the safety net that consists of life insurance, disability insurance, and a custody plan for your children, just in case life C”V throws a curveball your way. It’s about being prepared for the ‘what ifs’ that we hope never happen.

“But life insurance costs money, and right now, I don’t have money!” Absolutely, and that’s a fair point. The thought of paying for insurance when you’re counting every penny seems daunting. But here’s the deal: it’s about weighing the immediate costs against the potential long-term risks. It’s about finding that balance and making sure that if the unexpected happens, your family isn’t left in a financial lurch.

About having a custody plan, no one likes to think about these things, but having a plan in place means one less worry for your family during an already difficult time. It’s not about telling you how to run your life; it’s about ensuring your kids have a clear path forward, no matter what. In a tragedy, RM”L, parents can leave behind substantial assets, and there’s a risk of people acting in self-interest over the children’s needs, even unintentionally. Clear instructions can prevent such conflicts. In fact, usually, we need to separate the roles of a legal guardian and the one overseeing the finances to safeguard the children’s interests effectively.

At frum.finance, we’re all about helping people take that first crucial step. We understand it’s a big commitment, and it’s not for everyone. We’re here for those who are ready to lay that foundation and align with our values of protecting and preparing for their families’ future.

Think of it like this: when someone donates to a cause, they often want to ensure their values align with how their contribution is used. It’s the same with frum.finance. We’re investing a ton of resources into our clients at absolutely no cost to them, and we want to make sure they’re also investing in themselves.

Step Zero isn’t about control. It’s about commitment – a mutual commitment to a secure financial future.