Over the last few years I have grown to love Suze Orman. She is truly America’s Financial Advisor. She recently started a show on OWN (Oprah Winfrey’s Network) called America’s Money Class which I must say is a must see! After watching the third episode I decided to share some info that I took away from this class session. Now the information that I will share is nothing foreign to anyone. At least once in your life you have heard of them so here they are!
- A will
- Life Insurance
A will is probably the most important document you will ever sign ever besides a mortgage, which is the most important investment you will ever make. A will is so critical to have that without it so many issues, court fees, lawyer fees, time and money wasted can come to pass without it. If any of the following pertain to you then you NEED a will yesterday if you do not have one.
- Own a home
- Are married
- Have children
- Are sick with disease
- Own anything
You need a will. People tend to think that if they do not have a million and ten dollars in the bank they do not need a will. This is not true, if you fall into any of the above categories then guess what you need a will. There are many different types of wills: living trust and a will. But let’s say you own a home and you’re married and you die. You don’t have a will or a living trust saying that your wife should get the house. The state now has to decide who will receive your assets and that can take many months. Same scenario but this time you have children and both of you and your hubby or wife die in a car accident now what? Who is going to take care of your children? What will happen to your home? A will can decide all of this. Get a will. Go to legalzoom.com they are cheap and it takes 15 minutes tops!
Life insurance!!!!!! I can’t emphasize how important it is to have a whole life policy and not a term policy. A whole life policy is for your entire life where a term policy is over a certain amount of time. The younger you get it the better. You are less likely to have illnesses and the insurance will be cheap whereas if you were 45 and this will be your first policy ever you will absolutely pay a few hundred dollars more for insurance. Everyone says I have life insurance with my job. Oh that’s nice but your job isn’t guaranteed we know that for sure with today’s world and oh just in case you didn’t realize it, IT IS NOT ENOUGH!!! Especially if you have a family, wife, husband, children, and a home. If you pass and your husband or wife doesn’t work, or they aren’t the bread winner of the household and you have a $200,000 mortgage left, they can be looking at foreclosure. Then what? Please protect your families! It is so vital to do this. Anything can happen at any time. Social security isn’t going to help you, your family isn’t going to help you forever, your job isn’t going to help you. I know I am talking a lot about death but the one thing you’re completely passionate about is your family. They need to be protected after death. That goes for both husband and wife. Get on it!! So many insurance companies offer this. A lot of times you can bundle your car insurance with this to get a cheaper policy. DO IT, AND DO IT NOW! Money doesn’t grow on trees and the ones who do not have 8 months stashed away for an emergency fund can and will be in trouble.
Go back and read my 70-10-10-10 post. You can definitely do this and it is very easy to do so. Just live within your means, cut the unnecessary out of your life and make it happen.
Here are 4 must have documents recommended by Suze Orman from her new show on OWN:
Here is an amazing book by Suze Orman that I will always adore and thank her for because without this book you can be completely in the dark about money.
Here is the link for legalzoom to make a will:
When it comes to saving absolutely open an account at a bank that you do not bank at if you are not disciplined enough to have it at your own bank. If you are working, make sure you have 10% of it deposited into this account each and every check so that you are building a fund and keeping it out of site. Just remember to pay attention to service fees and account requirements.