Once you've taken steps to ensure your family and home will stay as safe as possible, here's what you can do to protect your finances.
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When planning your Financial Future, also known as Retirement, make sure to diversity your savings and investments. Diversification (having different types) of savings and investments is crucial to ensure that you do not out live your income after you retire, decide to stop working or become unable to work. From IRAs, 401ks, 403bs to cash value life insurance policies and stocks; there are several ways to build wealth for your future.
An Annuity is also a way to diversify financial future savings as well. Annuity comes the Latin work “annus” meaning annually or yearly. An Annuity is an insurance product that insures an income payout and is usually used as part of a retirement planning strategy. Although “Annuities are a popular choice for investors who want to receive a steady income stream in retirement,” it can compliment any person’s financial future and retirement savings based on their desired outcome and strategy.
For a better understand of Annuities, check out my interview with Prince Dykes on his YouTube show “The Investors Channel.”
Just like with any other financial vehicle, there are pros and cons. One size does not fit all when it comes to financial planning. Therefore, it is always best to consult with a financial professional, insurance agent or financial advisor to determine the best strategy for your situation.
Click here for more cool videos about Annuities, then feel free to connect with me for chat about how or if an Annuity may work for your financial future savings strategy.
In recognition of Life Insurance Awareness Month, Tonya Rapley of MyFabFinance.com shares her story and 3 Reasons Why You Should Consider Getting Life Insurance.
I was raised in military household, which meant living with the imminent possibility of a parent being sent on an assignment and not returning home. For that reason, my parents were always insured. When I reached the age limit on my parent’s policy, my mother took out a small policy on me. As I began my first job, one of the only demands my mother requested of me was to purchase a life insurance policy. We all have our different reasons for insuring the ones we love, her reason was and still is reasonable to me…She didn’t want to have to beg for money to give me a proper burial.
I have seen numerous crowdfunding campaigns of parents requesting financial assistance to cover burial fees and other costs. Every time I hear this request I am reminded of my mother’s words.
As a sentient being, I understand the emotional justification for having life insurance. As a financial educator I understand the financial significance of having adequate life insurance. Here are three reasons I encourage you to consider getting life insurance.
- It helps provide a secure future
Life insurance becomes even more important if your loved ones depend on you for financial support. This is especially true if you are a single mother, the primary breadwinner, or contribute significantly to your family dynamic (such as stay at home parents since your presence in the home relieves the family of child care costs). The death benefit that accompanies life insurance policies can replace your income and provide the financial support your family will need in your absence.
- It allows you to create a legacy
Regardless of your socio-economic status, you can leave an inheritance by naming your dependents as the beneficiaries of the life insurance policy. When used properly, life insurance policies can be an intergenerational wealth building tool. The dependant(s) could use the money to pay for their education, start a business, or invest in … (continue reading 3 Reasons Why You Should Consider Life Insurance via MyFabFinance.com)
Scenario: Cindy recently opened her hair salon. This has been a dream of her for years and she finally did it! She ROCKS! About 3 months after she opened her salon, a customer slipped and fell and broke her arm. Someone spilled water on the floor and it wasn’t cleaned it up. The customer sued Cindy to pay for her medical bills. Two months after that, her salon was robbed. The criminals damaged stations and chairs and stole her flat screen TVs, registers, PCs and other equipment in her office. In spite of these challenges, Cindy pressed through and kept her business running.
Unfortunately, a few week after her 1st year anniversary, there was a fire in the space next to her salon in the store front strip mall. The fire didn’t destroy the structure but it did major damage to the interior of Cindy’s pride and joy. 🙁
You would think that Cindy would just quit, right? NO!!!
So, how was Cindy able to overcome all of these liability issues / property damages and keep her business open? She obviously had a FAB Business Protection Planner, aka Insurance Agent. 😉 They ROCK!!!
Getting several individual business insurance policies can be costly. Some of the required business insurance includes business interruption insurance, property insurance, vehicle coverage, liability insurance and crime insurance.
A BUSINESS OWNER POLICY (BOP) packages all required coverage a business owner would need. Based on your business’ or company’s specific needs, you can change what is included in a BOP.
Typically, you will save money by choosing … (continue reading “CYA [Cover Your Assets] Biz Tip: Sometimes a BOP Bundle is Better)
When I lost my mother on 4/18/2016, it was an emotional and chaotic time. It was also a time when I was called upon to make a number of weighty…
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If you’re a business owner, you are used to wearing a lot of hats. Still, you can’t be an expert at everything, which is why it’s important to build a network of trusted professionals that you can turn to for help whenever the need arises.
No matter how successful you are, there are plenty of reasons to establish a professional network. In addition to exchanging contacts and referrals, there’s also the opportunity to share ideas and receive free advice from specialists in their field. And, much like getting a second opinion on a medical procedure, your network can act as a system of checks and balances by making sure you weigh all your options.
Ask yourself: Whom should you invite to be part of your network? While the members may vary depending on your strengths and weaknesses, your team should probably include some—or all—of the following professionals:
Attorney
Unless you have in-house council or a legal background yourself, an attorney—especially one with some experience in your industry—is almost a necessity. Among other things, an attorney can help defend you and your company from potential lawsuits, review contracts, and help with succession planning.
Accountant
While most people only use their accountant during tax season, business owners will find that an ongoing relationship can save them money in the long run. Not only can an accountant keep you from running afoul of the IRS, they can also show you how to structure your business and become a more tax-efficient operation.
Banker/Financier
As we all know, cash flow is the lifeblood of any business. And in today’s restrictive lending environment, having a banker in your corner can be a real boon. By providing easy access to credit, or letting you hear about the most favorable rates, a banker can be an invaluable addition to your team.
Insurance agent
A professional insurance agent can help you prepare for a number of critical business issues. Specifically, an insurance agent can help your business overcome the loss of a key employee, enhance your executive benefit package, fund a buy-sell agreement, and protect your family’s future by insuring your business interests.
As you can see, there are a host of advantages to creating a network of professionals with expertise in their field. Best of all, it’s a win-win for all parties, so setting one up may be easier than you think.
This educational, third-party article is provided as a courtesy by Tarra Jackson, Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Tarra Jackson at TRJackson@ft.newyorklife.com.
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