Have you ever given it a thought? Have you asked yourself what you are worth? I have found myself asking this question a number of times, i.e. every single time I faced a new challenge, every time I found myself sitting in an interview, at an annual review, asking for a raise, when I took the decision to become a Financial Planner, when I started my own Financial Planning Company, Well the list is endless. The most daunting of all is when I find myself meeting a new client, who is judging me if I am worth their time, and when in fact I am hoping that they realise what their worth is and how I can help them realise this.
It is very hard to educate clients these days, especially when we live in the all-knowing Googleniverse ( I am rooting that the word gets picked up by the hip crowd and use it enough to make it into the dictionary). I take my clients through a scenario to understand them better and I also use it to educate them. Please join along with the experiment and write your answers below.
Scenario: We see a young couple with two kids, excited to own a brand new car, let's say in this case it's a Mitsubishi Outlander( I am in no way endorsing or marketing the car, it's the only car I know of, as I own it, otherwise I have no clue what make and model a car is unless my dear husband points it out to me). Now back to our scene, the man takes the keys and is ready to drive the car out of the showroom. Here is my question to you, what would you do if you were the one driving off with a new car? Please leave a comment below with your reply.
You may believe that the most logical answer to this scenario is car insurance. Yes, you are right, it is car insurance. Now let's take a step further, here is my second question to you. what is the most valuable asset in this scenario? Again please leave a comment below with your answer.
Is Car your answer? Well!! I can confirm that you are 100% wrong here. The answer is YOU and YOUR FAMILY.
What's my point here? you ask, Well! It is, that you and your family are more valuable than the car that you drive. When you meet with an accident, your car can be easily replaced, insured or not; however, you cannot be easily replaced for your family.
You can make sure that your family does not suffer from financial stress due to your absence in their life, by taking life insurance. If the accident causes your death, then the insurance payout will be paid to your family to help them through financial difficulties.
You can also insure yourself for Total and Permanent Disability and Income Protection to help you protect your assets and to make sure that you receive a regular source of income if the accident causes you permanent disability.
Why don't you now ask the question to yourself? Are you worth it? If your answer is yes, and you want to make sure that you insure yourself for what you are worth, then it is time that you come to see me for a consultation.
I will make sure that after a consultation with me, you will leave the meeting singing Fifth Harmony's "Baby, I am worth it".
This is a very well written article and so true..we insure the house, its contents, the car n many more assets..but unfortunately forget the most significant asset of all..US..