Posts Tagged wealth management

Every day on Facebook a Great Young Parent Dies and needlessly leaves their family BROKE!

black family

Black Family

Every day at least one social media friend post about a person under the age of 50 dying unexpectedly.  It seems that most of the time that person has a spouse and or children. It also seems that within days of the untimely death there are people asking for donations to help the family handle the funeral cost.

If you are reading this chances are you have a family. I am also going to assume that you love your family, and are making big plans for your children. Some of these plans may include a great primary and secondary education. Others may include making opportunities and experiences available to your kids in arts and culture.  Some even plan to make sure their children get a solid financial start once they reach adulthood.

I applaud your plans for your children. Your kids will have opportunities that you never even dreamed about when you were their age. Your hard work and sacrifice is paying for all of these opportunities as well as the basics, food, clothing, shelter, video games, etc. Congrats because you have a plan and the work ethic to get it done for your family.

The sad news is that you most likely have no real plan in place to fully provide the INCOME it will take to carry out those plans if you were to pass away prematurely. Thirty Seven percent of parents with children under the age of 18 have no life insurance. Fifty percent of the parents that are insured have less than 100,000.00 in life insurance.

People are dying every day on Facebook, Instagram, and Twitter and leaving their families broke. Even people who have six figure incomes are leaving their families in horrible financial shape.

The uninsured risk of being a parent is hitting more and more families every day. Many 30 and 40-year-old parents are being stricken with breast cancer, diabetes, stokes, heart attack and sleep apnea. Not to mention simple work and non-work related accidents and car crashes. The ranks of the six figure earners are exploding with women and minorities like never before in the history of the U.S.. The numbers for Blacks owning life insurance are 3% higher than the percentage of whites who own life insurance but the amounts are inadequately low.

The ranks of the properly insured grow smaller every day. Why? Because the idea of what being properly insured is has not advanced in the last two generations and the wealthy are the only ones truly taking advantage of the opportunity to advance their family legacy through the proper use of insurance.

Being properly insured means being able to totally replace your yearly income for the full time your family will need it. How long do your children and/or your spouse NEED your income?  How long does your family need your spouse’s income? Depending on the commitments you have made that could mean 25 to 50 years. 30 year plans for houses, 5 year plans for cars and 20 year plans for credit cards. Do you have a plan that will pay for that long? Do you have total income replacement insurance that you personally own? If not, you are leaving your entire family in peril every day because you refuse to totally cover the risk.

 

A recent survey was done of six figure earning parents and they were asked how much life insurance protection they had. The number than had over $500,000.00 was less than 5%. The number the that had none was over 20%.The number that would have none if they loss or changed their job was over 40%. This is an epidemic problem. Can your family lose over $100,000.00 of yearly income and still operate at the same level?

Life insurance is about replacing your income to protect your legacy and not leaving things to chance. Houses, cars, and other obligations are all gambling if you do not protect your downside risk. Let’s truly be honest about where we are financially because the risk is easily covered if we are determined to do so.

How to replace Income

$500,000.00 can only replace about $20,000.00 in income long term because you can’t really get more than a 4% guaranteed return in any stable financial instrument. That means to replace $100,000.00 you need about $2.5 million in life insurance. Put in the proper instrument it will pay $100,000.00 per year forever. It will pay your spouse, your children, and your childrens’ children, etc.. Learning how to do this properly and for as little cost as possible is an art.

BTW, If you have coverage on your job you need to purchase proper coverage that you own.  Having insurance on a job is like having no coverage at all. If you lose or leave your job that is exactly what you will have only you will be older than you are now and the coverage will cost much more. Don’t fall into the trap that gets so many Americans. There are so many Americans looking for proper coverage that they are simply to old or too sick to qualify for. Insurance favors the young and the healthy and time is not on your side.

The structure of a proper income replacement plan is key. If you don’t have a plan that will replace your income for the next 50 years minimum then call me so I can help refer to an awesome advisor and teacher.

Having no plan is a plan to fail, and today’s parents are failing their children everyday by only considering the possibilities if everything remains perfect. Nothing ever goes perfectly. Plan for the worst and hope for the best and you will never have any regrets. You need a plan that covers you and your family if everything goes wrong. By law you cannot drive a car or own a home without proper coverage. Why can you be a parents without proper coverage. So much is riding on YOU!

black children

Children Depending on their Parents Income

If you need more information and a referral to a great professional, email me at managerofwealthllc@gmail.com

Wishing you Wealth Wellness and Wisdom

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Mark Fuller

Manager of Wealth

 

 

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How to Conserve and Create Wealth in the Midst of Insanity- 7 part series

 

 

 

Part 2

Conserve and Create wealth Part 2

 

 

Part 3

 

 

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The Myth of Dollar Cost Averaging

Tony Brayboy of Matrix Wealth Management

http://www.matrixwealthmanagementllc.com/

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Replacing your Irreplaceable Spouse’s Income Part 2

Good Afternoon,

I hope you got some food for thought from my last Blog post ” You Can Never Replace your Spouse But you Better Replace their Income,” Below is part two of my never before posted blog on how to use convertible term to affordably replace your spouse’s income. Enjoy and please comment or ask questions:

If you have questions please email me at http://www.managerofwealthllc@gmail.com

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Best regards,

Mark Fuller

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You can Never Replace your Spouse but you better Replace their Income

Earlier today I was organizing my computer files and I found a great piece of video that I never shared publicly. If you and your spouse are working hard to provide a great life for yourselves and your children, this is a message for you. I truly hope you get a lot from this video:

Even if you are a single parent this is something to consider:

 

There is a second part to this video that I will post tomorrow.

If you need help finding the right professional to guide your family please email me at managerofwealthllc@gmail.com

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Winning and Losing the Mega Millions Lottery all in the Same Week!

For the last week the country has been in a frenzy about the 640 Million Dollar lottery. People purchased stacks of tickets hoping just one would be the lucky ticket that would put them on a path to a life of luxury, security and maybe even charity. The hope most people lived with last week is the path I walk everyday, only it takes a little more than a ticket purchase to make things happen in my world. The irony of this week is I was both a loser and a winner in the big lottery and maybe sharing my story will help you eventually become the winner we should all be striving to be.

Losing Mega Millions

As a business consultant sometimes you are asked to do what many think is totally impossible. Last week my team was asked to find 150 million dollars for a client with no ability to secure the loan. In addition, our client wants to run a business where there are only 2 people of their gender and ethnicity running a business in this multi trillion-dollar industry. Our client had been unable to get funding for their venture for more than 5 years even with a decade and a half of experience and world-class connections in their field. Most people in the world would kill for their connections; but not fund their business.

So our client went to work for the government and was paid six figures a year to bring in 1 Billion dollars a month in business every month for the last 7 years. Our client has been working everyday hoping to win the lottery, which means getting funding for their business so that they can do for themselves what they do everyday at work. And be paid millions per month instead of six figures a year.

Last week our team had the pleasure of informing our client that they had won the lottery.  We had found them a partner who would supply all their financial needs, allow them to keep 100% of their own company, and require only that our client allow them indirect access to their suppliers. In addition, other clients of our group handed this client a multibillion dollar order to fill beginning in one week. That contract pays tens of millions in profit per month. Cha ching!

It’s a lottery win for our team as well. This deal is incredible like a star quarterback’s NFL contract but with many more zeros.  But we are struggling to get our client to commit because they simply never thought it would happen and they never thought it would happen this way.

They say that most lottery winners are broke within ten years, mostly because they mentally self destruct. It’s easier to want it all than to have it all. One thing is for sure if our client doesn’t get it together we will know what it’s like to lose Mega Millions.  It’s not a great feeling. I was pretty down in the dumps last night while reading all the comments people were writing on Facebook and Twitter about a winning ticket because I already had the winning ticket for three days and I couldn’t cash it.

Then I got a phone call and my lottery fortunes changed.

At 11 pm last evening one of my closest friends called me from a bar where he was hanging out with some friends. He called to say that he was talking about another project we were consulting on and that he was sitting with an investor who could put up the 8 million for the project. He asked me if I was available to talk with him right then and of course I was.

Turns out my friend forgot a zero in the price and told his friend $800,000.00 was needed to complete the project but I really didn’t care at that point because I knew I had won the Friend Lottery.  It was important to my friend to advocate on my behalf and help me close a major deal even at 11 pm.

Wow. Doesn’t matter how that works out, I’ve totally won the big payout and money has nothing to do with it.

The people who think of you and try to help you are your true friends. And the people you think about and try to help achieve their dreams are the people you are a true friend to.

I take three things from this week’s lottery winnings and loses.

1) The odds of winning a passive lottery are very low but the odds of winning at a game you are in are extremely high because you are actively going after the big goal.

2)Most people get a few chances in life to have exactly what they desire but fear, self-esteem, or distrust keeps them from being successful in the way that they asked the universe to deliver. We do get what we want!

3)Most of the successful people on the planet have friends and family that they support and that support them. They are the greatest treasure and should not be taken for granted.

If you don’t know what it’s like to win or lose millions in a week and you want to know, maybe you aren’t really going after it. You’ve got to play to win.

Wishing you Wealth Wellness and Wisdom,

Manager of  Wealth

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The Uninsured Risk of Being a Parent and how to protect your Family Properly

If you are reading this chances are you have a family. I am also going to assume that you love your family,and are making big plans for the future of your children. Some of these plans may include a great primary and secondary education. Also making opportunities and experiences available to them in arts and culture, and making sure they get a solid start once they reach adulthood.

I applaud your plans for your children. Your kids will have opportunities that you never even dreamed about when you were their age. The great thing is that your hard work and sacrifice is paying for all of these opportunities as well as the basics, food, clothing, shelter, video games, etc. Even greater news is you have a plan and the work ethic to get it done for your family. The not so good news is that you most likely have no real plan in place to fully provide the INCOME it will take to carry out those plans if you were to pass away prematurely.

The uninsured risk of being a parent is hitting more and more families everyday. Many 30 and 40-year-old parents are being stricken with Breast cancer, diabetes, stokes, heart attacks and sleep apnea. Not to mention simple work and non work related accidents and car crashes. The ranks of the six figure earners are exploding with women and minorities like never before in the history of the U.S..

The ranks of the properly insured grow smaller everyday.Why? Because the idea of what being properly insured is has not advanced in the last two generations and the wealthy are the only ones truly taking advantage of the great opportunity to advance the family legacy through the proper use of insurance.

Being properly insured means being able to totally replace your yearly income for the full time your family will need it. How long do you suppose your children and/or your spouse will NEED your income? Depending on the commitments you have made and the plans your family has that could mean 25 to 50 years. 30 plans for houses, 5 year plans for cars and 20 plans for credit cards. Do you have a plan that will pay for that long? Do you have total income replacement insurance that you personally own? If not, you are leaving your entire family in peril everyday because you refuse to totally cover the risk.

A recent survey was done amongst six figure earning parents and they were asked how much life insurance protection they had. The number than had over $500,000.00 was less than 5%. The number the that had none was over 20%.The number that would have none if they loss or changed their job was over 40%. This is an epidemic problem. Can your family lose over $100,000.00 of income and still operate at a level?

How to replace Income

$500,000.00 can only replace about $20,000.00 in income long term because you can’t really get more than a 4% guaranteed return in any stable financial instrument. That means to replace $100,000.00 you need about $2.5 million in life insurance. Put in the proper instrument it will pay $100,000.00 per year forever. It will pay your spouse, your children, and your childrens’ children, etc.. Learning how to do this properly and for as little cost as possible is an art.

BTW, If you have coverage on your job you need to purchase proper coverage like you have no coverage at all because if you lose or leave your job that is exactly what you will have only you will be older than you are now and the coverage will cost much more. Don’t fall into the trap that gets so many Americans. There are so many Americans looking for proper coverage that they are simply to old or too sick to qualify for. Insurance favors the young and the healthy and time is not on your side.

The structure of a proper income replacement plan is key. If you don’t have a plan that will replace your income for the next 50 years minimum then call me so I can help you put together great options. Having no plan is a plan to fail and today’s parents are failing their children everyday by only considering the possibilities if everything remains perfect. Nothing ever goes perfectly. Plan for the worst and hope for the best and you will never have any regrets. By law you can not drive a car or own a  home without proper coverage. Why can you be a parents without proper coverage. So much is riding on YOU!

Call me at 410-908-5987 to schedule a free 15 minute consultation.

Wishing you Wealth Wellness and Wisdom

Mark

Manager of Wealth

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