You’re Worth More Than You Think

You’re Worth More Than You Think

Marisa Menzel, Financial Advisor, RICP? Marisa Menzel, Financial Advisor, RICP?

Marisa Menzel, Financial Advisor, RICP?

Empowering Parents to Save Time and Create Financial Security | Specializing in College, Retirement & Lifestyle Planning | Knitter & Dog Enthusiast

发布日期: 2023年7月5日
+ 关注

As a Financial Advisor who works with a lot of young families, it’s not uncommon that I encounter people who underestimate their financial worth.

“We don’t live a lavish lifestyle”, they say.

Because of that, they don’t always realize what’s at stake and the extent to which they should be planning for the future.

Let’s look at an example of a 30-year-old making $75,000/year.

Here are 3 considerations:

Retirement Planning –

  • A $75,000/year salary today = $250,000+/year in 35 years, when we take inflation into account (at a 3.5% rate).
  • While that might sound like an extravagant number, it’s just this person’s current salary in future dollars; so, we’re not talking about a lavish lifestyle.
  • There’s also nearly a 50% chance that this person, or their spouse, will live to age 90. So, if they retire at age 65, we need this money to keep coming in for at least 25 years in retirement. ?

Life Insurance –

  • This person will earn $2.6M+ over the next 35 years if they retire at age 65.
  • They might not have $1M in the bank or think of themselves as a millionaire, but with their earning potential they certainly are.
  • The amount you will earn from now until you retire is what’s at risk if you pass away prematurely.

Disability Insurance –

领英推荐

  • Many people have approximately 50% of their income covered by their employer provided disability insurance.
  • That means that our same 30-year-old listed above, has $1.3M+ at risk if they become sick or hurt and unable to work.
  • In addition to that, they’ll probably have additional medical expenses.

Every family has to decide for themselves the amount of life insurance and disability coverage that’s right for them.

We tend to find that many people want enough coverage so that the family can keep living as they have been, at least until the kids graduate high school or college.

The numbers above might seem daunting, but they’re possible with proper planning.

Was there a time in your life where you realized what you were worth? What was your a-ha moment?

#financialplanning

#protectyourfamily

#SecureYourFuture

Jason Van Orden

Scale Your Impact and Income w/o Sacrificing Your Sanity ?? Business Growth Strategist for Coaches ?? Scalable Genius Method? ??? Podcaster ?? Co-Founder GEM Networking Community

1 年

That's certainly eye-opening to see all the numbers spelled out like that. It feels like it's gotten harder for each new generation to attend to all these needs because insurance (especially health) has become much more expensive.

赞
回复
Steve Swavely, Ph.D., CCP

Author of “Ignite Your Leadership: The Power of Neuropsychology to Optimize Team Performance"| Technology Gurus and Engineering Experts: Lead Your Team to OUTSTANDING Results/Build a Legacy| The Technology Leadership Guy

1 年

Marisa - Your post reminds me of the saying "Proper Planning Prevents Poor Performance" There's another "P" word in there, but my better half suggested I leave it out! ??

赞
回复
Mason Harris

Inspiring Growth Through Connection and Chutzpah | Sales, Development, Fundraising Leader | Performance Improves When Success Behaviors and Attitude Meet Boundaries That Need Stretching

1 年

Valuable post, Marisa Menzel, Financial Advisor, RICP?, especially because for many people their retirement plans are now severely impacted by high inflation. Expert advice, from an early stage in one's career, is vital!

赞
回复
CHRISTINE C. GRAVES

Revenue Producing Leaders ?? your impact & income | You’re in the room where it happens ?? | Be Invaluable | GSD | You know there's more | ?? Bender | Marathon Runner/Triathlete ????♀? ??♀???♀?

1 年

Marisa Menzel, Financial Advisor, RICP? yes numbers can seem daunting but it's better to directly face them and formulate a plan to address. What are current stats on retirement savings? Are we doing a better job now at saving for retirement?

赞
回复
Carol Parrish, RICP?

Advisor Helping Clients Invest in Life Fully Lived

1 年

Good stuff Marisa Menzel, Financial Advisor, RICP?. I know people often don't realize what their earning potential is, especially early in their careers. This becomes even more valuable when they are taking care of others and their worth means so much more than a dollar figure.

赞
回复
查看更多评论

要查看或添加评论，请登录

Marisa Menzel, Financial Advisor, RICP?的更多文章

社区洞察

其他会员也浏览了