Broke-Ass Financial Coaching: Life, Death, & Insurance

“Life and Death,” morbid you may say. Too serious?

When I was 23, someone tried to sell me a grave plot, for myself.  He told me that I could get such a great deal and that it wouldn’t burden my family if I bought it when I was young etc.  WHOA!  It didn’t truly occur to me, until that moment, that one day, I was going to die.

I ask myself on a regular basis, “If I knew I were going to die ‘soon’ would I be spending my time the way I am spending it?”  I don’t want to look back on my life and say that I wish I would have done something dramatically differently.

Would you continue doing what you are doing if you knew you would die in 6 months?  What are you willing to do differently now?

From my perspective, relationships with people are the most important thing in life.  Suze Orman emphasizes the importance of relationships in financial decisions.  So, if you ask me, should you accumulate credit card debt to go to a funeral, wedding, holiday, with friends and family?  I say yes, if that is what you need to do to get there.

Keeping this in mind, I have been getting a lot of insurance questions recently.  Should I get health insurance?  Life insurance?  What kind?  These questions are truly about caring for our life and the lives of those around us.  Where to start?  Some of you have sent me messages saying that you are skeptical about insurance and especially life insurance.

Maybe you’re thinking, “I don’t want to spend the money on that!”  Well, Chris Rock sums up our apprehension brilliantly”

“You got to have some insurance.
They shouldn’t even call it insurance.
They just should call it “in case shit.”
I give a company some money
in case shit happens.
Now, if shit don’t happen,
shouldn’t l get my money back?”

Sure seems like it right?  In this show, “Bigger and Blacker,” my favorite DVD of all time, he does emphasize the importance of having insurance.

What does Suze Orman say about insurance?

Suze suggests you insure, “people first, then money, then things.”

“If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance,” Suze recommends.  Thumbs up on the “life partner,” inclusion Suze.

Suze also has an “Insurance Kit: Now you can make sure that the insurance you have is the insurance you need,” which is an online evaluation of your insurance needs.  It is $13.50.

“Nobody on his deathbed ever said, ‘I wish I had spent more time at the office.'” – Paul Tsongas

So, how are you spending your time?

Say what you mean.  Share how you feel.

Questions?  coachsizzle@brokeassstuart.com