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12 Days of Christmas to Financial Success

The following is repeated from the Finance and Markets Newsletter of December 13, 2003, and is intended as a holiday tradition for Leimberg Information Services:

"As we approach the holiday season, a time of tradition and thanksgiving, of cheer and renewal, let's reflect through song on the things that are truly important in our lives:

♫ On the first day of Christmas, my true love gave to me -a savings plan to accumulate 3-6 months of after-tax income to meet emergencies, unexpected layoffs, etc.

♫ On the second day of Christmas, my true love gave to me –life insurance coverage equal to six times annual income.

♫ On the third day of Christmas, my true love gave to me –A valid will

♫ On the fourth day of Christmas, my true love gave to me –a "Durable Power of Attorney," giving someone the ability to make financial and/or medical decisions on my behalf if I am unable to do so.

♫ On the fifth day of Christmas, my true love gave to me –a "living will" indicating actions to be taken (or withheld) in the event of a debilitating illness, accident, etc.

♫ One the sixth day of Christmas, my true love gave to me –an organ donor card in the event of my death

♫ On the seventh day of Christmas, my true love gave to me –a safe deposit box to hold valuable papers such as home mortgages, life insurance policies, wills, etc.

♫ On the eighth day of Christmas, my true love gave to me –a list of email addresses, computer IDs, passwords, and other computer-related information

♫ On the ninth day of Christmas, my true love gave to me –a list of pre-authorized payments and other monthly debit transactions that automatically occur in bank or brokerage accounts

♫ On the tenth day of Christmas, my true love gave to me –a long-term care insurance policy to provide inflation-adjusted coverage

♫ On the eleventh day of Christmas, my true love gave to me – A retirement plan, which may include IRAs, 401(k)s, SEPs, and other tax-qualified savings programs

♫ On the twelfth day of Christmas, my true love gave to me - A Section 529 plan to fund college education for the children in my family

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