economy, new economy, protection, retirement

Millions of new entrepreneurs in the past few years

We are entering a new age…

According to Bloomberg, over the past few years millions of people have entered the ranks of the self-employed. The digital economy has made it easier for the business savvy to go off on their own and be their own boss. Facebook has brought people closer together, texting and email have increased communication. Associations and Meet-up groups create networking opportunities. LinkedIn in particular has created rolodex transparency within companies and whole industries. (1)

While being self-employed is not for everyone, it is easier now than ever before. A connection on Facebook or LinkedIn is a potential client. Whatever you do, whatever your expertise the reality is there are hundreds and thousands of people who need to talk to you. Many of these are newly sprouted entrepreneurs as well. Building connections to individuals, as well as businesses is the new road to success.

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AI, disability, economy, life insurance, new economy, retirement

Jobs at Risk

A recent study by McKinsey Global Institute examined how robotics will affect labor and the economy. The study estimated that 800 million jobs (1/5 of all jobs) will be impacted by advances in robotics.

Among the jobs most impacted include brokers, accountants, office staff, machine operators, and food service. Lower skilled, repetitive tasks are most likely to be replaced.

What does this mean for family finances in the years to come?

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life insurance, protection

How will your family survive?

 

My son was born when I was 30 years old. Honestly, I didn’t get life insurance until I was 36. I had never been taught the importance of using Life Insurance to manage risk and protect your family. Recent studies show that I’m not alone. There is a huge gap in the level of financial literacy in the United States.

 

According to a recent study by LIMRA;

  • Among households with children under 18, 4 in 10 say they would suffer immediate financial trouble if a primary wage earner died today.
  • Another 3 in 10 would have trouble keeping up with basic living expenses after several months.
  • Overall, 7 in 10 of all households said they would have trouble covering everyday living expenses after several months if the primary wage earner died.

 

To be clear 37 million households have no life insurance… none…

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disability, economy, life insurance, protection

Deaths of Despair

 

In March of 2017 a landmark study was released connecting financial security and death rates in the United States. The information is sobering and should be the focus of policy changes at all levels of government.

 

A recent study by Princeton Professors Anne Case and Angus Deaton titled, “Mortality and morbidity in the 21st century,” shows the connection between the rising mortality rates of the middle class in the US and “a measurable deterioration in economic and social wellbeing”.

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This deterioration has not suddenly developed. Rather, “Case and Deaton document an accumulation of pain, distress, and social dysfunction in the lives of working class whites that took hold as the blue-collar economic heyday of the early 1970s ended, and continued through the 2008 financial crisis and the subsequent slow recovery.”

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disability, economy, life insurance, protection

A few life lessons…

In the past few months I have seen several friends pass away…

I have seen several people in my circle struggle with illness, addiction and disability…

All are under the age of 50. None of them planned on what happened to them.

 

None of them planned on the impact it would have on those around them.
Life is not a straight line.
We all are forced to deal with situations that are beyond our control.

 

Sometimes we are forced to deal with abusive and alcoholic parents when we are young.
Sometimes we are traumatized by sexual or physical violence.
Sometimes we are injured by an accident, or illness.

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disability, life insurance, protection, retirement

Can Your Financial Plan Last to Age 149?

A recent article out of South Africa cites Betje de Vroome as the oldest living human being. She was born Sept. 24th, 1866… The world has literally changed before her very eyes. *

 

Think about how family members are now living longer. While people used to live into their 70’s, people regularly live now into their 90’s. At the church I attend we have a woman who turned 100 over the summer. With medical advancements more and more people are expected to live to 150 years of age.

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