|
|
| Wealth Building Information |
|
|
|
|
Are You Ready For Undesired Events?
Planning for the undesired, accidents and possible unknowns in life. Recently, a remote friend of mine died during an accident. I don't feel particularly sad, but I was shocked to know because the scenario was quite dramatic. Whose responsibility is this when accidents happen? A more appropriate question should be: What to do and how to do BEFORE life-threatening accident happens. To be more practical, have you prepared yourself a will? I am not an estate planning lawyer/ specialist and thus in no position to advise anyone how to prepare a will. Seek a trustable lawyer (estate lawyer) and get yourself a valid will. ******** You should inform your closest relative(s), where your important info is, e.g. insurance documents, valid will, asset-related passwords, banking info and etc. It can save a lot of unnecessary work, pressure and worries, for your family members. Getting yourself an insurance policy. Or is insurance - a need or a want? It can be both. For needs: Maybe you have unpaid mortgage, unsecured debts and etc. Then you may need a life insurance policy to satisfy those needs. Depending where you are, medical costs can be sky-high and a medical insurance can be a god-sent. ******** Bear in mind that you should always discuss with your spouse or closest relatives, in order to map out the whole picture. It's their "business" when accidents occur. For wants: You may have un-fulfilled dream, if you were to die before your wish being realized. You have to specify that in your will/ insurance policy. Seek your lawyer/ insurance specialist for more advice on this. Seeking for an independent advice: I have served in insurance industry for 5 years. I have not met an insurance agent who knows your need better than yourself. Almost everyone is vested with his/ her own interest, one way or the other. Seeking for an independent insurance advice is the best way to go. No matter how much you are willing to pay for excellent independent advice, it's hard to find one. One way to go is by hiring a fee-based advisor, instead of a commission based advisor. Insurance broker or insurance agent: Buying from a broker can be advantageous. If you are buying from a broker, make sure the broker is an established one. As for buying from an agent, you will be bound by his/ her advice limited to one insurance company. Factors to consider when choosing an insurance company: You should check the insurance company financial strength before considering an insurance plan. This is a job you need to do it yourself. Checking the financial status of each prospective insurance company is vital. To your dismay, a company with too good rating may not be desirable as it may imply that the company is over cautious with claims. It could also mean the premium is over priced. In my opinion, an insurance company with AA rating in Standard and Poor/ AM best is a reliable indicator. Insurance plan: An agent may move from one company to another, but not your insurance company nor your insurance plan. Check the 3 factors before rushing to buy an insurance plan. They are flexibility, functionality and affordability. Any insurance policy is a business policy for the insurance company. If an insurance plan does not sound for the insurance company, it will not be in existence in the first place. By that I don't mean insurance schemes are ripped-offs. It just means that we have to know the game plan before investing. Understanding different features of insurance plans is beyond the scope of this article. Resource Box:
|
|
|
|
RELATED ARTICLES
Your Own Products Can Make You Rich Although there are advantages to selling other people`s products and services, there are also drawbacks. For example, the lack of exclusive rights to your own proprietary product can mean that you are just one of thousands selling the same thing. Excessive competition can cause you to drop your prices and to lose sales, thus affecting your profits and cashflow that are so essential to your business survival. The Difference Between Wants & Needs So you want to become wealthy? While there is no single road to getting there, it's a sure bet that one principle is in place for those who keep their wealth over a lifetime. Live beneath your means. Spend less than you make. Don't spend more than you can afford. It doesn't come any simpler than this. If you want to create wealth, you have to learn to do this. It doesn't matter if you make $10,000 a year or $1 million, if you don't learn how to master the step of spending less than you earn, you'll never create lasting wealth. Turbocharged Financial Planning Financial planning is an ongoing process individuals and businesses should implement by organizing all aspects of their finances. This will assist in identifying financial goals, providing a comprehensive written Financial Plan, and implementing the plan in accordance with the objectives that are most important to you. The PDQ? Factor It's the beginning of a brand new year: a time to set goals, make plans, and start afresh; a time to dream of making more money, having a more beautiful body, and experiencing more love. I can't help you with your body or your love life but I can show you some tools for making more money this year. Budget Tips To budget, to have a budget and to be on a budget is not a bad thing; in fact, it's just about the best financial situation you can find yourself in. A budget is a valuable financial management tool which will enable you to pay your monthly expenses, save a certain percentage of your income and control your expenditures. Getting An Offshore Bank Account Via The Internet There is no need to use the many middleman websites you will find via a search engine. Most of these are *bogus*, even the slick-looking ones. More and more banks are offering offshore bank accounts direct. Just get a list of banks in the country you're interested in, and go to their web sites. Increasing Your Wealth by Increasing Your Financial Literacy Perhaps the primary message of Rich Dad, Poor Dad is increasing basic financial literacy. Perhaps I should say financial literacy for the common man and woman. The reason I say this is because the principles taught in the book are very simple--the fundamental personal finance. Some people may even say the what Kiyosaki teaches is dangerously simplistic. Dont Leave Your Financial Success To Chance Recently I was reading a book called The Millionaire Mind. The book offers an intriguing look into the minds of those that have attained over one million dollars in net worth (there's far more to it then this, but I won't get that in depth for the purposes of this commentary)... Creating Money, Prosperity, and Abundance Now (Part 1) I have given many prosperity lectures over the years and, in light of the current massive restructuring of all world and financial systems, I feel that now is the time for all of us to review our beliefs and refocus on manifesting prosperity and abundance in our lives. I do "walk my talk" and so I would love to share my experiences and knowledge with you. On the following pages, I will present you with some valuable tools that you can begin to use right away, to create money, prosperity and abundance in your life - with almost instantaneous results. The Underlying Belief System Many of us do not consider the underlying belief system about money to be of any importance. You think it does not matter, because what matters is what you do now. Right, at one level, but not complete. All ideas that we have learned about money in the past are colouring our actions today. 21 Secrets of Self Made Millionaires Self-Made Millionaires are not smarter or better than you. They have just discovered these secrets and used them to become wealthy. You can do it too. Thieves Continue to Pull Off the Biggest Heist in History?Until Now! Imagine being able to steal untold millions of dollars in plain view without getting caught. Impossible you say. Be careful because you are most likely a victim of this heist. In fact, you may actually be giving these thieves referrals so that they can dupe your friends and family. 16 Mantras for Building Financial Wealth Everyone wants to be wealthy, but most of us do not have anyone to guide us down this road. Even if we stumble upon a mentor, most of us may think it's a scam. Most of us have beliefs that keep us struggling financially; "the more I can save the richer I will become"; "building good credit is more important than how I use it"; "if I stay with my job for 10 years I will be rich"; "the rich are greedy and take advantage of others"; "I am not smart enough to be rich"; "if I work hard for my boss I will be greatly rewarded"; "I would have to work non-stop to become rich"; "I have to give up what I love to become rich". All of these beliefs are true from a certain perspective, namely yours! Most of these negative beliefs have been forced on us as children and are constantly reinforced by friends, family, news and even sitcoms. Personal, deep-seeded beliefs are what separate the top 10% from the bottom 90% in this country. Below are some mantras to think about every day in order to replace those negative beliefs: How to Make More Money When I was a student in London, I had a part-time job working in a new-age bookshop near Camden Town. One day, Robert Plant, the lead singer for Led Zeppelin, came into the shop and walked up to the owner. Your Wealth Cycle Foundation The four main steps in building a wealth cycle foundation are: Personal Finance Rules to Building Wealth Key 1 Pay your self first New Year Resolutions to a Better Financial Future There could not be a better time to mull over the changes needed in our life style than at the beginning of a New Year. This is also a good time to set yearly goals and make resolutions. Each year, according to statistics, almost a third of us make some kinds of New Year Resolutions. Interestingly, although financial future is our main cause of anxiety, our personal finance, according to surveys, gets only to the fifth place in the list of most common New Year resolutions. Financial Intelligence - Natural Marketing For Lone Rangers "Ooooooh," you may say, "I could NEVER be good at marketing, I'm just not that sort of person. I'm just not pushy enough". Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA Parents must give serious thought to protecting their family through estate tax planning. While life insurance and trusts should be a part of every plan, Roth IRAs can be a simple tool for passing money to your child on a tax-free basis. 10 Ways to Save $50 Per Month: The Art of Pinching a Penny Until It Screams 1. Save up to 50% per month on convenience cleaner cloths by cutting them into half, i.e. dryer softener cloths, face cleanser cloths, etc.
|
| home | site map |
| © 2005 |