In Search of Wise Counsel

Key Takeaways

  • We tend to ask our close family or friends for financial advice when we should really turn to a professional to help us.
  • When looking for a financial advisor, there are a few things you should keep in mind, but LRC – Leadership, Relationship, and Creativity, is key.
  • Big-name financial firms are not always the best places to turn to for financial advice as many times, they have a set of services or products they are expected to push, whether you need them or not.

Maintaining Your Vehicle

Key Takeaways

  • Most cars come with a basic warranty package, but an extended warranty option costs extra and isn’t necessarily worth the money.
  • The average vehicle’s lifetime is eight years or 150,000 miles and on average, costs $914 to maintain per year.
  • If you pay your car off after five years, and you continue to save the same monthly car payment over the last three years, you can use that money to help pay for your next vehicle, pay down debt, or save for other goals you have.

DIY Love Letter

Key Takeaways

  • Over the past decade, there’s been an increase of do-it-yourself will software.
  • There are several reasons you should not do a will yourself, especially as there are some common mistakes when creating a will that can cause your assets to not go where you want them to go.
  • Paying to have a will created by a professional estate planning attorney can give you the peace of mind that your assets will go to the right people or places.

Replacing Your Life

Key Takeaways

  • Life insurance is important to have if you have dependents and are a high income earner.
  • Term insurance and Cash value insurance are the two types of life insurance.
  • There are different benefits to each type of life insurance, so it’s important to know the advantages and disadvantages of each to determine what fits for you and your family.