Insurance

Top Money Questions – December 2019

Happy Monday and Happy (almost) New Year! It’s the last Monday of December, so we’re answering all of your top money questions on the Monday Money Tip Podcast. Questions today range from starting a small business to rental properties to long-term care insurance policies. In our Current Money Events segment, we’re discussing what you can do NOW to help you achieve your financial goals in 2020. Our success story today comes from Ms. Parker, who has been able to make huge progress on her debt elimination journey. 

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
YouTube

About the Episode: 

  • Today, we’re answering your top money questions from December, including questions about starting a small business, obtaining rental properties, and if purchasing a long-term care insurance policy is a good idea. 
  • In our Current Money Events segment, we’re discussing what you can do NOW to help you achieve your financial goals in 2020.
  • Hear a success story from Ms. Parker, who has been able to make huge progress on her debt elimination journey. 

Resources:
20/20 Money: Gaining Clarity For Your Financial Future
IWBNIN – Tools
Debt Freedom Date Calculator
IWBNIN Ladder
Debt Snowball – Video
MMT Podcast – Episode 18: How to Pay Off Debt Quickly
MMT Podcast – Episode 28: 8 Ways to Speed Up Debt Elimination
MMT Podcast – Episode 36: Bite-Sized Debt
BOOK: I Was Broke. Now I’m Not.
BOOK: OXEN: The Key to an Abundant Harvest

My Personal Rules for any debt arrangements relating to business investments:

  • I won’t finance anything that makes me lose sleep at night. 
  • I won’t finance anything that my bride doesn’t agree with. 
  • I won’t finance anything that prevents me from living generously. 
  • I won’t finance anything that prevents me from pursuing my family’s God-given plans, hopes, and dreams.
  • I must have a path to paying off the debt within five years.
  • I must have at least 50% ownership stake so I have the ability to take control of the investment.

MONDAY MONEY TIP PODCAST: Choosing the Right Insurance

Another episode of the Monday Money Tip Podcast is LIVE! In today’s episode, we’re discussing how to make wise decisions when it comes to insurance providers. Everyone says they can save you money, but what do you really need? In our Current Money Events segment, I’m talking about how our mini-budget tool can help your family not lose momentum during summer vacations. Also, hear a success story from Debbie, whose life was changed because of a budget!

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take the next step, and that you’ve had FUN with us! 

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
YouTube

About the Episode: 

  • We answer the question: “I find the world of insurance so confusing. All of the various companies say I can save money by switching to them. Can you help us figure out how to make wise decisions when it comes to insurance providers? Also, it would be great to know what types of insurance I need – and what we don’t need!”  
  • In our Current Money Events segment, I shares about how our mini-budget tool can help your family not lose momentum during summer vacations.
  • Hear a success story from Debbie, whose life was changed because of a budget! 

Resources:
IWBNIN – Insurance
Mini-Budget Tool
Episode 15 – What Type of Insurance Should I Have?

Quote of the Day: “Insurance is the only product that both the seller and buyer hope is never actually used.” – Unknown

 

MONDAY MONEY TIP PODCAST: How to Win With Your Money While on Disability

Another episode of the Monday Money Tip Podcast is LIVE! In today’s episode, we’re diving into the topic of disability, specifically how to win with your money (including saving and investing) while on disability. In our Current Money Events segment, I’m talking about how to utilize the “Principle of 5 Swings of an Ax.” Also, hear a success story from a couple who’s climbing the I Was Broke. Now I’m Not. Ladder, one rung at a time.

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take the next step, and that you’ve had FUN with us! 

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
YouTube

About the Episode: 

  • We answer the question: “I love what you teach, but I find it very difficult to apply all of the knowledge because I am disabled. Because of this, I am limited on how much I’m allowed to save or invest. Could you help me with some practical steps to begin winning with money while on disability?”  
  • In our Current Money Events segment, Joe shares the “Principle of 5 Swings of an Ax.” 
  • Hear a success story from a couple who’s climbing the I Was Broke. Now I’m Not. Ladder, one rung at a time.

Resources:
IWBNIN – Online Banking
0% Balance Transfer Credit Cards
Charles Schwab
IWBNIN Ladder
SSI disability
Receive SSI
Medical Eligibility for Disability Benefits
SSI Asset Limit
Blog: How much cash or money can I have
Overview of Disability Programs
Plan to Achieve Self-Support (PASS)
SSI Spotlight on Resources
Blog: Saving Money While Receiving SSI
Ticket to Work

Quote of the Day: “You can do this!”

Long Term Care Insurance

Long term care insurance is something that many people could benefit from and it is definitely worth looking into.  If you ever need long term care, it is a monstrous expense. It is an expense so large that in fact, many big name insurance companies have actually stopped providing it.  Two out of ten adults will need long term care in a nursing home or other type of facility at some point in their lives and this on average costs between $6,000 and $10,000 PER MONTH!!

Because this expense is so huge, the government will force you to liquidate any and all assets you have before they will step in with any assistance.  So any money in the bank, house, car or item of value, will have to go before Medicare or Medicaid will help to cover. How sad would it be to work your entire life, then get sick and all that you have worked for go to pay for long term care?  Nothing left behind to your heirs. I definitely do not want my money spent that way if I can avoid it.

Jenn and I decided when we build our new house, to add in a “mother-in-law” type suite so that in the case that one of our parents fell ill, we could provide for them to prevent them from going into a nursing home.  We even have large hallways that could accommodate a wheelchair if necessary.

If you think that this burden would be too much for your family to bear, you should look into long term care insurance.

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

SPECIAL OFFER: This month only, get your own copy of Joe’s book, I Was Broke. Now I’m Not. for 25% off plus free shipping!  Get your copy HERE before July 31st!

“I can promise that if you read and apply what has been written here then you will eliminate financial regret from your life.” – Joe Sangl

 

Long Term Disability Insurance

Most people know they need life insurance, homeowners insurance and auto insurance.  While these types of insurance are very important, this does not mean that you are completely covered.  One of the other types of insurance that people forget is Long-Term Disability Insurance (LTD).

More than one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age.  Read that again. Yes, 25% of people who are only 20 years old will experience some type of disability that will put them out of work for at least one year before they retire.  Long-Term Disability insurance is so important!

If I were to become disabled and lost the ability to speak, write, or perform the duties of my work, I would also lose my ability to produce an income by working.  However, that does not mean that life stops costing money. I would somehow need to generate an income which will continue paying for ongoing expenses. LTD insurance helps me to transfer this risk.  If I were to become disabled, LTD insurance would pay for 50 to 60 percent of my income until I am able to go back to work.

I prefer same skill disability insurance.  If I were to lose my voice and was unable to fully recover my ability to speak and teach, I would not be able to do what I was created to do.  I want insurance that will pay if I am unable to do that kind of work, not stop paying just because I am able to walk around again. In the insurance world, they call my preferred LTD policy “Own Occupation” insurance.  The type I do not want is “Any Occupation.”

Long-Term Disability Insurance Tips:

  • Ensure you clearly understand the policy
  • Obtain this insurance – Do not allow a gap in coverage
  • Make certain you obtain “Own Occupation”
  • Ensure any LTD policy provided via your employer is portable – that it can be taken with you should you no longer be an employee of that company

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

SPECIAL OFFER: This month only, get your own copy of Joe’s book, I Was Broke. Now I’m Not. for 25% off plus free shipping!  Get your copy HERE before July 31st!

“I can promise that if you read and apply what has been written here then you will eliminate financial regret from your life.” – Joe Sangl