The house
So, in closing, here's the final comments here for tonight so you can really understand what we do.
Our solution is to build your financial house. You know if you were going to build a house, you have to start with the foundation.
If we were sitting in your home right now and you knew that you had a big crack in the foundation of your floor…how comfortable would you and your family be sleeping here tonight?
Now it's the same with a financial house, and so you have got to build a strong foundation.
Okay and we are going to build the financial house from the ground up so we are going to start with the foundation.
The foundation for a family who has individuals that are dependent upon a loved one's income in the event of a premature death, has got to start with protecting your income.
We do that with term insurance.
Okay, a good rule of thumb is that we need between eight and ten times our annual salary in insurance coverage.
Okay, because if you had 30000 of income that was needed if someone died and over $300,000 sitting, that would provide that $30,000 a year because they could just live off that money for a long time.
Okay, so we start with the foundation does that makes sense?
Now the next step is to make sure that we've got a good solid budget which is very important.
Okay, then we've got to build an emergency fund, and that we've got a will set up.
Now do y’all have a will currently? Do you have an emergency fund that you feel comfortable with? They say you should have like three to six months of cash sitting.
Okay and then a budget… have y'all really figured out exactly what you make and what you spend?
Okay, so those are very important.
We say the third floor of the hous is to eliminate debt. Now some people will say to me “_____ look, I know we need life insurance and all, but I really am committed to getting out of debt, I have got to get out of debt” and I think that's very important to get out of debt, but once again, if you die prematurely with the debt... the debt doesn't just go away, you leave that to your family.
So you need to protect your income so they could pay off that debt does that make sense?
Starting with debt is almost like saying to your architect “hey listen, I like kitchens, so I know the foundations important but could you just start with my kitchen.” Bad joke right, then you got retirement planning, and then after that is the college fund.
Okay then, after that other goals and dreams.
Whether that's your dreams and goals that you have a long-term care coverage or things of that nature. All right so we build the house from the ground up. Unfortunately many Americans today build it from the roof down. Okay do you have any questions about that or does that make sense?
Now have you ever seen it presented or laid out out this way?
I know for me when I saw it that way it made more sense, I got right. So here's the question and financial needs analysis is designed to do this for you…okay, so on a scale of one to ten, ten being the highest, how would you rate your desire to become properly protected, debt free and financially independent?
In other words what I'm asking is, how important is it for you guys to have a really, really like crack free, bulletproof foundation and strong financial house?
So where do we have to start?
Now the question becomes how much are you earning on a monthly basis that we need to protect?
Our solution is to build your financial house. You know if you were going to build a house, you have to start with the foundation.
If we were sitting in your home right now and you knew that you had a big crack in the foundation of your floor…how comfortable would you and your family be sleeping here tonight?
Now it's the same with a financial house, and so you have got to build a strong foundation.
Okay and we are going to build the financial house from the ground up so we are going to start with the foundation.
The foundation for a family who has individuals that are dependent upon a loved one's income in the event of a premature death, has got to start with protecting your income.
We do that with term insurance.
Okay, a good rule of thumb is that we need between eight and ten times our annual salary in insurance coverage.
Okay, because if you had 30000 of income that was needed if someone died and over $300,000 sitting, that would provide that $30,000 a year because they could just live off that money for a long time.
Okay, so we start with the foundation does that makes sense?
Now the next step is to make sure that we've got a good solid budget which is very important.
Okay, then we've got to build an emergency fund, and that we've got a will set up.
Now do y’all have a will currently? Do you have an emergency fund that you feel comfortable with? They say you should have like three to six months of cash sitting.
Okay and then a budget… have y'all really figured out exactly what you make and what you spend?
Okay, so those are very important.
We say the third floor of the hous is to eliminate debt. Now some people will say to me “_____ look, I know we need life insurance and all, but I really am committed to getting out of debt, I have got to get out of debt” and I think that's very important to get out of debt, but once again, if you die prematurely with the debt... the debt doesn't just go away, you leave that to your family.
So you need to protect your income so they could pay off that debt does that make sense?
Starting with debt is almost like saying to your architect “hey listen, I like kitchens, so I know the foundations important but could you just start with my kitchen.” Bad joke right, then you got retirement planning, and then after that is the college fund.
Okay then, after that other goals and dreams.
Whether that's your dreams and goals that you have a long-term care coverage or things of that nature. All right so we build the house from the ground up. Unfortunately many Americans today build it from the roof down. Okay do you have any questions about that or does that make sense?
Now have you ever seen it presented or laid out out this way?
I know for me when I saw it that way it made more sense, I got right. So here's the question and financial needs analysis is designed to do this for you…okay, so on a scale of one to ten, ten being the highest, how would you rate your desire to become properly protected, debt free and financially independent?
In other words what I'm asking is, how important is it for you guys to have a really, really like crack free, bulletproof foundation and strong financial house?
So where do we have to start?
Now the question becomes how much are you earning on a monthly basis that we need to protect?