If you haven't asked yourself these important financial questions you are not ready for what life will throw at you. Many of the "unexpected events" in life can be easily prevented if you prepared for it. I will be posting a series of questions that you should ask yourself on Linkedin and these questions have been accumulated from my many years of experience working in the financial service industry. They are designed to help you get ahead of the game and prepare for the worst. If any of this makes sense to you, please consider talking to a qualified advisor who will help design a customized plan just for you. And we certainly hope it’s us!
Defense Planning Questions
What's my most valuable asset? What would happen to me and my loved ones if I can't work anymore due to an injury or sickness? What if this injury or sickness lasts longer than a year or forever? Do I know someone that has had such experience? See real people's stories.
What would happen to my loved ones if I died today? How will my loved ones pay off my debts, such as the mortgage? My children's education expenses? Other living expenses? Do I know someone that has had such experience? See real people's stories.
Who will take care of me or my parents or my loved ones if any of us have long-term care needs? Will I take time off from work to take care of them? Will I send them to a nursing home? How much will it cost me or my parents? Whose assets are eventually mine, to receive care? See how much Long-Term Care can cost you.
Own a house? A business? Investments? Rental properties? Other valuable assets? Am I protected from legal liabilities and property damages? What if my teenage son/daughter hit and injured or killed a pedestrian? What if my renter sues me for no good reason? What if my bathroom sink leaks and damaged my down stair neighbor's properties? What if my house sets on fire and burnt down my neighbor's house and killing one of their family members? Am I prepared for all these unforeseen events?
Are my investments protected from market loss? What if I lose all my savings when I'm ready to retire? How long will it take me to recover from all my losses? Can I purchase insurance on my investments so it'll guarantee me a retirement income? What if I live for too long? Will I outlive my retirement savings? What if social security won't pay me enough? Is there anything out there that can help me mitigate this risk?
What's my most valuable asset? What would happen to me and my loved ones if I can't work anymore due to an injury or sickness? What if this injury or sickness lasts longer than a year or forever? Do I know someone that has had such experience? See real people's stories.
What would happen to my loved ones if I died today? How will my loved ones pay off my debts, such as the mortgage? My children's education expenses? Other living expenses? Do I know someone that has had such experience? See real people's stories.
Who will take care of me or my parents or my loved ones if any of us have long-term care needs? Will I take time off from work to take care of them? Will I send them to a nursing home? How much will it cost me or my parents? Whose assets are eventually mine, to receive care? See how much Long-Term Care can cost you.
Own a house? A business? Investments? Rental properties? Other valuable assets? Am I protected from legal liabilities and property damages? What if my teenage son/daughter hit and injured or killed a pedestrian? What if my renter sues me for no good reason? What if my bathroom sink leaks and damaged my down stair neighbor's properties? What if my house sets on fire and burnt down my neighbor's house and killing one of their family members? Am I prepared for all these unforeseen events?
Are my investments protected from market loss? What if I lose all my savings when I'm ready to retire? How long will it take me to recover from all my losses? Can I purchase insurance on my investments so it'll guarantee me a retirement income? What if I live for too long? Will I outlive my retirement savings? What if social security won't pay me enough? Is there anything out there that can help me mitigate this risk?
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