Lessons
Introduction To Workshop
10:05 2Meet The Automatic Millionaire
11:47 3Find Your Latte Factor
10:27 4Couples & Money
03:48 5The Best Financial Apps & Tools
06:54 6Pay Yourself First!
12:50 7The 5 Biggest Retirement Account Mistakes
07:23 8Retirement Accounts & Investments
06:08Organize Your Money
05:50 10Crush Your Debt
08:31 11Learn Your Credit Score
04:47 12Be A Homeowner Not A Renter
08:01 13Create A Financial Protection Plan
05:52 14Build A Dream Account
02:12 15Grow Your Income
14:51 16The 6 Biggest Mistakes Investors Make
07:44 17Smart Women Finish Rich
04:26 18Your Purpose-focused Financial Plan
07:59Lesson Info
Create A Financial Protection Plan
I told you I would hit you guys with this. Remember when I did the file box? The lesson on the file box Finishers file Folder system. Remember that? So I said there would be a file on a lot of you of the empty. It was called your will. We're gonna go through the things you need to protect you. Your family number one. You need a money airbag. That's that emergency account that I showed you in the first lesson. You need to have a will or living trust. You need to make sure you're properly insured. So let's go. To build your emergency account, you need to have 3 to 24 months of expenses set aside for emergency purposes. It should be safe not attached to checking, not attached to an A t m. Not attached to a credit card. Where do you find these accounts? Go to bankrate dot com. There's an entire list of all the highest paying money market accounts. Look at them. In the beginning, when I wrote books, rates were 7%. I know while right home rule my dad was teaching those classes and money mark...
ets were 13% interest rates were a lot higher than two soldiers use. All. Um, here's another website. I think we have another website here. Where do you put it? So these are places to put it. Money market accounts, CDs, U. S. Savings bonds, Treasury direct savings bonds dot gov These are all great places to put emergency money. The whole key to emergency money again. It's for emergency purposes. Not going to touch it. You're not gonna use it. You're gonna leave it there for emergency purposes on treasury direct and savory. But savings bonds dot gov actually believed or not, the rates could be somewhat rather decent, like often are, like higher. Much higher than that. Once you get a bank, you can invest With his little $50 you could invest automatically. So go check those websites out. I want to give you a new website called Magnify Your money. Magnify money dot com. Ah, these air. The new player love. I was very, very impressive. His website. It's like with bank, right? You call the articles? Uh, this is a new web site specifically focused on comparing rates. So you go into a website like magnify your mind. You can look at all the different rates. How would I select a money market account? Um, it's not necessarily You have to have the hot first with the highest rates or 1% toe. 1.10 Right. So the difference between a bank account and the highest paying money market account is 100 times difference. It's 1% but you can go in here and you can run the numbers and they'll quickly show you, like if I have this much money and I'm getting this and I switch it over here, how much more is a year? You can see the difference. Okay, so then you need a will. Now you need a will. You need to have a health care directive. This is what goes into your wills. Financial power, attorney executor documents and final arrangements. Nobody likes to talk about wills. Um, everybody needs one, because all need wills. You just dio special of your marriage special. If you have kids, people say, Well, if I died, it's not really kind of if, like, I'm a positive guy Year. 75%. You know, They say glasses 75% full here. Uh, but It's not if right, it's just when so get a will. Dumb. Keep it updated in general. Do a living trust. But like I live in New York City and attorneys don't do living trust. I came from California. Had a living trust it up. The living trust is what's called an irrevocable living trust, by the way, really important thing when you do an irrevocable living trust. If you don't place your documents your investment accounts in the irrevocable living trust, then your investments are actually not in the Euro. Vocal living trust. So people go on. They spend a year getting an irrevocable living trust creative. Then they never bring the paperwork into their financial service company. And then none of the assets actually go on the air. Vocal Living trust The whole point of an irrevocable living trust is that you actually avoid probate. Your document. You don't end up having to go through the court system to deal with your her state issues, which is very valuable because they have a lot of money. And also it's not public hum proper beneficiaries. Obviously, that's keen. Family knows the location in Sierra hired an attorney to develop this, and the next thing we talk about his life insurance. So do you need life insurance? Yes or no? Pets if you are single and you don't have any dependence unless you're dying to leave money to somebody hot, get it dying to leave money. Somebody you don't need insurance. So I'm not a big believer That insurance typically is in investments is an investment. I think that, like 90% of time life insurance is a protection plan. You are buying life insurers to protect your family in case you die early. So the beauty is that if you have dependents, um, and you have deaths and you want a protection plan for your family, you can go out and buy term level life insurance, and you can buy sheep. It's never been less expensive to buy term life insurance. Term life insurance is you, by Paul Seek goes out 10 years or 20 years or 30 years. Typically, you want 20 years or more, usually buying it when you've had kids and you want to make sure if something happens to you and you die early, that your Children are protected, your wife or your husband or protected. Take care of the kids while you he passed away. Um, you can buy a term policy now, like up to a $1,000, for, like, 100 bucks a month, depending on your age.
Class Materials
Bonus Materials with Purchase
Ratings and Reviews
user-72dfd4
Student Work
Related Classes
Money & Finance