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2. Who depends on me today and who might depend on me tomorrow?This question should be at the heart of your decision making process, and is one that should be answered well before you consider what financial products you need and in what amount. As a matter of fact, answers to those more traditional questions of "what kind" and "how much" really depend... well, on your dependents! Think carefully about who depends on you today and who might in the future. While spouses and children are commonly thought of as the most obvious dependents, there can be others — for example, parents, in-laws or siblings that, due to age, disability, or other circumstances, may be unable to care for themselves. Even individuals who are single without a family have dependents — namely, themselves — since their well-being depends on their own ability to earn an income. With your list of current and potential dependents in hand, you'll be better prepared to plot your course toward greater financial security and freedom. |
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