It's impossible to forget the financial crisis of 2007-2008. Large investment banks failed, the government had to bail out financial institutions and other huge corporations, and Americans saw the values of their homes drop significantly. The Federal Reserve responded with a new economic policy, and many elements of those changes are still in place a decade later. Here are 4 basic strategies for making your money grow in our low interest rate economy.
If something were to happen to you today, is your family protected? When we first started serving, it was relatively simple to provide financial security for our loved ones. The $400,000 life insurance coverage we received through SGLI most likely met all of our needs. Not only do rising prices make life increasingly expensive, but, as life’s circumstances change – we marry, buy a house, have children, and perhaps need to care for others – we have greater responsibilities and a need for better financial protection.
Protecting your assets through insurance is one of the three critical components in a strategy to achieve financial security. The other two are budgeting and investing for the future. Everyone should consider some form of life insurance. Unfortunately, many people find insurance confusing and are suspect of recommendations to buy it. Read more on why life insurance, a topic that many people find uncomfortable to broach, can actually be extremely empowering.