The most valuable asset that the vast majority of the adult population has is the ability to work to earn the income required to provide for a reasonable lifestyle and to build net worth.
Death is inevitable – and sooner or hopefully later, we are going to die. Before we do, we should take some actions to put our affairs in order.
Cash management is the understanding and analysis of what you earn, what is deducted (e.g. taxes), what you spend and what you save.
Diversification is the process of helping reduce risk by investing in several different types of individual funds or securities and works hand in hand with asset allocation.
Most of us will live a long time in retirement – possibly as many as 20 years, without generating income through employment.
Your broker works for you – not for the insurance company.
A popular myth is that estate planning is only for the rich among us. However, any one who has property and wishes for a future generation will need estate planning.
Choosing the right insurance company for you is one of the most critical steps in managing your insurable risks. It means asking all of the right questions and thoroughly investigating your options.
The objective of investing is to receive a future flow of funds larger than the funds originally invested.
There are three ways to manage money: Market timing, security selection, and asset allocation. The first two, in our view, involve too much luck and risk.
Using a broker doesn't cost you more. Often it can cost you less because brokers have knowledge of the insurance market and the ability to negotiate competitive premiums on your behalf.
Estate planning can have a lasting impact on your family – though not as much as not doing it.
Investing requires the trade-off of present income (consumption) for future income (consumption).
Motor vehicle insurance has various elements including property damage coverage, liability coverage including coverage for the death or injury of a third party, collision coverage and comprehensive coverage.
You will need 4 to 10 times the amount you paid for your house to enjoy a comfortable retirement.
“Do not fear death so much, but rather the inadequate life.”
Bertolt Brecht
Death is one of the most uncomfortable subjects for us to discuss or even think about - especially our own death. Perhaps, it is because it means facing our own mortality – or some subconscious belief that not talking about it someone postpones the inevitable day.
But thinking about death – and what happens if you die, as unpleasant as it may be, cannot be ignored if we have people we love.
Because you could die this weekend. If you did, would:
If you take the time and a little effort now to prepare for that event, they will. You may not be able to set the date, the time and place of your death but you can make sure that your loved ones are well taken care of through and after that tough time. You can ease your family's suffering by carefully planning for your own dying and eventual death.
The recovery process after a death can be long and difficult. Emotions, decisions, and details can be overwhelming and confusing. In case of your death, you have a responsibility to protect the people you care about. They should not have to worry about how they will provide for their needs at the time when they are grieving your loss.
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More than you want and less than you need
Often, in the seminars and workshops we do, we are asked about the purchase of whole life insurance vs buying term life.
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