Life Insurance As An Asset?

Life Insurance As An Asset?

 

life insurance

Life Insurance. When you think of assets what comes to mind? When thinking about your future money the more diverse the assets the better. Most people like bonds,fixed or cash products because they are SAFE! What happens when “LIFE” throws you a curve-ball?

 

You may have been diagnosed with an illness and now you need to start dipping into that bucket. Now you face depleting that bucket and can you or will you ever be able to replace that outgoing money?

 

Let’s look at another asset that could perform in many “curve-ball” instances, one that you may not even be aware of, one that can used for a plethora of “Life Situations”

It is Life Insurance!

Are you surprised? The reality is that most people aren’t taught the beauty of Life Insurance as an Asset Class. Its looked upon as an expense. Canceled first if financial stress happens as if it were a gym membership.

The problem with that is you are only able to get Life Insurance if you are healthy and the younger you get it, the less expensive it is.

Q: Where did people have their money during the great depression?

  1. Bank
  2. Cookie jar
  3. Insurance Company

Fact; During the great depression the only people who were financially comfortable had all of their money in INSURED  INVESTMENTS! AKA; Life Insurance!

When constructed correctly with the correct company it could be one of the greatest assets you can provide yourself with. It can also protect your business, your family and You in case of an unforeseen illness. This is so personal and when structured correctly with your individual needs, it could give you everything you ever need for a financially comfortable future.
Let’s have a discussion about this. Its Life Changing.

TOP TEN REASONS TO FORM A BUSINESS ENTITY – THIRD IN AN ONLINE SERIES OF FIVE ARTICLES

In our third of five articles highlighting a total of ten good reasons to set up a business entity, today we talk about happy girl with money 28178268_slegal requirements and the ability to buy and/or depreciate assets you might normally use.

1.Legal Requirements.  In most cases, small business owners are allowed to choose they type of entity they want to be, whether it be a limited partnership, general partnership, sole proprietorship, corporation or LLC.  However, under the California Corporations Code some professions are controlled by licensing boards that prohibit the company from being an LLC.  These are notably in the health care fields, such as doctors, dentists, acupuncturists, nurse practitioners, physical therapists, chiropractors, and veterinarians, to name a few.  Also restricted in the non-medical field are lawyers and accountants.  See California Corporations Code13401 et seq. for a complete list of professions that must be a professional corporation if choosing between an LLC and a corporation.  Most of these may also have a limited liability form of partnership structure if that is what the business partners want.  Continue reading “TOP TEN REASONS TO FORM A BUSINESS ENTITY – THIRD IN AN ONLINE SERIES OF FIVE ARTICLES”

Understanding Assets on the Balance Sheet

Balance Sheet, Assets, BookkeeperAs a bookkeeper, we provide reports to clients for them to know the health of their businesses. Two of the main reports are the Profit and Loss (also known as the Income Statement) and Balance Sheet.

Sometimes clients don’t understand what each type of account represents and how the information appears on reports. The next few posts I share will discuss the different types of accounts and how the information affects your reports. Today I’ll discuss Asset accounts.

Assets represent ownership of value that can be converted into cash (although cash itself is also an asset). Continue reading “Understanding Assets on the Balance Sheet”

3 STEPS TO DISCOVERING YOUR GREATNESS

Your Unique Greatness, EntrepreneurWhat does your greatest self look like? Who and what are you capable of being? Our greatest self lies under the masks that we have created to hide who we really are. Hiding who we really are is disabling our most immense asset. Marianne Williamson says, “Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure.” So how does one become aware of the greatness that they have within? Here are three action steps to support your journey in discover. Continue reading “3 STEPS TO DISCOVERING YOUR GREATNESS”