The Best Offense Is a Good Defense

27 January, 2016

Or is it the other way around? When it comes to your money, both are equally as important. It is good to be proactive and be on the offensive with your budget and your financial goals, but what about your defense?
Your best defense is insurance. From your auto and home policy, to life and identity theft insurance, they all play an important roll in protecting your money while you build wealth.
If you have not looked at your policies lately, pull them out and do some spring cleaning. Do you have enough coverage or do you just have the bare minimum? If you have a fully funded emergency account (3-6 months of expenses), you might consider getting a higher deductible on your auto and home policies. Are you married with kids? What if your spouse were to pass away, how would that change your life? Your life insurance policy should cover 8-10 times your annual wage. For example, if you make $50,000 per year, your policy should be for $400,000-500,000.
One key in life insurance is to never buy whole life insurance. The only policy you should consider is term life insurance. Don’t be talked into life insurance as an “investment”. Insurance is never an investment, it is defense. You can get a term policy for a fraction of the cost and put the rest of your hard earned money elsewhere.
Health insurance has seen lots of changes lately, but check into a health savings account. With a health savings account, you can get a tax credit for money spent on medical bills, while saving money at the same time.
Lastly, have you ever had your identity stolen or know someone who has? It is not fun and will take a lot of time to cleanup. Lots of time on the phone and legal letters to be typed. For $10-15 a month, you can have insurance that will cover you up to $1 million if your identity is stolen. Be sure to get a policy that includes the cleanup process. Good coverage will include someone to make all of those time consuming phone calls on your behalf.
The world of insurance can be confusing, but don’t let that stop you from being properly covered.
As always, if you need help in your financial journey or simply need help getting started, let’s get together and map that out. Email me at tim_parady@yahoo.com for more into.

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My name is Tim Parady and I am 36 years old. I was born in Connecticut, raised in Virginia, had a brief layover in Kansas which led me to Texas where I met my wife and best friend. We just celebrated 145years of marriage.
I have the best job in the world, which is to improve peoples lives. I teach people how to win in all areas of there money, which affects all areas of their lives.
78% of Americans live paycheck to paycheck, with no money in the bank and little knowledge of how to invest for their retirement. You can have a different future. You can win with money and I can show you how.
I am an independent Dave Ramsey Financial Coach,and Insurance Agent at Alkali Insurance and I am here to serve you. My goal is to provide knowledge and tools to change your life. To schedule an appointment to address your financial needs and goals, email me at tim_parady@yahoo.com

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