The 7 Remedies for an Empty Pocket – #6

6th Remedy: Insure a Future Income

 

Every person that is born will one day grow old, unless God calls him/her prematurely to the world beyond. Therefore, it is wise to prepare a suitable income for the days to come, when you are no longer young and able to labor intensively. It is also wise to prepare a suitable income for your family in case you should no longer be with them to comfort and support them.

Although government assistance is available for older age, it may not always be available. It is not wise to expect and rely solely on this assistance. You should plan certain investments and provisions that will endure safely for many years, and will be available when the anticipated time arrives.

There are diverse ways by which you may safely provide for your future. You may buy houses or lands which, if chosen properly, are fairly permanent in their value. You may also invest in 401K plans and other stock market investments, which have proven over time to provide steady increases.

Every person that provides a financial value to their family should have Life Insurance. Whether you go to work everyday to earn income for the family, or if you stay at home and take care of the kids and the house, you are providing a financial value. If you pass away, your family will no longer have your financial value available. Life Insurance is intended to replace your financial value for your family. The Life Insurance that you secure on yourself should have a value of at least approximately 10 times your yearly financial value to your family.

Provide in advance for the needs of your growing age and the protection of your family.

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