SOURCES OF FUNDS DURING A DISABILITY
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What Sources of Funds May Be Available to Replace Your Earning Power During a Disability?
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Evaluation |
| Savings |
If you save 10% of your income each year, it will take 10 years to set aside just one year’s income. |
| Borrow |
What creditor is going to lend money to a disabled income earner? |
| Liquidate Assets |
Assuming a market exists, a forced liquidation of assets can reduce their value. A single disability could consume the assets you’ve worked a lifetime to accumulate. |
| Spouse's Earnings |
Your lifestyle may already be built upon a dual income. If, however, your spouse is not currently an income earner, is it realistic to assume that he or she could replace your earning power? |
| Social Security Benefits |
It can be difficult to qualify for Social Security disability benefits. Assuming, however, that you do qualify, Social Security benefits do not begin until the sixth full month of disability and are generally not adequate to replace your earning power. |
There is, however, a potential solution...
Personally-owned disability income insurance, coordinated with other sources of disability income.
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MESSAGES
from the Masters...
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MAKE THE RUBBER MEET THE ROAD
by Josh Hinds
Make the rubber meet the road! - The only problem with goals (if there is one..lol) as I see it is that all too often we plan ourselves to the point that we never actually take action on them. Rather I should say the right amount of action.
I can't even begin to tell you how many people I know (me included in some cases) who are guilty of planning themselves to death! I should say that planning is good. What I mean above is that we need to be willing to admit that no matter what our plans are, life does have a way of making us make minor (in some case major) adjustments that will lead to our intended goals.
My point is this: Have a solid framework for what you want to achieve. Be willing to admit that you might have to make adjustments along the way.
Above all else! Get started! Even if it's simply taking small steps, at least we are making progress, right? As you take those steps reinforce in your mind that with this very action you are indeed making progress.
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Brought to you by:
| Jeffrey N. Schweitzer, EPA, CEP, ATP
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| Northeast Financial Strategies Inc
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About our firm:
Offering Financial & Estate Planning, Investments, Insurance, Accounting, Payroll, and Income Tax Preparation for Individuals & Small Business. "Financial Strategies That Fit YOUR Needs!"
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QUOTES
from the Masters...
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On Desire/ Motivation
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"When you know what you want, and you want it bad enough, you will find a way to get it."
-- Jim Rohn
"Whatever you want wants you even more than you want it."
-– Mark Victor Hansen
"Let us not be content to wait and see what will happen, but give us the determination to make the right things happen."
-- Peter Marshall
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On Balance
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"Life is part positive and part negative. Suppose you went to hear a symphony orchestra and all they played were little, happy, high notes? Would you leave soon? Let me hear the rumble of the bass, the crash of the cymbals and the minor keys."
-– Jim Rohn
"If we had no winter, the spring would not be so pleasant: if we did not sometimes taste of adversity, prosperity would not be so welcome."
-- Anne Bradstreet
"Be prepared to ride the cycles and trends of life; success is never permanent and failure is never final."
-– Brian Tracy
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