Categorized | Insurance

Dealing with Intangibles – How to Use Insurance in Personal Finance

In the world of personal finance, there are two basic goals constantly working with, and against each other. One goal is to constantly make money and grow your wealth, while the other is to work to protect loss of the money that you already have. Reconciling when you should worry more about making money and when you should care more about protecting your money is one of the most important tasks in proper personal financial management.

When you find yourself with a slight excess in funds, it can be extremely difficult to determine which of the two personal financial strategies to follow. Using that money to earn more money is extremely tempting because it is something that you can immediately understand and see. Something like binary option trading can be an extremely tempting use for this surplus cash, as it is a route to almost immediate profits. Broker like the BinaryDAS broker promise that you can earn huge sums of money through binary options trading, so why shouldn’t you go for it and see how much you can profit?

For some people, using their excess cash to earn more money through binary options trading is the perfect solution. Young, single people especially should have no compunctions about using extra cash to try to make even more extra cash. However, older people, especially those with families and dependant children may want to consider using that extra money for life insurance, instead.

Although life insurance is an intangible thing, you can’t hold it or touch it or spend it, it can be one of the most important purchases you ever make for your family. Accidents and illnesses are a terrible and unfortunate part of life and they strike anyone, anywhere, at any time. Although buying life insurance may seem like you aren’t actually purchasing anything, especially if you have savings to pass on as inheritance, you are actually doing a great deal.

No matter what, your inheritance money won’t last forever and your family will be grateful to have money to deal with things such as debts, funeral costs, and so on. Moreover, the intangible benefits of making sure that your family is taken care of in the event of your untimely passing are more important. They will know you love them, which is worth so much more.

Did you like this? Share it:

Comments are closed.