October 2020 Living Debt Free and Wealthy Newsletter

7 Financial Ailments
It shouldn’t come as a surprise that your financial situation can have a ginormous impact on your health. It affects your lifestyle, your care, your stress to just name a few things that affect your health. What’s really cool about this link is that you can draw a lot of understanding since they share similar concepts. Just like you want to live a healthy life so you can make it to retirement, you also need to live a healthy financial life to make it there. Just as there are many ailments, accidents and other unfortunate events that can harm your physical health, there are things that can harm your financial health as well. Today I want to talk about 10 Financial Ailments that keep you from living financially healthy.

Procrastination: This is the biggest mistake of all. Putting off until tomorrow what you should have done yesterday. Just as untreated health ailments get worse, so do your financial ones!

Failure to Plan: People don’t reach success by accident. If you aren’t establishing definite financial objectives and implementing a plan you are setting yourself up to fail! Just as you need to follow the correct steps to keep your body healthy, so do you with your finances.

Time Value of Money: Just as a virus can spread exponentially under the right circumstances, so too can your money. Compound Interest is probably the single greatest financial discovery.

Taking Unnecessary Risks: Financial Risk is a big one. People assume that in order to receive substantial growth they have to take substantial risk. This is simply not true. Just as there are medicines and vaccines to protect your health, there are also steps you can take to protect your financial health. And I am not just talking about investment risk. You also need to protect yourself from the other unforeseen losses. Life, home, health, auto, disability, and other forms of insurance are mandatory today to protect families against catastrophic losses. ...Continued on top of page 2
Your Greatest Asset

If you were to take into consideration everything you have, what is your most valuable asset? Is it your house, your car, your 401(k), your checking account, or something else you possess? In reality, it is none of these things! The biggest asset a person has is their ability to work. Don’t you agree? Think about it, if you were to lose your ability to work and could no longer produce an income, would you be able to keep your car/house? How long would any of the assets I listed above last you?

Do you remember the last time you went on vacation? Think about all the planning that went into that. You might have had to save for months or years to take it; you knew when you would return to work, when your next paycheck was coming, how much the vacation was going to cost you, etc… What would happen if you were forced to take a surprise vacation starting tomorrow?

Free Report- Learn How to PAYOFF Your Debts and Truly Live Debt Free!

"Happiness is not something you postpone for the future; it is something you design for the present."  

-Jim Rohn

Interesting Facts:

-A hive of bees will fly 90,000 miles, the equivalent of three orbits around the earth to collect 1 kg of honey.

-Bees have 1 of 3 roles: Queen, worker and drone.

-It only takes one ounce of honey to fuel a bee's flight around the world.

-Honey is the only food that includes all the substances necessary to sustain life, including enzymes, vitamins, minerals, and water; and it's the only food that contains "pinocembrin", an antioxidant associated with improved brain functioning.  

Did you KNOW?

Oktoberfest is the world’s largest funfair held annually in Munich, Bavaria, Germany. It originally started in 1810, and it is widely celebrated in over 13 different countries today. The name Oktoberfest is slightly misleading as the celebration begins in September and is typically over by mid-October.

Oktoberfest while most widely known for its ties to beer, traditionally celebrates all areas of German Culture, from beer, to crafts, parades, their cuisine, traditional dress, dances, and more.

Typically, the beers served there are true German beers, flavorful with stronger alcohol content. If you drink beer, I recommend you try them at least once.

For more information about the festivities in the United States visit…

http://en.wikipedia.org/wiki/O ktoberfest_celebrations#United _States
7 Financial Ailments
Letting Spending Run Wild: Just as eating a poor diet consistently deteriorates your health, so does bad financial habits. In order for you to be healthy, you need to practice healthy financial living. Letting spending run wild and running up credit cards are huge mistakes.

Not Utilizing Tax Laws: We all hear stories about how the rich avoid taxes. There are ways both ethically and morally correct to avoid paying taxes when planned correctly. It is highly imperative to study up on Tax laws, or to see an expert who does have a clear understanding to minimize the fees you pay to the Government.

Failure to Use Professional Advice: It is just as important to listen to use a Professional advisor in your finances as it is to listen to Doctors to guide you on your health. We cannot become experts at everything, especially not when it comes to the intricacies of financial planning. Not even doctors work alone. Find a professional you trust who can coordinate with other experts to ensure you are always on the right track.

Family‘s financial health is something I take very seriously. Just as you take steps to protect your physical health, I beg of you to take steps to protect your financial help. Remember, I am always here to help you and there is no obligation to work with me. 
Your Greatest Asset

This time though, you don’t know when you can return to work. You don’t know when your next paycheck will come, and you have no idea how much it is going to cost you? Do you have savings in the bank to cover it? Would you and your family be okay? That is what it means to suffer a long-term disability.

You might be thinking; won’t worker’s compensation take care of me? It can, if you were hurt on the job, but the reality is most long-term disabilities do not stem from a work accident, but rather a decline in health, injury, or development of a condition or illness? You may think this won’t happen to you, but between the ages of 35-65, 1 out of 3 people will suffer a disability for over 90 days and 1 out of 8 people will become disabled for 5 years or more.

What about Social Security Disability? According to ssa.gov, in 2017 almost 2.2 million individuals filed for disability. Of that 2.2 million that applied, only a little over 750k were accepted. On average it takes between 2-3 years to get approved by Social Security Disability. Do you have enough savings to last that long?

The reason I am writing about this is not to scare you. It’s that I don’t want to see any of my friends, family, neighbors, or anyone else I care about, suffer when there was something I could have done to prevent it. If this is something that you are concerned about, please give me a call and I will be happy to help in any way I can.