Money Mondays episode 4

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

We talk about protecting yourself and your family. We talk about responsibility. And then Bunny Young shares her money story with you - a story from the heart with a lot of heart, and money lessons that can serve you well, on the way to your Financial Serenity.

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.

Is your business FOR SALE? How much is it worth?

What is your EXIT strategy?

I know you think you will work your business forever, but that’s just not realistic. I can hear you saying: “But I LOVE my business… I don’t want to stop working… I can’t stay at home and do nothing… I like to work… I miss the activity, and cannot let it go…” Those are all valid arguments against retiring but sometimes your exit from your business is not completely within your control.

Even if you can and will work for the rest of your life, a great business should live longer than the founder. The only way to ensure your wishes are respected is through proper planning. Don’t let your LEGACY disappear! Make sure you have an exit strategy! Here are just a couple of exit strategies to consider as you’re putting your plan together:

·         -- Sell your business: Mark Cuban, Kevin O’Leary, and many others became billionaires by selling their businesses.

·        --  Pass your business down to a child or family member: Some people want to make their business a family legacy, passing it down to their children and/or grandchildren. Make sure you have an adequate plan to execute this desire. You also need to be prepared if your children decide that they do not want to run your business.

I understand that none of this is exactly pleasant to talk about because you’re actively building your business now. But, despite your feelings, you need to give some consideration to what is best for the business. You put your blood, sweat and tears in your business for many years – it is your child – so you must make sure it will thrive after you are no longer around, or are no longer able to actively work it.

Regardless of your specific exit strategy, make sure you have systems in place to execute it properly; whether your plan to sell your business or will it to a family member, you want to make sure to leave an easy to follow blueprint to sustain your business for years to come.

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!