Earlier today I asked a question on Twitter that was inspired by a conversation I overheard at lunch today about is your spouse and or family taken care of, God forbid, you happen to pass away. I started to think about that a lot this afternoon as we now have a family and had to ask myself that same question. I’ll answer a little bit further on.
A few people replied back saying yes they were taken care of because they have a life insurance policy, or they will have money within their business or lastly they have investments. First I’ll squash the investments, that’s like gambling, with the way the economy is these days and with how much people have lost I won’t count that as a “credible” way to secure your future, at least these days.
Insurance policies can vary drastically, while some people may have a Million dollars, a Million dollars these days and especially in the future will not last long enough. Sure you can do some safe investments and live off the interest and even with that your spouse will eventually have to work if they are not already. It’s not going to last forever and even if it did you’d really have to watch your spending etc… That’s even if you have a Million dollar policy. Some people don’t even have that high of a policy and scary enough some people don’t have one at all.
So if you don’t have those kinds of things in place then what happens? I don’t know 100% cause I’m not in that situation but I can only surmise that hardships will happen and that’s not just the emotional level, but financially. How will your family survive? Chances are your spouse will find someone else for companionship and potentially someone else that will raise your family. Not a pretty picture for sure. Maybe that won’t happen but are you willing to put that to the test?
I’ll be honest at this very moment I’m not 100% satisfied with where we are at and don’t feel my family will be taken care of to my comfort level. I will say we are working on it and while we have insurance policies and some investments nothing will come close to what we can provide with our business. Our business has the ability to pass it on to other generations, I think 2 to 3 generations. Our business if built with proper parameters for a solid foundation will produce residual income. Not to many companies can say that. We are well on our way and laying a very solid foundation thanks to those who’ve gone before us and are able to teach us exactly what foundation to lay. Its nice to have direct examples instead of some guy somewhere as so many others have.
Something to ponder for sure, not saying what we do is what you need to do but we have a plan B that is turning into a plan A.
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