At Growmatter we break financial planning down into four elements, Live, Trust, Grow and Matter. Our element of Live has three core components your Health, Your Lifestyle and Your Income. We Believe these are your three greatest assets.
Our lives depend on these three assets. Your Income is the focal point in this article.
How often do you think about your income? People generally think about their income in terms of wanting to earn more or how little they earn, very rarely do we think about our ability to earn an income. Income is defined as money received on a regular basis usually monthly. This income pays for water, medical expenses, food, insurance, rates and school fees. This income also funds retirement, pays for our car and pays our bond.
Your Income
Once you have a job the first few months of earning are exciting and novel and then soon after it quickly becomes a norm. The norm leads to an expectation that it will always be there. Once at this stage we then don’t question what happens if it is gone.
What happens if you lose your income? For a second, just imagine you can no longer earn a living. Who will support you? How do you service your house and car? Where would the money to live come from? Will you move in with your parents? Can your family support you?
How much depends on Income
It is very possible that you go to work and do your job because others depend on your income. Our ability to earn is linked to our lifestyle and how we support our family. Without income we likely can’t support our lifestyle, house, car and belongings. So whether you realise it or not, your ability to earn an income is one of your greatest assets.
In earlier posts we touched on valuing our assets and making a concerted effort to protect them.
Your ability to earn an income is one of your greatest assets.
Take a moment and answer these questions:
- What would you do if you couldn’t work?
- How would you earn an income?
- Can you depend on people for income?
- Do you have enough savings?
- How long can you survive without your income?
The truth is, most people never consider these questions until they are in these situations and by then it is sadly to late and people are wishing for a more positive answer and a better outcome. Income Protection is a reality and solution to the above questions.
It allows you to earn an income should you be temporary or permanently disabled due to sickness or injury. It has the ability to ease your fears should something happen to you and you are unable to work.
As independent planners we encourage all our clients to simply evaluate the what-ifs in their life. We want to help facilitate the discussion and ask questions. Affordability is a discussion we are well equipped to have. As part of our planning we look at your big picture, money management and plan. When you have a goal and a plan you have direction and purpose, with this it is amazing how differently you view money.
We have seen the devastation for clients without this cover and we have also seen the success cases. We have an ethical obligation and a moral calling to explore dreams, goals, needs and risks with clients. ‘If only I knew about…’ are words we never want to hear.
We value you and your job, if you are interested in protecting your ability to earn an income, contact us
At Growmatter we want you to Live, Trust, Grow and Matter.
