Financial Facts

August 2012

HOW MUCH LIFE INSURANCE DO I NEED?

How much life insurance is enough depends on your individual needs and your financial objectives for your family.

While life insurance cannot replace you, it can provide the funds to:

  • PAY FINAL EXPENSES
  • REPLACE ALL OR A PORTION OF YOUR INCOME
  • KEEP YOUR FAMILY IN THEIR HOME
  • ESTABLISH A COLLEGE EDUCATION FUND
  • COVER FINANCIAL EMERGENCIES
  • PROVIDE A CHILD AND/OR HOME CARE FUND

How much life insurance is enough?

This question is best answered through an analysis of your family and financial situation, as well as your financial goals and objectives.



MESSAGES
from the Masters...

DEVELOP THE DO-IT-NOW HABIT

by Tom Hopkins

Self-Discipline really encompasses nearly everything in life. Do you remember in school when you were given 30 days to write a term paper? Did you start it that first night?

Most of us didn't. Instead, we thought about it every night. "Got to get moving on that ratty project. But I've got almost a whole month left--it can wait." As time goes by, worry about getting a failing grade looms larger in our minds. At first the pain of starting the term paper is greater than our concern about the failing grade, so after a week we still haven't started. Two weeks go by. What are we doing every night before we go to sleep? Worrying about that F. "I better start. Tomorrow I'll get moving on it."

A week before the term paper is due, the F is getting larger--but it's still not quite large enough to offset the pain of working at preventing it. All of a sudden there are only three days left before it's due, and at last the F looms larger than the pain of working on the term paper. So we start.

As you lay it out you begin feeling some enthusiasm. "This isn't bad. I may get an A if I do this and do that." When you walk in with your paper you're happy, but you wasted 27 days worrying about starting. In other words, you operated at a deficit emotionally for 27 days when you could have been in the profit column the whole time. Move into the emotional profit column right now; starting today, get your priority tasks and actions handled promptly. Plan your actions, then act on your plans. Apply this determination to every area of your life and it will make an enormous difference in your income, growth rate in business as well as your satisfaction and growth rate personally.

The portrait of a man who was being called the Whiz Kid on Wall Street appeared on the cover of a national magazine many years ago. He was one of the first to put a conglomerate together, and some of the federal laws affecting business in the early 70's came about because of the trends that his creativity set off. At the time he was 42, he was running one of the largest industrial combines in the country, the conglomerate he had built himself. So the magazine had assigned a journalist and a team of researchers to do an in-depth report on this entrepreneur.

One of the researchers went to the small city the dynamic executive had left 15 years earlier. A few items turned up there about an alcoholic with the same name who had been sleeping on park benches at that time. The researcher passed this information along, and as the journalist was concluding his interview with the Wall Street powerhouse in his plush office, the journalist laughed and said, "Believe it or not, a man with your exact name was sleeping on park benches and getting ousted by the police when you lived in your home town. I guess the poor guy was a real wino. Isn't that something?"

The president looked up and smiled. "That was me," he said.

The reporter was flabbergasted. "This can't be. You're kidding."

The president of the conglomerate leaned back in his leather chair and shook his head. "I'm not kidding. The wino sleeping off drinks on park benches was me."

The journalist stared at him for a moment and realized that the man was telling the truth. He also realized that now he had a whole new story. When his apologies were waved aside, he said, "I have to ask, what made you change?"

Listen to what he said because so many people fit this mold: "When I was sleeping under newspapers in the park 15 years ago, I knew that someday I would do what I'm doing now. I was just waiting until I was ready to start."

Do you know how many people are like that? "Well, next year's my year. I'm going to get to work then. You just wait and see--right after the first of the year I'm gonna start shaping up." But of course the time to get going never quite comes for most people. They have good intentions, but are lacking the two most vital components of any good deed: the motivation to begin and a strategic plan to keep them moving forward.

You see, by not beginning, you're not risking failure, but you're also confining yourself to the level of success you currently have. If you're happy with that, fine. If not, make that plan and get fired up!

If your potential for greater success is nagging at you, don't wait. Time is flying by so fast. Start today to achieve the greatness you know is within you.

Brought to you by:

Jeffrey N. Schweitzer, EPA, CEP, ATP

Northeast Financial Strategies Inc

667 South Street
Wrentham, MA 02093
800-560-4637
jeff@nfsnet.com
http://www.nfsnet.com

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!"

QUOTES
from the Masters...

On Happiness

"The road to happiness lies in two simple principles: find what interests you and that you can do well, and put your whole soul into it - every bit of energy and ambition and natural ability you have."

-- John D. Rockefeller, III

"Did you ever see an unhappy horse? Did you ever see a bird that had the blues? One reason why birds and horses are not unhappy is because they are not trying to impress other birds and horses."

-- Dale Carnegie

"Optimism is the one quality more associated with success and happiness than any other."

-– Brian Tracy

On Leadership

"As a leader you should always start with where people are before you try to take them to where you want them to go."

-- Jim Rohn

"Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion."

-- John Welch

"Leadership is the ability to get extraordinary achievement from ordinary people."

-– Brian Tracy

"Effective leadership is visionary leadership."

-– Mark Victor Hansen

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; 2012 VSA, LP

We don't want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!


Facebook LinkedInTwitterBlog

Bookmark and Share