Holding on to Our Money

Why is it so hard to manage money and hold on to it? How can we save more and spend less? It has become an issue to make and save money.

The world is geared in such a way that it’s difficult to hold on to our money…

Everyone is after money – our money, their money, everybody’s money – because of greed and because they never have enough. They spend years in higher education, in colleges and universities, to master the art of finding ways to get our money with such ease. They have become experts in their field and their field is to find more ways for our money to escape from our wallets faster and faster.

The funny thing is, there is a collaboration between the financial institutions and the commercial world to create more wants than needs. People, in general, are innocent and ordinary. The majority work hard to try to have a life without paying too much attention to the details… and that is when it happens…

I remember when banks were not so greedy. They made it easy and a pleasure to bank with them. Now it’s all about them making more and more billions in profits every year. They charge for every little detail, and we are not done yet, because they have their geniuses looking for ways to get every hard-earned dollar from our bank accounts into theirs-the latest being that, with every transaction at the teller, if you want a receipt, there is a charge of one dollar.

The government raises taxes, and if you don’t have a good accountant, you are doomed. There is a well-organized plan to find ways for our money to fly into someone else’s nest. Therefore, people will never get out of debt unless they get smart, spend less, and save more. As the saying goes, “A penny saved is a penny earned.”

How about our young ones? Do you think there is more we can do to educate them about money matters, to help them manage their resources, money, time, and so on? I don’t think we do enough to prepare our young people for life and its money challenges!

We teach them history, the arts, geography, economics, and so on. Please, don’t get me wrong, these subjects are important, but I feel it’s more important to teach them practical and smart ways to deal with their personal finances, starting from when they’re young and into their teen years.

It would make such a huge difference in their lives. It would determine how successful they are going to be… or not.

But here is the question: Who is responsible for this task-the school system or the parents? Why do we as parents depend on others, such as schools, to ready our children for life? Isn’t it our duty to make this happen?

Here is my opinion: Parents care more for their children than anyone else does; therefore, they are responsible for teaching their children about personal finances if the school doesn’t do it. Remember, economics is not the same as personal finance. We have to teach young people to spend less than what they make, a lesson that can prove to be as valuable as gold if it’s put into action! It’s a very simple lesson but a very important one.

I wish I knew more about money management. I wish someone had told me early in life about money and how very important it is to save more and spend less… to pay myself first and then spend the rest with no guilt. Life will never be without its bills and expenses. It is what it is, and nothing is free… well, I’m trying to think what things are free-not too many! The air we breathe is still free, but I don’t know for how much longer!

Money matters. Let us be wise about it so we can have it in times of need!

Mistakes People Make That Hurt Their Bankruptcy Case

Making big decisions in life can be scary, and when it comes to financial decisions, the pressure and consequences are magnified. If you’ve been fighting to keep up with bills and debt for some time, you might be faced with the decision to file bankruptcy. This will probably come as a relief, just knowing that your debt will soon be under control. Having a professional bankruptcy attorney guiding you through the process can help you make informed decisions about your case and avoid some of the common mistakes that people sometimes make.

Ask for Help

When you’re doing something as important as filing bankruptcy, it’s best to have an experienced professional helping you. While you can file on your own, an attorney can help you look at alternatives to bankruptcy, and if you both agree that bankruptcy is the best option for you, he or she can help you decide which chapter to file. They will also ensure that all your forms are complete and you have all the necessary supporting documents. Filing incomplete information could lead to your case being continued at a later date or could even alert the trustee to fraud. Your attorney will also make sure you know about all your responsibilities and due dates related to payments, meetings, and classes.

Don’t Make Big Changes

Filing bankruptcy takes time, work, and organization. You’ll be filling out forms and gathering documents so that the court has an accurate picture of your situation. This is no time to make big changes such as selling or giving away property, charging large purchases, or making big payments on debt. If you give away your property to a friend or family member just to get it out of your name and make your case “look better,” this is actually fraud. Making purchases on your credit card before you file can be tempting, especially knowing that after your case is finished, it may be a while before you have credit again. Instead of using your credit card, now is a time to live within your means and come up with other options. Using a credit card that will be included in your case could be considered fraud. I’ve had clients make large payments to a bill or credit card right before filing bankruptcy in an attempt to show the court that they are truly trying to pay off the debt. While this is admirable, it is not necessary. That one extra payment will not affect your case, so you’re basically just throwing money away.

Don’t Delay

Sometimes by the time clients contact me, they’ve been bogged down by stress and debt for years. They have truly done everything they could to take care of their debt, but just aren’t able to make progress and break free. Of course making an effort to avoid bankruptcy is wise, but putting off the inevitable and viewing bankruptcy as a negative thing, rather than a fresh start, just causes undue stress. Even if you’re just starting to think about bankruptcy, you should meet with a bankruptcy attorney to cover the basics and facts. Don’t try to navigate these complicated waters by yourself. They are here to make sure you have all the correct information available and together and come up with a plan.

How to Sell Final Expense – Why Agents Fail In the Final Expense Business

The reason agents fail learning how to sell final expense is fairly simple. The unfortunate reality of sales, no matter the industry, is that 90% of all sales people fail or quit within the first 12 months of starting their sales profession. Why is that the case?

The number one the reason agents fail selling final expense is because they give up on themselves. They go into the business with aspirations that didn’t match reality. Looking from the outside in, many new final expense agents have the perspective that to succeed in final expense it is only a matter of going out and talking to people. If it were only that simple!

It takes time to learn the skills necessary to sell final expense successfully. Final expense sales training is something that takes months if not years to develop. A lot of new agents don’t understand that sales is totally different from a typical salaried employee position. You have emotional ups and downs almost daily. Being on straight commission, you literally wake up every morning unemployed; you must “eat what you kill!”

If you don’t have experience, there is nothing to really prepare you for it until you understand what that is like and you are living it. It is something that many people just can’t handle.

Then the other reason people fail is because they don’t get involved with the right agency to help train them, to prepare them for the realities. They get involved with a business that sells “Blue Sky,” meaning all the benefits to a lifestyle of Final Expense and none of the gritty work that it takes to succeed in the long-run.

Also, new agents fail because they get involved in an agency that is designed to short change them and squeeze the dollars out of them at a ridiculous rate. It ends up being a revolving door type of sales agency.

It is important that agents do their research on the front-end. Talk to different agencies. Get a feel for your managers personality type. Figure out who has been successful. How long agents have been working with them? Ask for proof. Are they transparent with what to expect as far as commission and percentage advancements based on merit and production history?

What do you get for your investment? Because the manager makes money off of your production. You just have to make sure value is there. Take the time to ask these questions. Again, it is really important you are reading this because most agents don’t go into this business even knowing what to ask, much less what to expect.

Many agents don’t understand that you must come into this business with a business mindset. Most agents must buy direct mail, and won’t have the benefit of a referral network or an existing book of business. Instead, they have to buy leads to get going.

My recommendation is to have about $4,000 to $5,000 to invest into a final expense direct mail lead system, or if you have less than that keep a full-time job and then also you know if you got $2,000 or $3,000 minimum into a telemarketing final expense lead system.

You MUST start on the right foot. You MUST be prepared for the ups and downs. You MUST be willing to work through it with the understanding that the long-term is what makes it worth having. What makes it all worthwhile.

That’s the reasons why most agents fail learning how to sell final expense. The important thing is to go into this with the right group that shows you transparently what to do. When you know that you have got that on your side it is really up to you.

Do you have the X-Factor to work hard and follow the system that is laid out upon you?

That’s really the ultimate determinate of your success or failure.

David Duford is the owner of Final Expense Agent Mentor.

In addition to personally producing business each and every week, David specializes in training new and experienced agents on how to successfully sell final expense burial insurance.

Why You Need Liability Coverage From Your Insurance Company

Who is responsible to prime the pump and fill the top of the funnel? Many agencies and brokers expect their sales team to cold call, network, and send emails to build their own pipeline, and fill the top of the funnel. It reminds me of the old slogan, “Let your fingers do the walking”. The slogan referred to the Yellow Pages, the omnipresent database of the time. Regardless of the database used, be it the online Yellow Pages, Google Pages, or an internally generated prospect list, the question still remains. Who is responsible to fill the pipeline, and what’s the most likely path to success.

Today insurance lead generation encompasses many new tools to help producers prospect, including eMarketing, Social Media Marketing, Blogging and Web Seminar Marketing, in addition to traditional cold calling and networking. Agencies and brokers must also add their website to this mix of tools, as many broker websites are out of date, difficult to navigate, and are not mobile compliant. The mobile compliance issue is very significant, as mobile searches are now exceeding PC based searches.

Many producers find these new web marketing tools, and in general the lead generation aspect of their jobs, to be arduous and challenging. That’s why so many producers fail, they are not insurance lead generation machines, nor are they savvy insurance web marketers. The results are self-evident, insufficient qualified prospects at the top of the sales funnel, usually translates into inadequate results at the bottom of the funnel.

A better path to success for many agencies and brokers begins with a comprehensive and consistent insurance marketing and lead generation program, providing producers with an influx of quality prospects, so they can spend more time selling and less time prospecting.

Why don’t more agencies invest in these types of programs?

They lack the internal resources necessary to execute these marketing initiatives
They plan on doing this type of marketing and lead gen, but never seem to find the time to get it done
They believe in doing business the old-fashioned way (I built my own pipeline and you can too)
They over invest in sales and under invest in marketing and lead generation
They tried it once and it didn’t work
They tried a short pilot program and didn’t see an immediate ROI

These are just a few of the reasons many agencies and brokers are unable to accomplish their insurance lead generation and top line growth goals. Regardless of the reasons, agency owners and executives should review current and past producer performance and determine if it’s time to refine their insurance marketing and lead generation programs, to improve the path to success for their producers specifically and their businesses in general. Agencies, brokers and wholesalers lacking the knowledge and skills necessary to undertake these marketing and lead generation initiatives can seek assistance outsourcing assistance from proficient insurance marketing agencies as a viable alternative to internal staffing.

Why You Need Liability Coverage From Your Insurance Company

Designed to cover professional practitioners against claims of negligence made by clients or patients, professional liability insurance goes by many names. When used in the medical profession, it is commonly called medical malpractice coverage. Notaries public also require this security, but they refer to it as errors and omissions insurance. Real estate brokers, management consultants, and even website developers are all eligible for protection.

What’s It For?

Insurance is used to protect people in case something unfortunate happens. Auto policies protect them in the event of an accident; medical policies protect them from unexpected illnesses; commercial policies protect them from a number of mishaps. If there is a fire, theft, or an accident on the job, the commercial variety will cover it.

Why You Need It

Few companies are fortunate enough to survive for a protracted period of time without getting sued by a client, customer, or employee. Liability coverage from an insurance company is the only shield most businesses have against litigious attorneys. This goes double when an employer competes in a risky industry like construction. Why?

A construction site is arguably the most dangerous working environment on earth. Not because people are careless, but because making something, anything, is risky. Workers fall down stairs; they trip on cords; they cut themselves. Builders must assume this risk and purchase the right amount of coverage from their insurance company to protect them from financial ruin. But that’s not all.

These policies not only shield the employer, but they also safeguard his workers. If an electrician falls off a ladder or a carpenter cuts himself, a liability policy will pay his medical bills. Commercial coverage will also cover most attorney fees and court costs if someone files a suit against you.

How Much Do You Need?

As you might expect, the size of the policy often depends on the size of the business. Most actuaries recommend at least one million dollars of professional liability coverage for small businesses. Large businesses and corporations obviously need a lot more and often carry huge policies. Because lawsuits are quite common in the medical profession, malpractice insurance is the most common form of liability coverage.

Most doctors have several million dollars of malpractice coverage at all times. When they work in a large practice, that figure might be five or even ten times as high. Lawyers and accountants must also carry liability because of the high rate of litigation in their fields. But what about everybody else?

Numerous Benefits

Any business that can be held financially responsible for failing to complete a project on time may need to purchase a professional liability policy from their insurance company. This includes general contractors, architects, builders, and many, many more. These policies also cover personal injury, breach of warranty, intellectual property, and security. In short, any company that has more than one employee should have liability coverage.