insurance

No Thanks (5 Financial Products I Don't Use)

5 Financial Products That I Avoid

Teaching and coaching involve sharing knowledge on how to do certain things. In the case of personal finances we can focus on how to do a budget or how to get out of debt. But it is also important to share what not to do with your money. So today’s coaching post is devoted to what products to avoid in your financial plan. Here are 5 Financial Products That I Avoid:

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Reducing the Risk To Your Financial Plan: 7 Required Types of Insurance

What is the role of insurance? In simple terms, insurance is the tool that is designed to protect you and your family against what might happen. When you have the right level of insurance coverage in place, you are transferring the risk to another entity (an insurance provider) and you pay a premium for that risk transfer. If you think about it, insurance works like an umbrella works when it rains. The umbrella does not stop the rain, but it keeps you from getting wet. Likewise, having the proper insurance won’t stop an event, but it will help you weather the storm and minimize the impact to your finances. So what types of insurance do you need?

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