Rich Habits Word of the Day
Prescient – Foresight. Good parents have the foresight to prepare for unforeseen events, such as death, by obtaining adequate life insurance for their family.
Rich Habits Fact of the Day
Studies show that 40 percent of adult Americans have no life insurance whatsoever, and over 50 million people in this country lack adequate life insurance. Other studies of widows and widowers whose spouse died prematurely (between the ages of 30 and 55) show that less than 25 percent felt their spouse had adequate life insurance. Lack thereof has caused many widows and widowers to have to drastically change their lifestyles, in ways like taking on second and third jobs or working longer hours, borrowing money, withdrawing money from savings or investment accounts, and/or moving into smaller, less expensive housing.
Rich Habits Lesson of the Day
72% of wealthy individuals carry life insurance equal to five times or more of their annual income. 89% of poor people, on the other hand, do not carry adequate life insurance. People die unexpectedly. It’s bad enough to lose a parent but it becomes traumatic for kids when they are also forced to move our of their home, leave school and their friends.
About Thomas C. Corley
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