Gerry Gan17842

The sellers of financial wisdom would have us believe that prosperity is a function of owning the right product. And we all know that there's a glut of choices out there - more in fact than in all of history.

But if the product you choose really is the golden egg, dont you think we would all be hatching fortunes by now? The plain, unpopular truth is that buying a particular product, whatever it may be, will not cannot make you financially successful. So, whats the busy business owner or professional supposed to do?

Heres my first strategy to help you make more money, keep more money and make your money work harder for you. And make no mistake, strategy is what will get you to prosperity.

Protection First
Its easy to think that whatever we have socked away can also protect us against the unexpected. However, depending on your retirement fund for anything other than retirement jeopardizes your future and your present. If youve invested years in your business and your education, lack of protection is the dumbest thing you can do.

Questions to Ask Yourself

1. Am I protected if Im sued business or personal?
2. Are my personal assets protected from business creditors?
3. Do I own disability insurance? How many days do I have to be disabled before it kicks in? How much do I get every month? How long does the benefit last? Is the benefit taxable?
4. Do I have medical insurance? Does it have a lifetime benefit over $3 million?
5. Do I have ownership agreements with my business partner(s)? Do these agreements reflect the current situation of my business? How is the business valued?
6/ Do I own life insurance business, personal or both? Am I fully insured to my economic replacement value to my family or my partner(s)?

If youre not 100% sure of the answers to these questions, then theres no time like the present to find out.

Take Away Wisdom
Buying strategic protection for your assets, income and life now actually makes long-term savings (like a retirement plan) more efficient and secure because you know they wont have to be plundered if the unexpected occurs.

Joan Gilles is a Financial Coach. She helps business owners and professionals get really clear about what it is they want financially and gives them a model and tools to get it. What makes her different is she does her work without taking money out of a business or personal pocket. She can be reached at 651/578-2961 or jmgilles@pressenter.com

This just one part of a 5 part e-course called Prosperity Rx: A Prescription For Now & The Future. Please email jmgilles@pressenter.com to receive all five parts and a bonus.

# posted by gerrygan23719 : 8:44 PM