How did your assessment day go? Did you begin to take charge of your finances? I am glad you did. It is the first step in winning with money. Plato said, “the life which is not examined is not worth living.” The Bible says something similar, “Test yourselves to see if you are in the faith; examine yourselves!” (2 Corinthians 13:5). If you didn't do it click here and get it done. Assessment / financial Snapshot
After your assessment you fall in two 1 of 2 groups. You are either part of the 8 out of 10 that live paycheck to paycheck or you’re not. Stick around if you’re in either group. Read this article 78% Of Workers Live Paycheck To Paycheck
How do you take care of your family and all your debt should you happen to die? How do you replace your income should a tragedy befall you?
My wife and I have leaved off of my income primarily. She hasn’t always worked during our marriage. That is where life insurance comes in. I know life insurance is not a “wow me” topic but it is vital at the beginning of your financial journey. I’ve seen too often the tragic story of the main bread winner dying without insurance. It leaves behind not only an emotional crisis but also a financial crisis. I want you to avoid that. Look at the illustration.
Life insurance is not meant to replace your spouse. Nothing can. However, it will replace the loss income. If I die Larie wouldn’t have to work. She can stay home to raise our two girls. Even if you are the spouse that doesn’t work you still need life insurance. Why? Because if she died who would take care of the kids while I work? The spouse that stays home brings a huge economical value to the house. Imagine having to pay for a 24/7 child care, cook, house cleaner, nurse etc… you get the point.
Now life insurance isn’t meant to be for life. I only recommend term life insurance. This article will explain why. It is a must read! Types of Life Insurance: Which is Right for
The wrong type of insurance can cost you millions in future earnings. I’ll explain that tomorrow. Until then consider the topic and take action. The article will tell you where to get your life insurance. If sadly a tragedy strikes your loved ones won’t be in a financial crisis.
If you have questions don’t hesitate to ask. Until tomorrow get those self assessments done!
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