This is how every individual/family’s FINANCIAL HOUSE should look like.
Now lets start with some questions-
■ What is the first thing we need to take care of our health? Health Insurance
■ What is the first thing we need when we buy a car? Auto Insurance
■ What is the first thing you need when you buy a house? Home owners Insurance
So, why not protect the individual that makes all of these possible?
The 1st thing a family needs is Protection even before they invest any money.
○ Consider a situation where an individual invests 5K every year into an IRA for 5 years
○ Lets assume a best case scenario that after 5 years, 25K becomes 100K.
○ Now if this individual passes away, how much money does the family get? 110K
○ Instead, what if the individual had got a $1M TERM life by paying $50-75/month? The family would get $1M.
This is the reason the first thing a family needs is protection to have that peace of mind.
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Once protection is taken care of, you need to plan for -> Emergencies, Home Purchase, Kids College, Retirement.
■ Any vehicle we choose here needs to be 100% safe because we cannot afford to lose money for any of these.
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Now that the Protection and Financial foundation are taken care of, you can use rest of your funds for diversification be it Stocks, Mutual Funds, Real Estate or even Bitcoins!
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Finally, you make sure that your Estate Planning is done and you strive for Tax efficiency.
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