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financial planning

Disability Insurance Tips for High Income Earners

Published October 24, 2016

Disability insurance is very important during your working years to protect your income stream in the event you cannot work due to injury or illness.  The insurance is designed to replace a percentage of your earnings, not 100%.  The replacement percentage is typically between 60% - 66%, as the insurers want there to be some incentive for plan participants to return to work.  Benefits generally stop at retirement age (65), as they’re designed to replace earnings not retirement benefits.

Most disability insurance is provided by employers through group plans.  However, group plans typically have an income limit cap that may fall well below 60% of income for a high income earner.  In order to carry adequate insurance, a private policy can be purchased to cover the benefit gap and provide coverage up to 60%-66% of income.

It’s not enough just to buy a policy; It’s important to know that it will pay the benefits you expect when it’s needed the most. Each of these tips provides a vital piece of the disability insurance puzzle when you’re purchasing a disability policy.

Planning a Family - What to Save for Right Now

Published September 30, 2016

The decision to go forward with your plans to start a family is a joyous one, but it can also lead to increased stress especially if your financial house has not been child-proofed. Considering that on average, the cost of raising a child now exceeds $300,000, there’s little margin for error for most young families that have other important financial goals to achieve. There’s no reason why you should get caught off guard or caught in a cash crunch as long as you plan ahead. The following family planning checklist contains what is deemed by most new parents as being the most essential steps in preparing for a new arrival:

Recommended Reading: Simplify & Empower Your Financial Life

Published September 2, 2016

Three recently published books aim to simplify and empower your financial life.  Each one is chock full of useful and actionable advice, and grounded in down-to-earth wisdom.  

In addition, each author steers clear of beating the market advice in favor of a very personal, comprehensive, and holistic approach to achieving “true wealth.” 

Individually, each book is a standout and will point the way to an enlightened approach to mastering personal finance.  Together, these books will revolutionize the way you think about your money.  The message they share is that your financial future should be built on a clear understanding of your values and priorities.

Why Financial Planning is an Absolute Necessity for Everyone

Published May 29, 2015
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