Disinterested in Disability | Series 9.4

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Welcome to the Enjoy More 30s Family Finance

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podcast. The only podcast dedicated to making life more

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enjoyable for young families by hitting on the financial topics

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that tend to weigh on us, stress us out, and distract our focus

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from simply enjoying life.

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Hello, and welcome to the Enjoy More 30s Family

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Finance podcast for all those people out there trying to avoid

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being financially secure. Well, we have our series 10 Ways To

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Not Be a Millionaire. Now if you actually do want to be a

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millionaire not to worry, this series isn't just for those

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people who are looking for financial ruin. If you avoid

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doing these 10 things then you could be well on your way to

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millionaire-hood as well. Each week I'll share a quick step in

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this how to not be a millionaire process, so you know what to do

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or hopefully what to avoid. As always, before I begin, please

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share and like, please leave reviews. I'd love to reach and

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help as many young families out there just like you.

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Today's great tip on how to not be a millionaire is being

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Disinterested in Disability. As a young family, your future

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income potential is your greatest asset. And so leaving

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it exposed and unprotected is a great way to not be a

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millionaire. If you are earning $100,000 right now, then with 2%

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income growth over the next 30 years, your future income

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potential is over $4 million dollars. A huge asset. To have

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the best chance of not being a millionaire, then that would

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mean leaving this huge asset exposed to one of the most

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likely occurrences; disability. Disability is about three times

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as likely to occur as death while working so this exposure

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would be one of the most likely to be realized. Furthermore, if

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it does occur, it not only takes out your income, but it also may

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add on a huge amount of expenses to take care of the disability

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itself. You could argue that this is one of the best and

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easiest ways to achieve financial ruin. Now if you

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actually do want to protect yourself and not leave what

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could be millions in future income potential exposed, there

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is disability insurance. Most employers provided as an

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optional benefit, or you can even obtain a policy outside of

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work on your own. Getting to that roughly 60% of income

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protection to age 65 is most times considered a good level of

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protection. Overall, I think it is more than clear being

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disinterested in disability is a fantastic way to not be a

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millionaire.

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Thanks for tuning in today and join us for next week's episode

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on how to not be a millionaire, Budgeting Backwards. As always,

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please remember to review and share for others and if you need

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any help, don't hesitate in reaching out. I probably have

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helped someone just like you. Until next week. Thanks for

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joining me today and I look forward to connecting with you

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again soon.

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The conversations on this show are

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Joe's opinions and provided for general information purposes

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only. They do not constitute accounting, legal, tax, or other

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professional advice for your specific situation. You should

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always seek appropriate advice from a financial advisor,

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accountant, lawyer, or other professional before acting upon

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any content or information found here first. Joe is affiliated

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with New Horizons Wealth Management LLC, a branch office

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of TFS Securities, Inc., and TFS Advisory Services an SEC

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Registered Investment Advisor, Member FINRA/SIPC.