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Financial planning and life insurance

Along with retirement, family and leisure planning, financial planning is the basis for planning a successful life in general and life in retirement, in particular, writes Business Insider.
Financial planning and life insurance

Many believe that a large inheritance or big win at the casino will put an end to their financial problems.
Unfortunately, many lottery winners get broke. “Whether you're making $50,000 or $50 million, the
fundamentals of financial planning can help you save up and increase. Most people with very few
exceptions usually do not have a financial plan for the future, implying at least a primitive calculation of
what will happen to them in the near future financially,” says Richard Murray, financial consultant at
Bernstein Private Wealth Management.

When making the plan, you will find that the amount of money to spend on achieving your goals and the
amount of time to implement the plan are limited. After that, you will decide what you really need, and
what is imposed by social stereotypes. “Financial planning and life insurance are important topics for
people who are thinking about their financial future; as in order to achieve their goals, they need a plan
protected by a life insurance contract,” explains the financial consultant.

A life insurance policy protects the income, using which the family intends to build its future and achieve
important goals. “Turns out that the financial plan supported by the life insurance agreement will be
100% fulfilled. In a successful scenario, the family will achieve everything on its own, in the worst case, it will get the necessary capital as an insurance payment. The plan, however, will be fulfilled under any
conditions,” the expert concluded.

Source: https://www.businessinsider.com/personal-finance/financial-advisors-life-insurance-wealth-
building-any-income-2021-3

Photos are from open sources.

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