Responsible Ways To Use A Monetary Gift
- By
Julia Austin
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Get a life insurance policy
Nearly half of Americans don’t hold a life insurance policy, which could leave their loved ones in a dire situation if they passed suddenly. If you come into an unexpected $500, DeFreitas suggests getting a life insurance policy. There’s a misconception that these are pricey, but they’re actually less expensive the younger you get them. In fact, a woman who opens one at age 30 might expect to pay less than $200 a year for a policy (which, by the way, is less than what a man would pay – being the risk-averse gender pays off).
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