3 Things 7-14-25

 Thing One

Why People 50 and Older Should Have Life Insurance

Multiple studies show that many Americans have not taken critical steps toward protecting their family’s financial future if the unexpected happens. 

If someone (children, grandchildren, etc.) relies on your income for their well-being and you don't have enough money to pass on to them to ensure their continued well-being should you die suddenly, you need life insurance. It's that simple.

And here are some additional reasons you may need life insurance

if you are 50 years old or older:

·       You are paying off debts, like a mortgage or credit card balance

·       You are worried about covering your final expenses

·       You want to protect your existing assets

·       You want to supplement your retirement income with the cash

·       value component of a permanent life insurance policy

·       You want assistance with estate or legacy planning

Best types of life insurance for people 50 and older:

Term life insurance is a good fit for people who are looking for coverage for a set period. For example, you may feel that you need coverage until your kids are finished with school or until your mortgage is paid off.

Permanent life insurance is a good option for people who want the security of lifelong coverage (as long as payments are made). It can be helpful with final expenses and legacy planning, and

the cash value component can be beneficial to retirees. Due to the cash value component and the coverage duration, permanent life insurance policies are more expensive than term. Therefore, it is essential to ensure the premiums are within your current and future budget.

There are lots of options.  Let us know if you need help sorting it all out.

Thing Two  

Got Habits? 

An article published recently on gobankingrates.com included a list of the common habits of self-made millionaires. We’ve shared our favorites below: 

They’re frugal.  This doesn’t mean they subsist on beans and rice and never splurge, but they do avoid impulse purchases and they know how much they spend each month on the basics.

They invest in stocks.  We’ve hit this point often in our newsletter and this article’s author agrees that “…investing in stocks is the surest way to generate wealth in the long term.”

They earn compound interest instead of paying it.  The author sums up this point by saying, “…The whole point of investing, after all, is to earn compound interest to become wealthy over time, which is a futile effort if the bank is collecting it from you in the form of revolving debt…”

They buy (and hold) their cars.  The financial planner interviewed for the article said that “…most of his wealthy clients buy their cars instead of leasing them and retain ownership for as long as practically possible…” and he added that, “…fewer than a quarter buy new cars and opt for used vehicles instead…”

They’re persistent.  On this point it was noted that, “…The majority of self-made millionaires in his study didn’t tally that second comma until they were between the ages of 46 and 60.”

They Squeeze Every Last Dime Out of Their Jobs.  Here it is pointed out that self-made take advantage of all employer benefits that are offered, which means things like, “…getting the highest employer match possible on your retirement plan, paying less for employer-based life and disability insurance and taking advantage of HSAs, low-cost employer legal services and employee stock purchase plans.”

They Live Well.  On this final point, the author noted that people in this cohort, “…do the things that most of us know we should be doing but often don’t, including:

·       Reading frequently

·       Exercising

·       Eating well

·       Getting up early

·       Sleeping at least seven hours per night

·       Volunteering

·       Setting and pursuing goals

·       Practicing good etiquette” 

Thing Three

Just A Thought  

“We are kept from our goal not by obstacles but by a clear path to a lesser goal.” – Benjamin Hardy