Today we’re going to talk about the biggest financial asset you have, which is probably hiding right under your nose.
Your income.
Many people look at income as money in and money out, but the reality is that it’s the lifeblood of your lifestyle. Your income pays the bills for you and your family and puts food on the table, a roof over your head, and gas in your tank. Most people don’t insure this asset with as much disability insurance as they should. If you become disabled are not able to go out and earn your income, that money needs to come from somewhere else if you want to keep paying your bills.
Let’s say your income is $100,000 a year. Over the course of 30 years, that’s $3 million, but once you consider inflation, it’s more like $6 million dollars. Most people don’t think of their income as a $6 million asset, but they should. It’s an asset that allows you to keep meeting your basic needs.
You have auto insurance on your car and home insurance on your house, so if you’re underinsured on an even bigger asset, we should talk. Schedule a meeting below to learn more!