Search Results for: life insurance

By the time you realize you need a lawyer, it is often too late. It might be difficult to find a good lawyer at the last minute. That is why people with means often have a family lawyer on retainer at all times. No one calls an attorney without good reason, they are much like first responders. They are the people you hope you will never have to work with. When you do end up encountering them, it is often a desperate situation where you feel hopeless and afraid. You are definitely not coming at it from a position of strength.

The better way to deal with life’s stickier issues is in advance. Like insurance, you never want to use it. But you also never want to be without it. When the worst happens, you just want to know that you are covered. Even so, there are some situations that aren’t amenable to prior preparation. You just have to hang on tight and hope for the best. Here are a few situations where you can do a little better:

Foreclosure

You do not buy a house or rent an apartment expecting foreclosure in your future. But you are also not setting yourself up for success if you don’t have a plan for what happens if you lose your job and find that you can’t make your payment. You need to know answers to questions like, how does foreclosure work. No one saw the pandemic coming. People who thought they were rent stable found themselves on the wrong end of foreclosure notices.

You can start by educating yourself on the options you have if you one day find yourself in arrears. The first thing you should know is that you actually have options. The second thing you should know is that for best results, those options should go through a law firm with experience in such matters. This is not the moment to play Yellow Pages roulette. You need to know who to call before the first notices start arriving. If you have the kind of health insurance that supplements your income when you suffer injury, that can get you by with most of your bills. When those supplemental checks come, don’t breathe a sigh of relief. Move to the next phase and speak to an attorney about what happens next.

A Living Will

There are good reasons why you need a will even if you’re broke. One of those reasons is that there is more than one kind of will. It is not just a way to legally arrange for who gets your goldfish after you pass. It is also a way of letting people know what your wishes are in the event you find yourself in the need of hard medical choices that you are not able to make at the time.

All hospitals ask you if you have a living will. Unfortunately, this usually comes less than an hour before they give you the gas. If something goes wrong on the operating table, you need to be clear about DNR directives, organ donation, and the like. You do not want your distraught family to have to make a snap judgement in the moment when they are at their emotional worst. That is why you should have a living will or advanced directive made while you are at your emotional best.

Prenuptial Agreement

A prenuptial agreement, commonly known as a prenup, is a legal contract created by two individuals before marriage. It outlines the division of assets, debts, and financial responsibilities in the event of divorce or separation. Prenups can address issues such as property rights, spousal support, and inheritance, helping to clarify expectations and protect both parties’ interests.

Everyone knows that money problems can ruin a marriage. What you might not know is that money can also ruin a divorce. If you have a lot of money or are planning to have a lot of money, you might want to have a serious, adult conversation about what happens to that money, taxes, and assets if something happens to the marriage. It is not a strictly negative thing. You don’t want to leave important matters like the care of your children to the vagaries of a judge who is operating on little sleep and a bad burrito for lunch. Make amicable arrangements while both parties are still amicable.

We’re all looking for ways to live our values and have our spending align with our priorities. The only question is: how?

It seems that every day something else is vying for our attention. Many families have been delaying expensive purchases because of uncertainty and turbulence. If you’ve been thinking about how to spend according to what matters most, consider 3 key ideas.

There are so many ways to identify your priorities and achieve savings…here are my top 3 favorites.

Eat Less Meat

If you’re looking for a big solution, eat less meat.

It may seem like an unusual place to start. However, if you shift from eating meat, you will save money on your grocery bill. How much is entirely up to you?

Please don’t take my word for it. Instead, run a personal experiment. Make a move in the direction of eating less meat by initiating a Meatless Monday. Use this day to experiment with eating more vegetables, grains, and whole foods. No meat. All-day.

Then, check your grocery bill. Do you notice a difference?

One friend told me she saw an immediate drop in her bill of 30%.

When you’re eating less meat, you’re not just saving money. You’re also supporting the health of your family. You’re introducing vegetables and whole foods that your children and spouse may come to prefer.

Besides, you’re supporting the earth. It takes a lot more acres to feed a cow than it does to grow enough vegetables to feed people.

And that’s not all. You’re also contributing to not killing innocent animals. Many cows are raised and slaughtered in inhumane conditions. By opting for vegetables, you are helping guide the direction towards the compassionate treatment of animals.

So, let’s say you go for a Meatless Monday and see the benefits.

Why stop there? You can easily expand the zone of no or less meat to two, three, or seven days a week. The choice is yours. My bet is you’ll feel lighter, support your family’s health, help the planet, and spend less. That’s a win-in in every direction.

Use Vinegar

I bet you have noticed that household items can be problematic for the environment. As a conscientious person, you may have looked into buying organic products to reduce potential pollutants.

This is a smart move, but it’s very likely expensive. That’s why our moms and grandmothers often turned to a simple substance: vinegar.

Vinegar is a remarkable product. It can be used to replace so many cleaners and household products. I didn’t believe it at first, but it has the strength to remove scum from the bathroom and mold from the hard-to-get places in the shower.

You can even use it to clean the toilet and bathtub. This is an awesome way to create a healthy household and save money on an ongoing basis.

Protect Your Family

No one likes to think about unexpected events. But sometimes, often in the middle of the night, you may find yourself searching for ways to prepare for unexpected events.

I just got off the phone with a friend who was up all night. Here’s what Sara told me, “I couldn’t stop myself. I was turned into some kind of threat channel in my psyche and I kept thinking about what could help me prepare my family should something happen to me.

I was randomly typing in topics like, buy term life online, build a retirement plan, and start an emergency fund. Before I knew it…the sun was coming up and I still hadn’t gotten any sleep.”

If you find yourself worried and concerned about protecting your family, it is entirely understandable. What can you do? Take specific action. Yes, you can buy insurance. Yes, you can start a retirement plan. Yes, you can take steps to save up for a rainy day emergency fund.

When you do take specific actions, you’ll worry less—and most likely you’ll also have higher quality sleep. With more sleep, you’ll be in a better state of body and mind to deal with whatever is up for today.

Sum Up

There are so many ways to align your values and your spending. What are you going to do today?