Stop 'Buying' Number 2

I am always intrigued to read articles or posts that consist of 'top 5' or 'top 10' lists, especially if they involve the financial field. So when I came across this one I clicked right away! I was SOOO happy when I read option #2! These types of insurances are money grabbing SCAMS (and they are already getting you to pay crazy interest rates)! There are so many fine print regulations and the probability of winning a claim is so low that you are basically gambling for the benefit (what a waste of money). Plus, insurance can't be 'bought' it has to be applied for (red flag there!). If you are really interested in the type of insurance it provides, get it in a PERSONAL policy. Personal policies are formed to YOUR needs and wants. In addition, personal policies give YOU control (creditor insurance gives the lender full control, including cancelling at any time. Personal policies legally bind the insurance company (they cannot cancel on you) but YOU can cancel). Ahhh, the freedom of control.

A personal policy can be life insurance (term or permanent), disability insurance (to cover you if an injury occurs), critical illness insurance (when a life threatening illness enters your life) or long term care (when you cannot perform two activities of daily the insurance helps cover either a nursing home or at home care including nurses, cooking, cleaning etc).

I found the higher SPF an interesting concept!

Here's the link http://moneyland.time.com/2011/08/19/12-things-you-really-should-just-stop-buying/#all

What Led Me Here....

It all started at the tender age of five when I had my first bank account opened and a ceramic piggy bank given to me. I was excited to have that piggy bank filled as quickly as possible. So at the tender age of 5, I embarked on my goals of filling it and started my first business venture. I painted rocks that I had found and sold them to the neighbourhood children. My mother was mortified. Year by year I continued my ventures but continuously changed ‘products’ from gimp bracelets, beaded bracelets, baked goods to garage sales. I was dedicated. So dedicated, that I was never the child who ran to the ice cream truck as it blasted it beats down the streets. Teenage years finally came and I was hired at my first job. Although I worked and still didn’t spend unnecessary money, those few teenage ‘necessities’ were purchased and the savings pot started to diminish. The diminishing of the pot is what has led me to Financial Planning. 

I wish that at the tender ages of 6, 8, 12, 14, 17, 20’s and so forth, someone in the financial field could have guided me and my finances. I wish that someone could have showed me a better way than a ceramic piggy bank. I wish that that same person would have recommended options to safe keep my money for specific goals. Ultimately, I wish someone in the financial field could have taken a proactive approach rather than a reactive approach to my finances. Instead of only providing me with things I had asked for (ex: “can I please open a Tax Free Savings Account (TFSA)” because I knew they had value) they would recommend opportunities and help me learn the whys and hows.

This short story is what has led me to Financial Planning and has created the drive and passion for what I do. As someone who has experienced saving but had limited professional guidance, I know the importance of that professional  guidance and how much further ahead it can get someone. It always excites me to help build and grow someone’s goals. I make it a commitment to take a proactive approach (rather than a reactive one) and am ultimately here to fill more than one piggy bank for the purpose of more than one goal. I am here to show you how, where, when and most importantly why.


(Image from iconspedia.com)

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