On the topic of insurance this week, it is important to consider how one should utilize insurance in the event of a loved one passing away. The best way handle this is to invest the life insurance to preserve the initial capital and live off of the income generated from that investment. Also keep in mind that your investments need to be adjusted for inflation so that they will sustain you over the long term. You shouldn’t have to worry about building wealth in this situation, just on coping with the loss and living off the fixed income.

Please don’t just live off of the payout. Your loved one will be most honored by seeing you live out your life more securely.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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