| |
| |
|
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:
MORE RESOURCES:
Wealth-Building - Google News |
|
|
|
RELATED ARTICLES
Five Straight Steps to Opening an Offshore Bank Account Despite what you may have read or heard, anyone is free to open an offshore bank account nowadays! In fact, banking offshore has been used successfully for tax reduction and asset protection by both individuals and worldwide organisations for decades.And opening an offshore bank account in this day and age couldn't be simpler either! Here are five straightforward steps to take towards opening an offshore bank account. 10 Ways To Find The Money Hiding In Your Paycheck No matter how tight things are financially for you; no matter how bleak you think that 2005 might be, if you are earning a paycheck then there's extra money hiding in it. You just need to know where to look. Retirement Planning the Offshore Way Retirement Planning the Offshore Way Why do so many of us constantly push the thought of retirement planning to the back of our minds? Reluctance?! 1 Reluctance to save for an event that seems so far off 2 Reluctance to tie in to an inflexible pension scheme 3 Reluctance to put a large portion of our current income out of reach for the long term But in terms of retirement planning, putting off until tomorrow that which you could get done today will end up costing you very dearly. Every month you delay your retirement savings planning, you significantly reduce the value of your future potential retirement fund. What Do You Mean By Diversity? The word 'diversity' is a unique one. It can represent many things, depending upon its context. Is Your Money Keeping Up With Inflation? In today's unpredictable global economy, you obviously never know what is going to happen next. Uncertainties and concerns regarding the Iraqi threat, North Korean crisis, and hidden terrorist cells and networks continue to loom in the back of the minds of consumers. Financial Planning for Beginners Financial planning at an early age may seem complicated, however it can be easier than you might think. At the age of 25 most of us are just beginning our married life, and there are homes and automobiles to buy and children to plan for. Asset Diversification Is NOT Boring?And Will Make You Money OK, this article will start with the cheapest piece of advice you will receive this year. In fact, it will make you money. Simple Strategies to Making Financial Gain Now is a great time to make it a habit to manage your resources instead of your resources managing you. What is meant by that when we are stating that "Your money manages you"? Here is a well known example:"There is more month than there is money so that new purchase, trip, or splurging will need to wait a month or two and maybe never. WARNING: The Biggest Lie About Social Security Like I said, If you are poor and on social security do not, and I repeat do not read this article.Why? Cause I am going to blast the recent article that was in USATODAY on August 16, 2005. Personal Finance Rules to Building Wealth Key 1 Pay your self firstkey 2 Saving is not a punishment. Its making choices about how you'll use your money. How to Grow Your Very Own Money Tree Okay. So money doesn't really grow on trees. Wealth Management, Wealth Protection, and Tax Planning U.S. Controversial Wealth Audit Reveals Over 90 Percent of Us Could End Up Working Forever...Are You One Results from a new tool developed by UK based firm, Lean Marketing, confirm a worrying trend.When it comes to making money, most of us simply don't have a clue. Super-charge Your Dream of Retiring Rich with the Roth 401K! This retirement account is so new and unique that you may not have heard of it. For additional reasons, I describe in my home study course, corporate insiders may not want to offer it to corporate employees. Financial Freedom for Every Employee You may think you have to be an entrepreneur to achieve your goal of financial freedom, but that is not necessarily true. While it is true that owning your own business is an excellent way to generate passive income, financial freedom is not entirely dependent on business ownership. How To Grow Your Mental Power and Let Your Brain Make You Rich No one has complete control over their thoughts. But with practice, with deliberate attention, far more control can be achieved. Building Wealth by Paying Yourself First When I look around at all of my friends, and a lot of my family, I see a lot of people living from pay check to pay check, under monetary stress. These same people watch the Calendar for payday like a hawk. Learn How to Bank Like a Banker The business of banking has changed dramatically over the last decade. Because the cost of doing business the old-fashioned way is no longer effective, banks are interested in changing their customers' behavior by encouraging electronic banking alternatives whenever possible. Offshore Strategies & Services Offshore strategies may or may not be right for you. Moreover, there is a right way and a wrong way (legal and illegal) to execute offshore strategies. The Financial Equation that Will Set You Free! I have a good friend who works in an area of the US that has more than its share of poverty. He called me the other day with a very broken heart.
|
| home | site map |
| © 2006 |
