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The last few years have likely brought much angst to your clients when it comes to their personal finances. And as a trusted adviser, your clients may want to turn to you for help to deal with the aftermath of the economic fluctuations and settle their jitters. Yet too often those big personal financial planning questions go unasked.Source: http://ezinearticles.com/6340419
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You know insurance is part of a solid financial plan, so you?ve made sure all your bases are covered with the right kind of coverage. Then you see a commercial or hear about a new type of insurance that sounds pretty good?like an extra layer of protection. How bad can that be, right?
That ?extra protection? can just be a gimmick?expensive coverage you shouldn?t waste your money on. Here are a few to watch out for:
There is no need to buy a life insurance policy for your children, even one like Gerber life insurance, which is a whole life policy that claims to help you save for college. The best way to save for college is with an Education Savings Account (ESA). If you want the security of knowing final expenses are covered should you tragically lose a child, add a rider to your life insurance policy that would simply pay for funeral costs.
As the name implies, an accidental death policy pays your beneficiaries if you die in an accident. But no matter how you die, your family?s financial needs won?t change. A term life insurance policy will meet those needs. You?re not double-dead if you die in an accident, so there?s no reason to pay extra for double coverage.
We all want our families to be secure in their own homes if we die unexpectedly. So many people buy mortgage protection insurance to pay off their mortgage in the event of their death. Again, the proper amount of term life insurance will be enough to pay off the mortgage and support your family. Plus, mortgage insurance is more expensive than term life, and the benefit actually decreases as you pay down the mortgage balance. The same goes for any credit life insurance designed to pay off a specific debt if you die?you simply don?t need it.
Insurance is all about transferring risk. If you can afford to take the risk, you don?t need to pay for insurance to protect you. With good medical insurance and a fully funded emergency fund, you won?t need supplemental insurance to help you pay for short-term medical issues. However, you should protect yourself from long-term medical problems with long-term disability insurance.
Cancer is a scary word, and nearly everyone has either seen or experienced its emotional and financial tolls. But your medical insurance covers cancer just like any other disease, so buying cancer insurance is simply adding coverage you don?t need.
What could be better than providing for your family in the event of your death while saving money at the same time? Well, almost anything else would be better, but a term life policy for 8?10 times your income is the best choice. Whole life insurance includes a built-in savings plan, but the fees are high and the returns are historically subpar. Dave considers it to be the worst insurance product available.
If you have any questions about the coverage you have or the coverage you need, talk with one of Dave?s insurance Endorsed Local Providers. Dave?s ELPs are insurance professionals who will recommend the same coverage Dave does. Your ELP is also an independent insurance agent, which means he?ll work for you, not the insurance company, to find coverage to meet your needs and budget. Contact your ELP today!
Source: http://www.daveramsey.com/article/insurance-gimmicks-you-can-do-without/lifeandmoney_insurance
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You may be scared. You may be anxious. Try as you may, you haven't been able to lock those feelings away or hammer them into submission.
You're angry at the collectors who are bringing chaos into your world. Sleepless nights have made you irritable. Your imagination paints bleak pictures of a hopeless future. Worst of all, you're down in the dumps because you believe your family and friends may be seeing you as a failure.
It's the worst time in the world to be making life-altering decisions, yet that's exactly what you've got to do.
The threshold question is whether you ought to file Bankruptcy in the first place. The answer may look obvious from where you stand, but that's no surprise, since you're hip-deep in it. Take a step back. What if there is a better solution? What if you could avoid the emotional devastation? Wouldn't it be smart to find out?
If there isn't an alternative, then what do you do next? Do you need a lawyer, and if so, how do you find the right lawyer? And what do you do once you and your family?and everything you own?are caught up in the complicated legal system?
Dave Ramsey knows that bankruptcy is one of the most soul-crushing, marriage-twisting experiences in life. His Financial Peace University program, which rose from the rubble of his own Bankruptcy, was created because he was determined to never again owe anyone money. And he wanted to do everything he could to help others find a better solution to their financial woes. That's why he and his team have walked with thousands of families recovering from the after-effects of Bankruptcy.
Remember, Dave's Debtor Education program was created at the request of a prominent Chapter 13 Trustee who had seen, and deplored, the ineffective, profit-motivated programs that were rushed to market when the Bankruptcy Act mandated financial education. Dave had already been helping people for years!
At the end of the day, there are two possibilities. You can let others make your choices and do whatever works best for them, or you can take charge and go down the one path with a proven record of success. Our helping hand is extended. We will walk with you every step of the way, if you will just make that call?or hit that link?and let us do what we do best.
*This information is for information's sake only and is not an endorsement, referral or recommendation.
Source: http://www.daveramsey.com/article/bankruptcy-seven-things-to-know/lifeandmoney_bankruptcy
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