ALK & Associates

05/18/2023

Life insurance is and should always be a simple tool used to protect your loved ones from the loss of your income.

Income for an individual does three main things:
1. Covers your current cost of living
2. Pays down current debt obligations
3. Funds future savings and Investments

The reason to buy life insurance is if the three items listed above would be affected in the event of your premature death.

But there is a myth out there that says “you have a permanent need for life insurance”. You DO NOT have a permanent need for life insurance. You have a permanent need to:

1. Cover your cost of living,
2. Pay off your debts
3. Fund your savings and investments

The permanent solution to solve those three needs is to have a large sum of money that generates the equivalent amount of income to cover those needs.

The problem most people have is that they do not currently have a large sum of money. So, they will need to RENT a pile of money, while they work to OWN their own pile of money.

It may take someone 30 years to build their own large sum of money, so they would only need 30 years worth of life insurance to cover them in the meantime. This is the most cost effective way to maximize the amount of coverage you can get and maximize the growth potential of your future investments.

04/20/2023

Let's get you started in the right direction today!

04/05/2023

Today's Paycheck-to-Paycheck Landscape

As of January 2023, 60% of United States adults, including more than four in 10 high-income consumers, live paycheck to paycheck,

https://ir.lendingclub.com/news/news-details/2023/60-of-Americans-Now-Living-Paycheck-to-Paycheck-Down-from-64-a-Month-Ago/default.aspx #:~:text=Today's%20Paycheck%2Dto%2DPaycheck%20Landscape,percentage%20points%20from%20January%202022.

LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today released findings from the 19 th edition of the Reality Check: Paycheck-to-Paycheck research series , conducted in partnership with PYMNTS. The Debt and Credit Deep Dive Edit...

02/25/2023

According to bankrate.com these are the average car loan terms. If this is you, we need to talk.

https://www.bankrate.com/loans/auto-loans/average-monthly-car-payment/

02/12/2023

This doesn't have to be you. Hit me up so we can put a plan in place for you.

01/20/2023

Did you know that only around 53% of Americans have life insurance? Did you know that 100% of Americans will die? So what are the other 47% planning?

01/18/2023

tip #6: Work through the budget with your spouse so you can both agree to the plan.

01/16/2023

Budgeting tip #5: Take an hour on Saturday morning every 3 months to make sure your sinking funds match what you actually have. This may not be the most fun way to spend a Saturday morning but it's better than getting surprised later.

01/14/2023

Budgeting tip #4: use an app on your phone to keep track of your spending. Every time you checkout out add the spending in your budget so you don't miss something.

01/12/2023

tip #3: Setup sinking funds to pay for big expenses throughout the year. Examples: car insurance, Christmas presents, vacation, car/home maintenance, etc.