While the daily headlines are filled with down housing and stock markets, there are still other pitfalls that can have an even worse effect on your savings. Events happen everyday that wreak havoc on personal savings.
It is common for a growing family to spend more than it earns. And that is where credit comes in. The need for spending and credit is often quite acute during the months that mom is pregnant. You might have recently purchased a new home, and stretched to qualify for that dream house. Now comes the time to get ready for the new baby: paint the room, buy a crib, purchase maternity outfits, etc. The list goes on.
Fix: This is what talking products for the blind is for. You need to be sure your covered for both short and long term situations although you may self insure for one or both, be sure you know that you are covered and how well. Work out the actual figures to be sure.
This principle goes right along with the previous one. You should never rely exclusively on a mortgage lender to tell you how much you can afford to spend on a home. A lender can tell you how much you qualify for, but this is not necessarily the amount you should spend on a home. Only you can determine what that amount should be. This is because the lender is only concerned with whether you make the monthly payments and not how this affects you and your family. You might continue to make the monthly payments each month on the mortgage while the rest of the budget is so tight that you find it difficult to make ends meet. In many cases, the family has to give up other items like vacation plans or other fun things simply to pay off the home.
Your need for life insurance may have changed since you reviewed it. You may have too much coverage. You may have too little life insurance. You may have the wrong kind of coverage.
Furthermore, much of your spending may be fixed. You may have a mortgage, rent, car payment(s), student loan payments, credit card debt, insurance payments, etc. All of these bills stay the same; whether you are working or disabled. If you are currently spending most of what you make, and have little in savings, what will you do when your pay is cut by 45%?
That changed in 2007 when Mrs. Klistoff was rushed to the hospital. “The doctor there said I was five minutes from dying, and I was in critical care for a week,” she said. Even her own doctor had to agree she was really sick.
In conclusion, nesting if a very powerful prospecting strategy. It is incredibly efficient and very effective. It increases your credibility and positions you as an expert within a particular company or industry. Remember, mediocre producers are a mile wide and a foot deep while top producers are a foot wide and a mile deep.
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