If you are a young person, married, and about to buy basic insurance, term insurance is not the long-term answer. You need permanent coverage until you die, at the lowest net cost. Why? Well, take the case of Mrs. Widow, age 78, at the other end of life. Her husband had carried twenty-year level-premium term life insurance for $500,000. He died fifteen years after it had passed its twenty-year mark. It was too expensive to renew and after all they had bought it to cover the family's Manulife Vitality needs until the children were through school. Unfortunately, retirement savings were inadequate, and Mrs. Widow has had to sell their home, hoping she can manage to live off the net sale proceeds until she dies.
Look for a policy that will transition smoothly into his adult pet insurance policy. Many companies offer policies specifically Manulife Vitality Plan designed to do this. Taking preventative measures for future conditions now is the best dog insurance.
Individual Retirement Accounts (IRAs), whether a traditional or a ROTH, can be very valuable for planning for the future. ROTH IRAs grow tax-free. Forever. I think ROTH IRAs are fabulous.
Let's go back to observe and decode. What do they say about Pyramid Schemes? "Only people at the top make lots of money". What does the corporate structure chart of your company look like? How much does the CEO earn a year compared to you? What does the organization chart of your church look like? How about the Girl Scouts organization or any Manulife Vitality health program large non profit organization? All corporate structures look like a pyramid where the person on top gets the biggest salary for all your work effort. Hmmm?
While I am very glad to see that around 70% work 40 hours or less in a week, I remain concerned about those who work more than 40 hours a week. While the survey didn't ask, the consistent message I hear from medical transcriptionists is that they have to put in the extra hours to make ends meet financially. It's also no surprise in seeing this that we often hear MTs struggling with work/life balance issues.
Let's begin with the risk of losing your income. We all live in an uncertain world and some of the uncertainties that surround us today have been with us for millennia.
If you adopt and implement the above steps, I believe that within a year, you will be better off financially, and that you will be on your way to a more Prosperous You!