Ask the Expert: Financial Security with Mom Vicki Nygren
Written by: Sarah Cobb
This blog series is about getting expert advice on an important topic straight from a parent. Finanical Security is so important and can be so overwhelming. Thanks to Vicki Nygren for giving us some great advice to help Chicago parents get moving in the right direction.
Tell us about you and your family:
I’m a single, full-time working mom of two boys, 7 and 4, who both attend a CPS elementary school. This is my 9th year at COUNTRY Financial and I’m approaching 20 years in this industry. At COUNTRY, I helped open the Chicago market and now manage an amazing team of financial representatives. When my 1st was born, I joined NPN and have been a member of the Board of Directors since 2008. Our COUNTRY Finanical team is thrilled to celebrate our 3rd year as the presenting sponsor for their Parent University speaker series!
You’re the expert - What financial steps did you take for your own family?
Every family should create a tangible plan that helps them balance their need to protect what they have with their desire to build a solid foundation for the future. I recommend working with an insurance expert you know and trust to help you achieve financial security no matter where you’re starting from.
After the foundation is in place, focus on these two key elements of saving:
- Set up an emergency savings fund to cover 3 to 6 months of living expenses.
- Create a retirement savings plan.
What should all new families think about:
Even with limited funds, every new family can take these steps:
- Set up an appointment for a free Insurance and Financial Review and make sure you take an all-inclusive look at financial security
- Set appropriate liability levels on your home and auto insurance
- Make sure you have disability coverage in place
- Invest in a life insurance plan
- Take advantage of employer’s match for retirement
- Get the lowest interest rate on your home mortgage
- Work with an attorney to set up a will and trust
What “mom-moments” stick with you as you juggle work-life balance as a single parent:
My oldest son recently asked, "Mommy, will you still be working at COUNTRY Financial when I get out of school and go to work?” I answered, “Maybe.” And he said, “Good, because when I grow up, I want to work with you at COUNTRY Financial.”
This summer, my children hosted a lemonade stand. After we were finished, I took a few minutes to teach them the importance of money. We discussed saving, spending and giving some of the money to charity. It is never too early to talk to your children about saving for their future. An excellent savings-themed kids’ book is The Berenstain Bears’ Dollars and Sense.
Get connected with Vicki and her team at COUNTRY Financial. They can provide a complimentary Insurance and Financial Review to help you create a tangible financial security plan. Vicki can be reached at 312-345-1816.