Join us as we welcome the IMPower Center for a four-week series on what it means to take control of your money. In this third course, we learn about life insurance and tax deferral.
They say that there are two inevitable things in life: Death and Taxes. They both affect all of us at some point in our lives. Death can affect us unexpectedly, as we never know when it will strike any of us. But taxes affect us every single day. When we lose someone, especially the bread winner of our family, it can have not only an emotional impact on our lives, but a huge financial impact as well. If we have a lot of money saved, the financial burden isn't as great. But until we get to that point, it can be devastating to our family's quality of life. The money stops coming in, but the bills simply do not. And many times that means there's no time to grieve, as we have to find ways to take care of things now, or else... Understanding how to protect that income in case of death can mean the difference between financial devastation, and being financially okay. And not all forms of income protection are created equally. The wrong product can be just as devastating as not having any at all.
Just as protecting our families from the financial problems death can bring is important, it's just as important to protect ourselves from the impact that taxes can have on our lives. If we aren't careful, we could end up being double taxed on our money, or we could end up paying taxes we never really needed to in the first place. Without the right investment knowledge and wisdom, we can end up making investment choices that can leave us in a much worse financial situation later in life than we needed to be. Taxes are inevitable, and we all have to pay in the end, but if we can delay those taxes, it can have significant advantages.
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