RAs a business owner, you know there is a litany of insurances you need to protect yourself and your business from various mishaps. There’s home, auto, life, disability, business overhead, general liability, you get the point. We are insurance poor (business owner’s especially). However, there’s likely one insurance in particular that you may not realize you need. Most business owners tend to overlook this particular policy. Some may even dismiss it as an unnecessary expense. In spite of that, I’m going to tell you today that just isn’t true. It’s vital for your security. What insurance am I alluding to? Umbrella policies. A good insurance broker will often recommend a basic umbrella policy. These types of policies are available both personally and professionally. I would recommend obtaining both as a business owner. Why are umbrella policies important? They cover more than just a person. Let me break that down with this analogy. Often my wife and I find ourselves going out in a rainstorm. If we have a big umbrella, we can both fit under the umbrella. And sometimes, even one of our children, like our five-year-old Jude, can get under the umbrella with us. For the most part, we will all stay […]
Most Americans aren’t prepared when it comes to long-term healthcare. Whether it’s the care of a loved one or your own, long-term care is something we should all be prepping for. In previous generations, elderly parents and grandparents could count on moving in with relatives when they were no long able to live alone. However, today’s ever-changing family dynamics means many Americans are reluctant to burden their families with caregiving duties. Long-term care are services needed to support someone who is elderly, chronically ill, disabled, or unable to care for themselves for a long period of time. Most long-term care is focused on helping people with daily activities like dressing, bathing, cooking, and using the bathroom. The associated costs are quite alarming as well. One study projected that healthy 65-year-old couples could expect to spend $260,000 on healthcare in their remaining years. Though we cannot fully cover a topic as complex as long-term care in a single post, here are several questions to help you start assessing your future needs. 1. What are the costs of long-term care? Most Americans can rely on Medicare for mamy routine medical issues and hospital procedures after age 65. However, there are limits to […]
Free stuff. I hear you. Your thinking, “Yeah right!” While getting something for nothing these days just doesn’t happen very often, it does happen. The best part is there are freebies out there that span the free world! They run the gamut from stocks to diapers. Take a look at these and see which ones you want to pocket. Free Stock Trades Since I’m a financial guy, obviously the one I want to start with is stocks! Yep, free stock trading. No need to hire someone, you can absolutely do it yourself (although there are good reasons not to). You can use fee-free trading platforms like Loyal3 or Robinhood. All you do is open an account (both come in apps or you can use a web browser), give some required information and start trading your funds. You can invest as little as $10 on Loyal3, while Robinhood requires no minimum balance. You can also check with more-traditional online brokers to see if they’re running promotions. So get your trading shoes on and go! Free Samples Whatever you’re looking for, there’s likely a free sample somewhere. Many blogs and sites offer free samples. You can nab anything from toiletries to clothing to food, […]
Pay Yourself First No Matter What As a business owner, you’re often working hard to cover all the expenses of the business. Whatever those expenses are, don’t forget to pay yourself first no matter what!