In sports you have an offense and a defense. Both are critically important for success. The same is true in the financial realm. Some people do not believe in any kind of insurance. They just go along day by day believing that things will work out and if something should happen the government will be there to help them out. I wouldn’t count on it.

We all need to build a financial fortress for protection for ourselves and our families. Let me give you some ideas:

  1. Auto and Home Insurance: Must haves. Auto insurance to protect yourself in case of an accident that could be your fault and home insurance to protect your investment. Choose higher deductibles and this will lower your payments. You must protect yourself in these areas.
  2. Life insurance: Use term insurance at 10 times your yearly salary. This is inexpensive insurance to protect your family.
  3. Long term disability: This too is a must have to protect yourself against any unexpected loss of income. The younger you are the more the need is for you to have this. I recently had dealings with a 34 year old man who is a quadriplegic due to a tragic accident and his long term disability is his life line for himself, his wife and two children.
  4. Health Insurance: This is difficult for a lot of people. I am self employed and presently pay about $450/mo. to cover myself and my wife with a $5,000 deductible for both of us. You can take advantage of a health savings account where you can put money away tax free every year for medical emergencies.

Remember, we all hate insurance until we need it. You cannot Create Wealth That Lasts without having instruments of protection in your arsenal.

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