by Teresa Kuhn JD, RFC
- Eliminate debt as much as possible. Debt, especially consumer debt, can absolutely strangle your economic progress and get you caught in an endless “two steps forward, three steps back” loop. Do anything and everything you can to pay off your debts, even if all you do is kick in a few extra dollars on your car payment or place a moratorium on your credit card use. If you have cash built up in your Bank on Yourself policies, consider using some of that to pay down debt or to make major purchases. Doing so will not only help you get out of debt, but you will build up your pot of cash even more quickly.
- Start learning more about asset planning and protection. Protect what you own with proven asset protection strategies. Asset protection trusts are powerful tools that you can use to help stem the erosion of your wealth. A great place to start is with an e-copy of Arnold Goldstein and Ryan Fowler’s Asset Protection in Financially Unsafe Times. Download it here: http://www.mediafire.com/view/qoiaura2ljfadwz/AssetProtection_%281%29.pdf
- Call our office and schedule time with a Living Wealthy advisor. Even if you have someone else doing your financial planning, it never hurts to have a second pair of eyes evaluating your financial blueprint. We’ll look for potential weaknesses in your current plan and make suggestions as to how you can shore them up. If you are already a client, now might be the perfect time to check in with us to ensure you are on track to your goals. Call us now at (800)382-0830 and get on the schedule!
Remember, it’s not all “doom and gloom”, especially when you have a Bank on Yourself policy as your ultimate cash-flow engine. With a mindset that includes debt and cash flow management and a conservative approach toward genuine investment, you will emerge in a better place, even if the economy takes a nosedive.