[ Pobierz całość w formacie PDF ]
.A living will or advance health care directive sets instone the actions you want to have taken on your behalfin a medical emergency.Getting this document in placeensures that, if it is against your wishes, you neverbecome a medical burden to your family, sapping awayyour life s work just to maintain you in an incompletestate.Take this difficult choice out of the hands of yourloved ones protect them from having to decide andprotect yourself from a life that you may not want.Umbrella insurance covers you in the case of addi-tional liability beyond the limits of your already existinginsurance policies, like life insurance, homeowner insur-ance, and automobile insurance.If you have wealth thatextends beyond the limits of the protection such insur-ance offers, your personal wealth may be in danger ifyou re at fault in an incident.If you have it, in suchhigh-liability instances, umbrella insurance steps in andprotects your hard-earned money against legal attacks.Long term care insurance provides coverage for thecost of long-term care if you re struck with a medicalcondition that causes you to have long-term health careexpenses, such as a nurse or expensive equipment thatgoes beyond the coverage provided by typical healthinsurance or Medicare coverage.Long-term care insur-ance merely makes sure that, if you find yourself in sucha situation, your lifelong earnings aren t drained in thecost of your care.From the Library of Wow! eBook164 The Simple DollarFive Methods for Maintaining the GapYou ve mastered the art of the gap, and the gap hashelped you achieve things you never thought possible.What can you do to keep the momentum going?1.Don t stop saving just because you reached yourfirst goal.Achieving debt freedom or buying thehouse you ve always wanted is cause for celebra-tion it means you ve climbed a great mountain.But as you stand on the summit and look out inthe distance, you ll see greater mountains toclimb that will bring you to a rarefied air that fewpeople around you will ever experience.You velived quite well without the money you ve beeninvesting toward your goal now, channel thatmoney toward your next one.2.Don t judge your own experience by the rules ofothers.You are not a failure because your neigh-bor has a nicer car than you.They ve simply cho-sen to place a high value on their automobile, avalue much higher than you place on your auto-mobile.Your values are elsewhere, represented inother areas of your life, ones that don t sit in thedriveway while you live your life.Make yourown rules and judge your own life by those rules.3.Protect what you have.Plan a will now, even ifyou re young and it seems unnecessary.Create aliving will and file it appropriately.If you havesignificant assets, look into umbrella insuranceand long-term care insurance.From the Library of Wow! eBookManaging the Gap 1654.Automate yourself into a sense of scarcity.If youfind that you re convincing yourself to makeunnecessary spending choices simply because youhave an abundance of cash available in yourchecking account, increase your automatic sav-ings policies so that this is no longer a tempta-tion.Not only will this help prevent you frommaking poor financial choices in the short run,but it will also help you move closer to your bigfinancial goals in the long run.5.Create a barrier that removes easy access to yoursavings.If accessing your long-term savings is aseasy as swiping a card into an ATM machine, itwill become much easier to tap that money for animpulsive purchase.Instead, put that money intoanother financial institution entirely and don tgive yourself tools for such easy access to themoney.From the Library of Wow! eBookThis page intentionally left blankFrom the Library of Wow! eBookChapter 13The Personal-FinancialBoundaryWe looked out the windows of the airplane as itrested on the tarmac, waiting to take off.Our fingerswere entwined.Just twenty-four hours earlier, wehad walked out of the church, husband and wife.Now we were beginning our new life together with ahoneymoon in the United Kingdom.I squeezed Sarah s hand and she looked back at me,her hazel eyes shining. It s just me and you now,honey, I said, and she gave me one of her patentedcrooked smiles.As the plane took off, I leaned backto relax.After all, we had a lifetime ahead of us.Thiswas no time to think of money.The rest would takecare of itself, or so I thought.June 2003We are all emotionally invested in our money and in ourspending decisions.The money we have is the result of our hard work,our hours and our energy given over to someone else so167From the Library of Wow! eBook168 The Simple Dollarthat we can have the things we need and a few of thethings we want.Our spending decisions are often awindow into our imperfections, full of impulsivenessand materialism [ Pobierz całość w formacie PDF ]