Responsible Ways To Use A Monetary Gift

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financial planning growth

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Should you keep it for a rainy day?

We asked DeFreitas if there are any difficult financial situations one might consider preparing for and holding onto these unexpected funds to handle. She mentioned holding onto some money in the event of a disability due to illness. The Social Security Administration reports that the current average monthly payout for disability is just a bit over $1,000, which is rarely enough for someone to fund their life while unable to work. So squirreling away some of your new money in case such an event occurs — hopefully not — may be smart.

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