As the year winds down and we embark upon the “holidaze,” it’s a great time to take a few minutes and step back to review. “Now?!,” you may ask. Yes, “now.” Reviewing what we’ve accomplished and can accomplish before year’s end allows us to breathe a little easier as we deal with the frenzied seasonal festivities. So, the next few articles will focus on fundamentals that can bring you peace of mind and a nice deep breath before 2014.
First on the list is insurance – life insurance and business insurance. If you don’t have it or enough insurance, then either purchase it by year’s end or put in the budget for Q1 ’14. However, you should be mindful that, like all important things we must buy, insurance rates are only going to increase. Thus, it may sound counterintuitive, but if your budget is a significant concern but cash flow isn’t, act now because rates will likely increase and the value of your money will decrease.
Life insurance on all the working adults in one’s family is critical. Having sufficient insurance will make for a peaceful night’s rest during times when everything is fun and festive. Conversely, when unthinkable situations occur, family members can focus on the healing and comforting of each other instead of scrambling to try to find money to pay for memorial service necessities or thinking about a job search to replace income.
Business insurance should be a no-brainer. Yet, thousands of smart business owners don’t have liability insurance. America is the most law-suit crazy country in the world. I need not say more about that. However, insurance can also be of great help if a smallbiz owner becomes ill and can’t pay the bills for a few months. Finally, keyman insurance is helpful in succession planning issues.
For more information about the usefulness of insurance, check out these articles and be sure to enter 2014 on a peaceful note:
Why and how to make the appropriate designations; it is not as easy as it appears.
Determining the appropriate amount; and it shouldn’t concern Jimmy Choo.