Money Mondays episode 2

https://www.spreaker.com/show/money-mondays

Listen to Amy's money story, learn from the lessons she shares and build your goals. This episode will also teach you a painless way to save for a rainy day.

Money Mondays episode 1

 

https://www.spreaker.com/show/money-mondays

This is the premiere episode of a new show where we break down the money lingo, so we all can achieve Financial Serenity. Learn about SMART goals and how to achieve Financial Serenity.

Scary? Yes! Necessary? VERY!

How much life insurance do you need?

This is a subject that most Americans choose to avoid. The first thought is that it is just plain morbid. Who wants to think of the unthinkable happening? You want to live life, not think about dying, right? But, what about those you love? How important is it that you protect and provide for them, even when you are gone? Outside of the fear factor, other people avoid taking care of this out of sheer procrastination. There is no sense of urgency. The truth is, we don’t know when but one day we WILL leave this world, and our family will bear the responsibility of taking care of things for us, in our name, on our behalf. We cannot alleviate the emotional pain, but can do something to prevent the financial pain.

When considering your life insurance policy, there are some things that you need to consider. These five questions will navigate you through the process of setting up your policy. Carefully consider the answer to each of these questions before sitting down with an agent. And, if you’re unsure about some of these, highlight them and work with your chosen agent to help you figure it out. A good agent will focus on the best possible outcome for you and your family.

Q1: How much do you want your funeral to cost?

Q2: How much money will your family miss annually when you die?

Q3: How many years will your family need your income in order to adjust to new situation?

Q4: What debts do you leave behind that your family has to take care of?

Q5: What future needs do you have to take care of? (E.g. Kids’ college)

You want the peace of mind in knowing that is something happened to you tomorrow, your family would be taken care of. Don’t delay in putting together a good life insurance policy. Honestly, it’s better to have the wrong kind of life insurance, than no life insurance at all. So don’t postpone this process while you analyze it to death (pun intended). Consult with 2 or 3 different to determine who you feel most comfortable working with. But, most importantly, don’t postpone it. Tomorrow is not promised for any of us!

Don't Let Your Legacy Disappear! What All Business Owners Can Do To Secure Their Future.

Have you thought about your LEGACY?

Well, if you are a parent, your KIDS are your legacy, and you are probably proud. If you are an entrepreneur, your BUSINESS is your legacy, and you should also be proud. You have treated your business as a beloved child for many years, and now it is time to step down, retire or sell it. How do you ensure your business is in good hands? How do you make sure it will thrive without you?

Your legacy can be tangible and intangible. You give your kids an intangible legacy while you raise them. All of those priceless memories of teaching your kids do the right thing, stay on the right path... They probably ensure your children will have a bright future. And that is your intangible legacy to them. How do you ensure your tangible legacy (your Business) also passes on to them?

If you have grown children who can take over, make sure your wishes are not relayed to the family just during the Thanksgiving dinner. Make sure the information is also in writing. And, most importantly, that someone knows where it is. If your children are too young to take over, have a contingency plan - for the number of years until they can step up.

And if you are scared because there is no one you trust to take over, or your children are not interested in the business you built? Well, maybe that conversation around the dinner table should focus on what the family thinks is the best way to preserve the business beyond the time you work it. Listen to their input and plan accordingly. Don't forget to do that in writing!

Food for thought: Are your ESTATE PLANNING DOCUMENTS updated?