Vishal Shah’s Post

Here's another hot take for people who think poor people could get out of poverty if they just saved their (nonexistent) money or budgeted better: Being poor is more expensive than you could possibly imagine. Here's an example: When I lived in Maine, annual safety inspections of all motor vehicles were required. An inspection cost $12.50 when I left Maine in 2013. That doesn't seem like all that much, but if the inspection reveals safety flaws like tires that are too worn, brake pads that are too worn, a hole in your exhaust system, rust that's eaten through the floorboards, or a busted wheel bearing, then you're REALLY screwed, because not only will you not get your inspection sticker but you'll have to come up with anything from several hundred to several thousand dollars to fix those flaws. So while you're trying to save up (or beg and borrow) to get that fixed, you get stopped by a police officer who notices your expired inspection sticker. You get an expensive ticket for that. And before you know it, you have a car you can't drive, hundreds of dollars in fines, and no way to get to a job (because in Maine you need a car to get anywhere) without potentially getting stopped AGAIN and suffering even MORE fines ... and on and on and on. When you're poor, you HAVE to kick the can down the road: pay for what you need to pay for RIGHT NOW (like your phone bill, so you can be contacted for job opportunities, or your electric bill so your heat won't get shut off in the middle of the winter), and then you have to deal with the consequences of not being able to pay your rent in full, or make a payment on your credit card (which you got when you were a working American and therefore viewed as a full human being) .... which affects your credit score, and therefore your ability to rent an apartment or house, raises your car insurance premiums (credit score is a factor in car insurance premiums), and on and on. If you're poor, you're basically running to stand still. And if you're lucky, you don't get pulled back into a hole (of homelessness, disability, etc.) because you just can't run fast enough.

Why did he let them off the hook? We’ll never know? Last week. Client called. Simple address change. NP. He has a college savings. Kids grow up so fast. I said, “looks like your daughter has about one semester saved, maybe 2, would you like to increase your monthly investment”. He said increase bit by $75 but retracted and increased by $50 more per month. From the back ground his wife said “ask him about life insurance.” History. 5+ years ago, I got him a $2M+, 30 year term life. Why? 1. He is the rain maker. 2. He owns a couple of businesses, all extremely successful 3. They have a traditional marriage where he earns and she supports. Not dual income 4. They have a kid with big dreams. 5. They live a certain lifestyle. “Baller Alert 🚨” 6. If anything happens to him, they go backwards. 7. He had a genetic condition the doctors were watching but not concerned and no medications. So I said, put an insurance company “on the hook 🪝” just in case something bad happens. I used every drop of “pull” I had as an independent agent to get bro a policy. Not rated. Standard non-tobacco. At a price less than a round for beers and wings for him and his entourage out watching the Dallas Cowboys lose. Anywho.. He paid for 4 months and stopped paying. Many calls. Nothing. Policy lapsed for non-payment. Done. Dusted. Back to his wife in the background, “Ask about getting life insurance?..”. Address change is another new house. Still with me. I said bet. What’s changed? He said the condition is worse. I asked, “medications?” He replied, “oh yeah!” I said, “that’s sad, you had a policy.” Crickets 🦗… “Can you ask round.” Sure, send me the list of medications. But I already know the answer is NO! He is uninsurable now. I’m going to shop this anonymously to 5 or more carriers but I already know. Best case is a Guaranteed Issue policy which is hella expensive with a $100K graded death benefit. Moral. FAFO! Do what you want to do, just be prepared to tell your wife and kids “my bad” in your Will. Any men out there saying “she’s pretty, she’ll find someone else” (to love and finish rasing your kids), that’s just low! Get a policy while you can! Transfer your risk of income loss to an insurance company. By the time you react to bad news and think you need a policy, it will be too late. Preexisting conditions will make you uninsurable. Standing by… RL #BetterWealthAdvisor #CeteraAdvisorNetworksSAT

The recent news made me sad for some of my closest friends! 😢 I’m not that person who would ever put anyone down for building a side gig, side hustle or going all in on any new business! I will be the girl who is cheering you on from the sidelines hoping you win! Why? Because you LEAPED and had the guts and the grit to step outside your comfort zone and do what most are too scared to do! We all choose the path that is right for us. Only we can know what is good for ourselves, our families and our future. I was in the MLM space for 5 years while Alessio was little. That business allowed me to eventually stay home with my son. I am forever grateful for that time. I met some of my favorite people and made the best relationships with people I’m still friends with today!!! I sold skincare products, built a team and coached my heart out. I wanted to pay it forward. Why? Because someone once helped me. That industry taught me so much and I learned a ton. But after Covid I took a hit like most, and knew some changes needed to happen. Fast forward I found the insurance space where I could still work from home. I get to serve others with a purpose ….but this time it was to protect people’s families, protect their financial future and build wealth. More importantly I wanted to run a business where I could own my own agency, where my team would never be taken away from me, because I have contractual rights being an Agency Owner within our parent company. I’ve recently heard the news of some of my friends at my old company and it makes me soooo sad. I know the heart and soul that some of those women/friends put into building a team! And unfortunately a lot of multi level companies are moving away from paying on those overides & commissions and becoming an affiliate company. Which means consultants may be paid a higher commission on selling the products…. but no longer be paid on their teams, and people they helped. I calculated what it would take me to earn what I am grateful to earn today. I would have had to sell 50k a month with those products and have a couple hundred women/men helping me too. Although we are not in the MLM space, we do have the opportunity to pay it forward and help others learn our industry of insurance, coach them through a proven system while teaching them to build a legacy and own their own Agencies. Where they have the choice to sell it, will it to family or transfer it to another family member. No one can take it from you. If you are in the Network marketing industry and this has happened to you or this post resonates with you at all…. or you just want help during this time as you make decisions for any upcoming changes you might have to make for you and your family…. I’m here to talk you through it. May you find peace as you navigate through your next steps! It might look like a different vehicle but never give up hope or your dreams. Much Love to all my business builders out there!

Harbaugh FTW! We've all witnessed the success that Jim Harbaugh has had at Michigan. The man is passionate, intelligent, a phenomenal leader of young athletes, and a fantastic coach. But, he's winning in another way, and that's through the compensation package he's received from the University of Michigan. Coach Harbaugh negotiated his most recent contract with the University in 2015 when he was 52 Years Old. To me, the most interesting part of his compensation package is the Life Insurance he gets as part of the deal, in addition to his $5,000,000/year salary. You may ask, "How on earth is his life insurance so interesting?" If you're like most people, and only think of Life Insurance as a Death Benefit if you die too young, I would agree with you. If you listen to certain evangelicals on the radio or talking heads on the television, you may be thinking, "is this one of those 'scam' policies that I'm told are a total rip off?" In reality, it's neither. Harbaugh has what's called a Split-Dollar Agreement with the university. This means they loan him $4,000,000 to make his first payment into the Life Insurance policy. They will then pay him an additional $2,000,000 per year for the remaining 5 years of his contract. As long as he leaves the contract healthy enough that the first $4,000,000 of the Death Benefit repays the original loan, and as long as he doesn't leave the job before his contract is over, he never has to come out of pocket to repay the original loan! So what does this mean for him? By my calculations, and easily assuming that they structured the insurance policy properly, the $14,000,000 will go into the contract and accrue on a TAX-FREE basis for the rest of his life in a savings account inside the contract. On day one of the policy, he has over $30,000,000 in Death Benefit, that will stay with him for the rest of his life (and actually grow over time). Additionally, if he never spends the money in the savings account, his family will receive North of $86,000,000 of TAX-FREE money if he passes at age 85 after repaying the original $4,000,000 loan to the university. That's a pretty good ROI! But what if he wants to spend some of that money and leave a little less to his family before he passes? Based on current projections, at age 65, he could withdraw $1,000,000 from this policy each year on a TAX-FREE basis for the rest of his life and if he were to pass at the same age of 85 like above, he would still expect to leave North of $50,000,000 (with a net of $46,000,000 to them after repaying the loan to the University). This sounds like a Win-Win-Win to me! He takes care of his family if something bad happens while he's young, he gets a powerful TAX-FREE accumulator and distributor of wealth during retirement, and the University gets their initial investment back! This strategy works without your employer and with much smaller numbers if you do it right. Are you ready to get started?

A Love Letter When you love someone, it’s the little things that make a difference like opening a car door, pulling out a chair, wiping away the tears and spending time listening to them talk about his or her day. It’s also about protecting and caring for your partner and family even when you’re not around. Making sure the kids have coats in the morning, even if they say they’re not cold; putting a nutritious dinner on the table, even when it’s eaten so quickly no one knows what it is; and providing financial security, even if they’ve never looked at a checkbook. Loving someone is about keeping their best interests in mind, even if they are too young to know what that means. Life insurance provides financial security for your loves ones at a time they need it most. They’re fragile and reeling from the emptiness your departure has caused in their lives. The last thing they need to worry about is creditors. Your ultimate love letter Hopefully, you spend your life telling and showing your family that you love them in a million little ways. That shouldn’t stop when you pass. Life insurance is your final love letter to them. Remember the fireworks and butterflies when you met your significant other? Remember how you made it a point to know his or her interests, sometimes putting them above your own? You would move mountains for this person. My family relies on my income for the day-to-day expenses. I take care of everyone’s needs. I don’t draw a salary, per se, but someone would have to do it if I wasn’t there. My spouse couldn’t do it all. My kids will be going to college. Those expenses need to be addressed. My spouse will be devastated. There’s no way he’ll be able to work right away. My family doesn’t have the money to cover my final expenses or to cover the taxes on my estate. Providing for your family’s financial needs is one of the few things you can control when it comes to a premature death. It’s peace of mind and a way for your family to know that you loved them enough to safeguard their future. Buying life insurance is like sending a love note from the Great Beyond, like a final gift to our loved ones saying, “I would give anything in the world to be with you, but since I can’t, I’ll do what I can and that’s making sure you’re taken care of financially.” We don’t know how the love story will end, but taking care of our family’s needs will be a reminder of our love for them long after we are gone. In this scenario, life insurance transforms into love insurance. #happyvalentinesday #loveislove #getloveinsurance #ProtectWhatMatters #ProtectYourAssets #collegeplanning #RetirementPlanning #retirementincome

Life Insurance for singles.....Why? While life insurance is often associated with providing financial protection for dependents, singles can also benefit from having life insurance coverage. Here are some reasons why life insurance for singles may be important: Financial Responsibilities: 1. Debts: If you have outstanding debts such as student loans, credit card debt, or a car loan, your life insurance can help cover these expenses. Without sufficient coverage, your family or estate might be responsible for settling these debts. 2. Funeral Expenses: Life insurance can help cover funeral and burial expenses. This can be a significant financial burden for your family especially if you wish to be returned to your original place of birth. 3. Future Insurability: Locking in rates for life insurance premiums. Purchasing a policy while you are young and healthy can lock in lower rates, making it more affordable over the long term. 4. Supporting Loved Ones: Even if you don't have a spouse or children, you may have parents, siblings, or other loved ones who depend on you financially or would be impacted by your passing. Life insurance can provide financial support to them. 5. Charitable Contributions: Legacy planning If you have a cause or charity you are passionate about, life insurance can be used to make a charitable contribution upon your passing. 6. Business Obligations: If you have co-signed a business loan or have other financial obligations related to a business, life insurance can help ensure that your business partners or co-signers are not left with financial burdens. 7. Health Changes: Your health status can change over time, and unforeseen health issues may make it difficult or expensive to obtain life insurance in the future. Locking in coverage while you are healthy is a proactive financial decision. 8. Estate Planning: Inheritance: If you plan to leave an inheritance, life insurance can be a tax-efficient way to provide a lump sum to your beneficiaries. 9. Peace of Mind: Life insurance can provide peace of mind knowing that, in the event of your untimely death, your loved ones or chosen beneficiaries will have financial support. 10. Purchasing a Home: Personally owned life insurance is a great way to prepare for your first home. Mortgage insurance through your institution will pay off the mortgage but the rest goes to the bank not your family. Your own policy will move with you when you move home. Better to plan now that in the future when you may be sick or much older. It's important to assess your individual circumstances, financial obligations, and goals when deciding if life insurance is necessary for you as a single individual. Consulting with a financial professional can help you determine the most suitable coverage for your specific needs. Reach out to me today to a complementary, no obligation quote. #lifeinsurance, #singlesinsurance, #estateplan #lifeprotection

Life insurance for high-net-worth individuals (HNWIs) involves special considerations due to their complex financial situations and unique needs. Here are some of the key aspects: 1. Estate Planning - Estate Taxes: Life insurance can provide liquidity to pay these taxes without the need to sell off assets. - Wealth Transfer: Life insurance is a tool to transfer wealth efficiently to heirs, avoiding the probate process. 2. Policy Type and Size - Permanent Life Insurance: HNWIs typically favor permanent life insurance over term insurance due to its ability to build cash value. - Large Death Benefits: Due to their wealth, HNWIs often need policies with very large death benefits to cover estate taxes. 3. Tax Considerations - Tax-Deferred Growth: The cash value in permanent life insurance policies grows tax-deferred, which can be advantageous for HNWIs looking to minimize taxes on investments. - Premium Financing: Some HNWIs use premium financing, borrowing money to pay large premiums. 4. Business Succession Planning - Buy-Sell Agreements: For HNWIs who own businesses, life insurance is often used to fund buy-sell agreements. - Key Person Insurance: Policies can also be taken out on key employees whose loss would significantly impact the business. 5. Charitable Giving - Charitable Trusts: HNWIs often use life insurance in conjunction with charitable trusts to support philanthropic goals while benefiting from tax deductions. - Wealth Replacement Trusts: A wealth replacement trust funded by life insurance can replace assets donated to charity. 6. Complex Ownership Structures - Irrevocable Life Insurance Trusts (ILITs): These are commonly used by HNWIs to keep the life insurance proceeds out of their estate. - Offshore Trusts: In some cases, life insurance policies are held in offshore trusts for additional privacy. 7. Advanced Underwriting and Policy Design - Customized Underwriting: HNWIs often have unique health profiles or risky hobbies that require specialized underwriting. - Tailored Policies: Policies can be customized with riders that align with the specific needs of the individual. 8. Asset Protection - Creditor Protection: In certain jurisdictions, life insurance can be protected from creditors. 9. Global Considerations - Cross-Border Planning: For HNWIs with assets or beneficiaries in multiple countries, it’s crucial to navigate the differing tax laws and regulations regarding life insurance. - Currency Risks: Policies may need to account for currency risks if premiums or benefits are paid in different currencies. 10. Periodic Review - Ongoing Evaluation: Given the complexity of their financial situation, HNWIs need to regularly review and adjust their life insurance strategies. For high-net-worth individuals, life insurance is not just about protection but also about strategic financial planning, wealth preservation, and legacy building.

Who is guilty of spending and throwing away money on things like going out to eat daily, having a bunch of subscriptions, buying alcohol, cigarettes, things we don’t need?! I know I have been for way too long and when you have a family and kids it puts it all into perspective. What really made me think about it was becoming a life insurance agent. I have been coming across people daily who fight the same battle and say that can’t afford. Well that’s the exact reason why someone would need this and I have to explain to them this very exact situation. If you are financially hurting now imagine if god forbid something happens, now it’s even harder. If we can spend money on things we can fix or minimize, why cant we spend that same money on something that’s comfortable and affordable to protect our family god forbid we don’t wake up tomorrow. I know every situation is different, it’s never a fun conversation, and it’s never a good time to add a bill, but it’s an important one and finding a coverage that is completely customizable to your needs if you TRULY care about your family is worth it. If the breadwinner of the home is gone how is the spouse or partner going to handle their biggest asset which is the mortgage payment, plus cost of burial, casket, and other bills. This is the number one reason for foreclosures and the minute you miss a couple of payments the bank is ready to scoop up the equity and the home. The older we get and depending on health conditions it’s harder to get approved for the protection and the more expensive it will be. If you are around my age, I’m 32, now is the best opportunity to get something in place that will last your whole life. If you are older and have nothing in place, having something like final expense or equity protection is major so there is no financial burdens when your partner, spouse, family is going through the roughest time of their lives mourning and grieving of a loss. Most people think they are okay with their work life insurance, and that’s great. But after you leave, retire, change jobs, all that coverage goes away. Worst case if you get cancer or any sort of illness and you end up getting laid off, you lose those benefits as well and most likely you wouldn’t be able to qualify health wise for any coverage. So it’s really important to have some type of coverage outside of work. If you have something in place, it’s good to review it and see what’s really going on. Can we improve it, can we strengthen your position for your family, Is it going to expire when your 50-60 and now you have to spend double the money because of age and health? I need to leave this message here for people to read and be a source to help protect families. I’ve done many different jobs and this is by far the most meaningful one. If you want to look into this, I invite you to see what is comfortable and affordable to you, doesent matter if that’s $20, 30, 50, 100, it’s better to have something then nothing.

So you have Home Owners Insurance, Renters Insurance, Car Insurance, Health Insurance and Pet Insurance. Why is Life Insurance so important? Life insurance is important for several reasons: 1. Financial protection: Life insurance provides a financial safety net for your loved ones in the event of your death. It can help cover funeral expenses, outstanding debts, mortgage payments, and daily living expenses for your family. 2. Income replacement: If your family relies on your income to cover living expenses, life insurance can help replace that income and ensure your loved ones are taken care of financially. 3. Debt repayment: Life insurance can help cover outstanding debts such as a mortgage, car loans, personal loans, and credit card debt, so that your loved ones are not burdened with these financial obligations. 4. Education expenses: Life insurance can be used to help fund your children's education and ensure that they have the financial support they need to pursue their goals. 5. Peace of mind: Knowing that your loved ones will be financially protected in your absence can provide you with peace of mind and alleviate any worries you may have about their future. Overall, life insurance is an important tool for ensuring that your loved ones are taken care of financially and can maintain their quality of life after you are gone. The younger you start the lower the rates, but it is never to late to think about those you may leave behind. Message us today to discuss your situation.

Why rich people buy life insurance in USA? Rich people in the USA buy life insurance for several reasons: 1. Estate Planning: Wealthy individuals often have significant assets and properties. Life insurance can be used for estate planning to ensure a smooth transfer of assets to their heirs upon their death without significant financial losses. 2. Tax Planning: Life insurance benefits are typically not subject to estate taxes. Purchasing life insurance can help wealthy individuals reduce their estate tax burden. 3. Charitable Giving: Some wealthy individuals use life insurance as a means of charitable giving, ensuring that their philanthropic efforts continue to be supported and operational after their passing. 4. Debt Settlement: Wealthy individuals may have substantial debts, and life insurance can be used to pay off these debts to ensure they do not become a financial burden on their family. 5. Family Protection: Despite their wealth, wealthy individuals often have family members who rely on their financial support. Purchasing life insurance provides additional financial security to ensure that their family members do not face financial difficulties upon their death. In summary, the reasons why rich people in the USA buy life insurance can vary based on individual circumstances, but it typically revolves around financial planning, tax considerations, and family protection.