One of the first lessons of finance we are taught, by our parents or through some basic personal finance course, is to make creating an emergency fund our top priority. Having a reserve of cash equivalent to six to 12 month’s worth of living expenses is considered the most fundamental principal of financial security.
When people decide that they need to eat healthier or lose weight, they know that they have to change their behavior. That’s easier said than done for most, which is why programs like Nutrisystem and Weight Watchers are so popular; because they provide a system for automatically controlling portions and nutrition.
At Liberty Wealth Management, we view goals as life’s destinations, whether it is where you want to be at the end of the day or at some point in the distant future.
An increasing number of Americans are facing an uphill battle just trying to save enough and earn enough on their savings to be able to retire on time.
Question 1: What comes to mind when you hear the words “Long-Term Care”?
Timing is important. Asking your ol man these questions a week after he fell over his golf bag and broke his wrist is probably not the right time. The timing may never feel right but this is a conversation that you don’t want to regret not having down the road.
For anyone who has dealt with an aging parent or grandparent the concept of long term care is likely a familiar one. Those unfortunate enough to suffer from Alzheimer’s or other cognitive illness can end up requiring nursing care that can reach and exceed $80,000 per-year depending on the quality of care.
For most people the difficult decision is not “if” they need life insurance, but “how much” life coverage they need.
Life is full of risks, and people make decisions everyday that require weighing those risks against their ability to protect themselves using their own resources or by transferring the risk to an insurance company. Most people realize that they couldn’t afford to rebuild a damaged home or buy a new car without insurance.
Here’s a thought: retirement doesn’t mean the end. It doesn’t mean an end of self-importance or purpose, it just means a new chapter—a paradigm shift of what life is beyond long days and meetings and bosses. Unless you own your own business, and even then, you are not your business.