A lot of times, we see this as a bill, and we might start thinking about all the other things that we could be doing with that money. Or we rather avoid altogether by not getting one. But is having life insurance an expense?
When you buy life insurance, you might feel that it is a burden and an expense. And therefore, we see it as something negative instead of something positive. A lot of times, we associate negative emotions with life insurance. Perhaps it is because it makes us think about death instead of life.
However, it is a matter of the perception that we have about it. It might feel like an expense because you do not see immediate benefits.
But life insurance is peace of mind policy. These days, it is not just to protect your loved ones if you pass away, but also to protect you if something unexpected happens and you are still alive.
Also, many life insurances are a great tool to increase your wealth and to use as income in the...
Why is it so hard to save money for some people and not for others?
A lot of time I sit down with my clients and ask them questions about their goals and their dreams and the age they would like to retire.
Once we are done, I spend a few hours reviewing what they said and their current financial situation and create a plan for them, (better than what they have of course) and show it to them.
They get so excited when they see that implementing the plan will get them so much closer to their goals and dreams, and they want to separate as much as possible to reach those goals.
However, after a month or two, they are not as excited about saving money and having that money going to investments, even their wealth will be growing.
Why is it that after a few months, they neither want or feel that they can save as much as they committed to?
Why is it so hard to save money for some people? Or rephrasing it, why does it seem that...
If you are wondering why do you need to create a budget, I am going to tell you right now.
No matter if you like it or hate it, having a budget can help you improve your finances immediately.
The ultimate goal of a budget is to get you to the point that you will be able to spend intentionally on the things that are most important to you. This is the first step to financial freedom, even though it sounds like it is not.
Budgets should be temporary because they will tighten your spendings for a bit, so you can get your life back on track if you have derailed from it or have lost touch with your financial reality.
In the midst of Hurricane Season and Fire Season and even Earthquake Season, it is important to ask ourselves these questions. The word EMERGENCY broke it down pretty well. We need to have funds for any unexpected events. This should be liquid assets that are readily available.
Here are the major unexpected events that we can run into:
1. Job Loss
2. Medical Emergency
3. Car Repairs
4. House Repairs
5. Weather Conditions
When a hurricane is approaching an area, most individuals are subject to hours of preparation, which means an increment of expenses, by having to buy extra nonperishable food, supplies like flashlights, candles, plywood, and of course water. This also means hours of loss of work time. If you do not evacuate the area, you can lose your car, your home will also incur in damages and that is without counting personal items that could be lost due to wind or water damage.
Fire is something very unexpected as well. How about insurance protection for flooding,...
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