Building wealth is the sexy part of personal finance. It’s where you get to invest and take risks and watch your money grow. But there is a vital step to take first to make sure that your wealth can’t be swept away in a heartbeat thanks to an unforeseen event. We need to talk about life protection.
(Scroll down to check out the resources, including a Life Protection calculator)
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New Accumulators – Building Wealth On A Sure Foundation
In my book, The MeaningfulMoney Handbook, I recount the bible story of the wise man who built his house on the rock. When the storm came and the waters rose, the house stood firm because of its solid foundation. By contrast the foolish man built his house on the sand, and when the storm came things ended very badly indeed because the foundation just wasn’t solid enough to withstand disaster.
When I distilled the essence of personal finance down to three steps, the second step was to insure against disaster. It’s so important, an entire section of the book is dedicated to it! So let’s get into this now from the perspective of a new accumulator, someone looking ahead to build wealth for their future, someone like YOU!
Resources mentioned in this episode
Talk to the protection experts: LifeSearch
Podcast: Life Protection with Tom Baigrie
Podcast: Protecting Your Future
Also, I've created a calculator (It's an Excel Spreadsheet) to help you calculate how much cover you'll need:
Course: Learn How To Invest– Don't forget the discount code of PODCAST25 when you sign up
Website: Meaningful Academy
Investment Platform: 7IM Self-Invest
And for a transcript of today's show, click the big blue button below!
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