Why You Need Life Insurance

Why You Need Life Insurance – And How to Find It

Why you  need life insurance – you need it to protect your family.  Life insurance is that ultimate what if stuff – you don’t need it until you really do.   Even a non working parent needs life insurance – especially if your kids are young.  Why – ’cause if something happens to you, you’ll need someone (like a nanny, housekeeper and cabdriver) to replace all that you do.

Life insurance helps protect you when you don’t have a lot of other assets. As you get older and hopefully have more savings and wealth built up, you might find your life insurance needs are less.

Term life insurance is the cheapest and easiest insurance to get – you pay based on your age, health and other factors for a certain amount of coverage.  Assuming you die cleanly (within the limits of the policy) the company will pay your heirs the amount of coverage you paid.  The more coverage you buy, the more expensive your life insurance premium or policy will be each year.

Most term insurance expires after awhile or the premium goes up – in other words the closer you get to old age, the more expensive the insurance policy is – so if you never use term insurance, you’ve paid for nothing (the same with most insurance.)

There’s another type called whole insurance which allows you to build up a cash value of your policy – some people consider it an investment, others a scam…

But the best way to get life insurance is to find a good life insurance agent.   No matter what you do, make sure you pick a good life insurance agent.  Here are some tips on how to find one:


Why You Need Life Insurance – How to Find the Best Agent

1. Talk to your pals, neighbors and relatives about their agents. Word of mouth is always one of the very best methods for finding a top quality expert. When gathering data about agents from your buddies and loved ones, inquire whether or not they have any concerns relating to their agents’ ability to assist you.

2. Staff – Consider professionalism of the agents  staff. Whenever you initial call an agent, you’ll probably speak to the agent’s assistant or an office manager.

• Are you pleased with how the staff member responded to your questions? Did he/she seem knowledgeable and take care of your requests in a timely way?

• A very good agent will have competent office staff.

3.  Contact 3 to 5 insurance agents. This way, you’ll be able to do some comparisons among the agents to narrow your down to the agent you feel most comfortable with.   Plus you should also review their work histories and get some references.  You will then find it easier to rule out a particular agent.

• Pay special attention to each and every agent’s diligence in responding to your questions.

Why You Need Life Insurance – Does Your Agent Know the Ropes

4. Determine how much knowledge an insurance agent has. Inquire about how long the agent has been selling insurance. Ask whether or not they’ve worked for other insurance firms.

• Gather as much information concerning the agent’s history as possible.  You could always ask for a formal resume or use some informal, conversational questions  to get the information you want.

5. Professional designations  – The insurance industry has professional designations just like the securities industry, so be sure to check out an agent’s credentials. The CLU, Chartered Life Underwriter, designation shows an agent has in-depth training on determining an individual’s life insurance demands. It is a great idea to work  with agents who have this CLU designation, if feasible.

6. Focus on acquiring an independent insurance agent. This type of agent can sell many different insurance merchandise from quite a few carriers.
• To clarify, should you call a certain insurance firm and work with one of their agents, then the only sort of policy that agent can sell is 1 of that particular company’s.

• However, with an independent agent, you’ll be provided a wider choice of insurance products having a far better likelihood of discovering 1 to fit your certain demands.

7. Trust yourself when it comes to meeting agents. . If an agent says immediately that he has the  “right” policy for you, be leery.

• A excellent agent will instead listen to your wants and answer your questions. He or she will present the possibilities to you and let you make the final decisions, without insisting you pick one option over the other.

When looking for life insurance be sure to take your time – do your research and interview multiple agents.  You don’t ever want to find out why you need life insurance, but having it will make you feel a whole lot better.

Is There Still Money to Be Made Flipping Houses?

Can You Still Turn a Profit by Flipping Houses?

Remember the flipping houses boom? For the last couple of decades, investors and people alike have spent their time and money buying, remodeling, after which re-selling houses for profit. Otherwise recognized as “flipping,” getting, fixing up, and selling a property can earn quick profits.Regardless of the lure of the quick profits, actual effort and savvy are essential to be able to be effective in the flipping method.

Flipping Houses the Right Way

Take advantage of these ideas for higher achievement in flipping houses:
One: Have some additional dollars within the bank. Several who flip houses pay money for a property up front and then invest far more funds to repair or remodel the property. So a lot of additional money comes in handy to ensure that it is possible to pick up excellent offers without financing delays.
Two: Be ready to work yourself for higher profits. Within the ideal of circumstances, you’ll want to start working on the property the day you purchase it.
* Initially, clear out any clutter or garbage located inside the house.
* Next, do a walk-through of each room to decide what needs to be updated before you attempt to sell the property.
* You or your contractor will then make a list of creating supplies needed to total the function.
* When the interior work is completed, it’s yard  time. Some bushes or flowers and perhaps a modest tree or two, and you are prepared to sell.

Flipping Houses – Know the Market

Three: Know what buyers look for. You’ll need an eye for simple style and a vision for what the residence wants to help it sell quickly. Will new flooring spiff it up? What about fresh paint on the interior walls? Your know-how and style sense can pay off huge time whenever you program to flip a property.four. Do you’ve got building or remodeling encounter? If so, you stand to create some cold hard cash by way of buying, fixing, and re-selling properties.
* Even so, in the event you do not know how to undertake fix-it projects, you will need to have to hire a reputable contractor to do the work in the properties you want to flip. Doing so means you’ll have to pay for labor (in addition to supplies) to get the property in a salable condition, which will reduce your profit margin.
Four: Pay as little as possible for the purchase of the property. This makes it possible to spend more money on the remodel and still clear a profit.
Five: Vacation locations sell nicely. In the event you buy property near a common vacation destination, you’re efforts to flip the property have a greater opportunity for achievement. People are attracted to lower price vacation houses in vacation communities. You are able to reap the benefits of location for flipping houses, condos or duplexes.
Six. Know the real estate industry inside the region exactly where you plan to flip a property. You will find times to obtain in to the flipping business and times to hold off. * If nobody’s buying homes or mortgage loans are tough to get, it might not be the best time to flip houses inside your community. * Even so, if for example, you are able to acquire houses for $30,000 or $40,000, put an additional $10,000 to $20,000 in them to get them as much as speed, after which sell those houses for $80,000 or a lot more, you will make excellent profits from your efforts.Yes, you’ll be able to still turn a profit from flipping homes. In case you know your nearby real estate market place and you’ve the cash, skill, and know-how, you will be profitable when it comes to flipping for profit.

The Entitlement Trap – How to Keep Your Kids Out of It

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the-entitlement-trapNew York Times bestselling authors Richard and Linda Eyre have just releases a new book titled The Entitlement Trap which promises to help parents create a new family economy to raise responsible children in an age of instant gratification. The RichMama was lucky enough to receive a pre-pub copy for review.  The book as a whole focuses on all aspects of raising polite, motivated and grateful children, from teaching them about ownership and responsibility of their things and choices.  I was interested in the chapter on the family economy where they discuss how to set up a chore board and process for allowing children to earn money – and then pay for stuff, thereby helping kids learn about money.

That chapter was about as detailed as you could get for a process of setting up a family economy for kids.  I used to be of the allowance camp – give the kids an allowance to help them learn how to save and spend, but after reading this book and some thinking, I am now using the family economy at home  – money is only given after we evaluate work done.

My kids are still pretty young so our personal system is still getting some find tuning, but in The Entitlement Trap, the authors point out that their strategies – for money, behavior, homework – you name it – work best with the overlooked tween set – elementary and middle grade kids.  Most parenting books focus on tots and tweens – but it’s the tweens that are teachable – and till eager for parental input.

The Entitlement Trap – it’s a good all around book for teaching kids about money – and about being more responsible, organized and focused – all things we want for our families.  You can pick up the The Entitlement Trap at Amazon or other fine book stores.

Simple Wealth System For Families

Get Out Of DebtCreating a simple wealth system for your family doesn’t have to be hard.  Building wealth actually requires a holistic approach  – you need to build up your life mentally,  emotionally, spiritually, and financially. The words “health” and “wealth” actually come from the same root, which means “wholeness” in the sense of being complete.  When we improve our health, we should also include our wealth health – after all, you can’t have mental health if you’re worried over paying the bills all the time.  So a  simple wealth systems for families boils down to three steps:

Attract Wealth – You can attract wealth to your life by managing your money better – this is where  good household budgets comes in. You need a system for managing the money you are making or bringing into your life before going out and making more – cause if you’re spending it all now, well guess what  — you’ll just spend more of it mindlessly when you have more to spend.

Even as a stay at home mom you can make a tremendous impact in your family’s level of wealth by focusing on how it’s spent.  Even just one simple change – like trimming your food budget  – by committing to eating in and/or using coupons – can make a huge difference.  E


Attract Wealth Spiritually

They say you have to give to get and that no matter where you are in building wealth you should donate money.  The good feeling we get from being generous far outweighs the good feeling we get from a new pair of shoes.   But don’t let your charitable giving bankrupt you – we get hit up in so many ways, from the wrapping paper drive to candy sales for the band.   Not to mention all the worthy
“big” causes out there.

Just remember it’s ok to say no to some things – and to not keep up with the Joneses when it comes to giving – especially if you’re still trying to pay down credit card debt.

Attract Wealth with Positive Thinking

This is a tricky one.  Just thinking about being rich or wealthy won’t get you there.  But a positive mental attitude  — one that thinks your family deserves to be have the benefits of wealth – like freedom from debt, security, comfort about money – is definitely your right – and key to a family wealth system.

So you do need to create a positive mental idea of what wealth means to you – get specific – is it a picture of zero balance credit cars, your own home, sending your kids to college?   Note how none of this pictures have you driving a Bentley around town…

Use that picture and the good feelings it creates to help you when it comes to making money and spending decisions.   As they say, nothing tastes as good as thin feels – just turn that around and think….money spent never tastes as good as money saved…it will help you evaluate whether or not your spending decisions – especially an impulsive one – is worth it in the greater scheme of things.

So there you go – so simple strategies to create your own personal wealth systems for your family.  The backbone of any system truly is managing your household budget – and figuring out why and where you spend money – so you can make better decisions.  For the complete household budget system – reasonably priced – check out the RichMama Secrets to a Family Budget that Work. Check it out here: http://www.richmamasecrets.com/budgetbook


Action Steps for Wealth Management System

Keyword term – wealth management system – for families

You can help your family achieve long term wealth – it’s not impossible.  Ok, so I may not be talking Oprah style riches here, but the fact of the matter is that just about anyone can achieve a sound financial base – and from that build up to wealth – and by that I mean you can be secure financially – knowing that you have low or minimal debt, your house is yours, you have retirements savings, and that you have other funds you can use – for or emergencies.   That, really, is the kind of money most families aspire to.

So is there some secret wealth management system out there?  Nope – becoming wealthy requires a solid plan and follow through.  It also helps to have a goal, be organized and motivated.   It’s those who don’t have plan or a realistic goal (just what does wealth mean to you?) who are going to fall behind.

Work these action steps to create your own personal wealth management system:.

1.Set a Goal. It doesn’t matter how organized or motivated you are, if you don’t know what you want you’ll never achieve wealth. Just wanting to be wealthy is not enough – you need to have a specific number – and this number should be guided by what you need to say pay off your house, put your kids through college, pay off debt, live each year, save for retirement and go on vacation.  You might find that you need far less than you thought – or way more.  But get to a number.  By the way – I like a million. Today a million isn’t what it once was, but it’s still pretty good.  And if you’re combined household income is $50,000 or more, in about 20 years, you will have generated a million bucks or more income – so getting to a million actually shouldn’t be too hard.  For must of us, a million would pay off the house, save for retirement, handle college…etc.  Besides, everyone says the first mil is the hardest 🙂

2. Skip the lotto or get rich – Focus on your job – and upgrading or getting new skills so you keep getting better ones or raises.  If you want to go it alone, start with a business on the side – try freelancing, consulting, or an opportunity in a small, controlled way that won’t cost you a lot of money.

3. Invest – You build real wealth by having money that works while you sleep – that is money in the bank, investments or even a business that is making money (gaining interest, making sales) while you’re not working.  Start saving money so it can earn interest over the long haul.

4. Create a Plan  – Once you have a number in mind, you need to work on a plan – a plan that will help you manage your expenses and your income  – this is more commonly known as a budget, and it really is the cornerstone of any wealth management system.  You must live below your means and put that extra money to work for you if you want to build wealth.

5. Stay Motivated – Building wealth is really a marathon not a sprint for most families – and that’s ok – it’s much like raising kids or keeping a marriage going.  You must find time to work your wealth management system while you’re living your life  – it must be integrated into the fabric of being a family.

If you need more tips, strategies or tools on how to build your family’s budget, then check out the RichMama’s Guide to Building a Budget…