Establish Your Priorities
The Financial Planning Pyramid
The Financial Planning Pyramid is one of the most useful tools to help start your plan. Your income is the foundation of your plan and without it nothing else would be possible.
But what would happen to the pyramid if the primary foundation, your income, was removed?
What are the options if your income was stopped due to disability?
If you saved 5% of your income each year, 6 months of total disability would wipe out 10 years of savings.
What bank would lend money to a person who is too sick or unable to work due to disability?
Will you be able to pay your bills and financially survive on one income?
Will you get a fair market price when you are forced to sell?
Paying with Cash
It takes time to create enough capital. There are also taxes and investment risks to consider.
Secure Sources of Money
Individual Disability Plan
Only source of money you can count on during a period of disability.
Source: PPI Solutions.