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Not having insuring at a younger age involves less risk than if you were older. If there is only one kind of insurance that you can afford, however, health insurance is the most important because anyone can get sick at any time. Excessive hospital bills can throw you into debt and with health insurance, the overall cost of the treatment is less due to negotiated rates with 'in-network' providers. You have to then pay even less because of coverage. Auto insurance, of course is required for everyone, but home insurance/renter's insurance can come in handy to protect from unwanted charges. At this stage, life insurance isn't that necessary and not having it can actually keep you safe from murderous strangers who want you for your life insurance.

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By this age, people are at maximum risk and therefore they need the absolute best health insurance. Hospital visits most likely rise, putting both people and their wallets at risk. General insurance still remains a thing to have, however, disability insurance becomes irrelevant with retirement. Life insurance on the other hand becomes a must as the risk for death significantly increases.

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At this age, the need for insurance increases. With age, possible health complications arise so better health insurance is necessary. It's also good to think about better car and home insurances considering people by this age have increased assets that can be stolen. Additionally disability insurance is something that should be invested in, especially occupational. This decreases overall risk to family's due to unexpected disability. Life insurance is still a while off, but if you have extra money to spare, it isn't a bad thing to invest in just in case.

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Diversification at this age is important to balance your investments, but the distribution can be different than it would be at a later age. Your time horizon is longer so "you may be willing to take on additional risk in pursuit of a long-term growth." (Risk Management, 13). If you invest a lot of money in the stock market and there is a period of recession, you can afford waiting it out rather than losing a bunch of money.

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By this age, the importance of diversification has increased. With retirement nearing, or having already arrived, pension and investments might be the sole source of income and the outliving your assets poses a real risk. After retirement it is recommended " never to be 100% allocated in short-term investments if your time horizon is greater than one year" (13). The main goal of diversification at this age is for your assets to last until you die and for them to be growth-oriented.

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Diversification at this age is equally as important as before. High risk investments are a possibility because many have reached peak earning potential by this age and most people have expanded investments. Of course, by now they also have a changed time horizon. As before, 10% was fine going into retirement funds, by 40 it is a good idea to get up to 20%. This is also a type of diversification. Medium risk investments can also go. More money means a higher possibility of being able to afford real estate and still reap the benefits.

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Vulnerability to identity theft remains a prevalent concern through all stages of life. As you get older, however, the more your risk increases and the stakes with better finances. When your older, your information is stored in more and more databases therefore it becomes easier to obtain. This is the exact reason to be mindful of any other things that might make you vulnerable. For example the personal finance book on page 8 recommends that people "don't email any financial information.". It is not a secure method and if online transactions are occurring, consumers should check to see the website is secure. In addition to that individuals should keep their SSN private. Usually you will not be required to provide a SSN in everyday life and exposing it to unwarranted people makes it "easy for someone to fraudulently use your SSN to assume your identity" (8)