Building Financial Support Systems by Lu Casillas
As women, it is extremely important to build your personal financial support systems. Today, there is an emphasis on making or saving money but it’s important to understand other options that can provide your life a system of financial support in joy, circumstance or in an unexpected event.
Let’s look at these as examples:
Joy- I call this a “Lifestyle Factor” You have all of your ducks aligned. Your career is on track, money is in the bank, your retirement is being funded and you have your home, family, friends, activities, and hobbies.
Circumstance- I call this an “Influencing Factor”. This is a space where anything is possible, good or bad. Are you set up with the correct tools to provide you what you need in either factor?
Unexpected Event- I call this an “Abrupt Factor”, a place where you thought you had it set up or you kept putting off planning for this. This can also be the loss of a long – time job, family member or illness.
LIQUIDITY- Do you have it? It is what lacks in all most everyone’s portfolio (s) or “No-folios” I teach my clients exactly how you can create this by redirecting money from other areas into plans that can be life-changing.
So how do we leverage what we have to handle our lifestyle in all of its forms? It ’s important to take a moment and think about your biggest asset. Your biggest asset is not your property; it is your ABILITY TO EARN.
Did you know it takes a minimum of $30,000 – $50,000 annually to run a household in its entirety? If you needed time away from your business to heal
(mentally or physically) can you access that without complete depletion of your assets? If you lose your income stream will the bank really give you a loan? Not likely.
The key “Support System” today is having access to insured investments. it creates liquidity for you. One where your principle & growth is contractually guaranteed never to be lost. This is how the rich stay rich. It can protect your home, family & self.
Has this article stirred up some financial considerations in your mind?
It’s a great time to connect with a financial advisor.
Click Here to connect with Luanne Casillas
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