While basketball fans nationwide wager their dough on their favorite teams, fill out brackets, and glue themselves to Final Four coverage, the National Endowment for Financial Education has already selected its top players—its Financial Four.
A group of over 300 financial advisors and members submitted their rankings through the Financial Planning Association. The FPA provided brackets for participants to rank their financial goals from a lineup of 32 financial planning concepts. Some of the concepts include ensuring job security, having a will, and family communication.
After several elimination rounds, the Financial Four were chosen: live within your means, protect yourself with adequate insurance, build an emergency savings account, and establish life insurance for wage earners. They will face off against each other until one is named the Financial Four champion.
Living within your means was the top choice of financial advisors because not exceeding your income is one of the best ways to ensure your financial well-being. The other finalists are for life events you cannot control, such as illness, injury, or accidents. Having an emergency savings account can cushion the blow.