Monthly Archives: October 2013

The Facts Of Life: What Every Woman Should Know About Money (1992)

From www.moneymanagementarticles.wordpress.com and

http://financiallyindependant.wordpress.com

Article Title: The Facts Of Life: What Every Woman Should Know About Money (1992)

Shared by: Craig Lock
Category (key words): Money, money management, finance, women, financial success, financial independence, personal finance, money booksbooks on money management (enough there now)

Web sites: http://www.amazon.com/-/e/B005GGMAW4 and http://www.creativekiwis.com/amazon.html

Craig’s blogs (with extracts from his various writings: articles, books and new manuscripts) are at http://craigsblogs.wordpress.com

Other Articles by the submitter are available at: http://www.selfgrowth.com/articles/user/15565
(Personal growth, self help, writing, internet marketing, spiritual, ‘spiritual writings’ (how ‘airey-fairey’), words of inspirationand money management, how boring now, craig)

Publishing Guidelines:
We hope that the following article (an extract from one of Craig’s early manuscripts, ‘THE MAD MONEY BOOK’ written in 1992 may be informative and helpful to you.

‘We share what we know, so that you and your money may grow.”

#

The Facts Of Life

What Every Woman Should Know About Money

(Whether Married Or Single)

By Craig Lock

How to make the most of your “hard-earned” money (1992)

Money can’t buy you happiness.
But it helps you to be miserable in comfort.”

Fact One: Most of the financial hardship experienced by women in later life is due to someone refusing to face facts early on.

Fact Two: Women need to prepare for financial independence as much as men do:

These days one does not hear so much about the “family breadwinner, “largely because so many women either provide for themselves or make a substantial contribution to the FAMILY INCOME. But what happens if your husband dies and his income dies with him? Suddenly you are prevented from working. All to often the result is a dramatic fall in the family’s standard of living and in their quality of life. And this happens just at the time creature comforts are most needed to soften the blow. No amount of money can bring back a loved one, but quite small amounts set aside regularly can make the difference between sadness and absolute despair for you and your children. The only way to be sure you can cope is to do something about it yourself– to make sure you are adequately provided for.

Fact Three: Three out of four women have no personal savings.

Fact Four: Women live longer and so have a greater chance of being left alone.

Fact Five: One marriage in three ends in divorce, desertion, or separation.

Fact Six: Thinking about what might happen doesn’t make it happen.

The Final Word

Hope this information has been helpful to you.

Good luck*

Craig Lock (Eagle Productions)

originally written in 1992

* “luck”, as ‘they’ say, is where preparedness (is there such a word?) meets opportunity.

“Whatever the mind can conceive, can be achieved.”
– Goethe

“Believe in yourself and in your dream,
Though impossible things may seem
Someday, somehow you’ll get through
To the goal you have in view.
Mountains fall and seas divide,
Before the one who in his stride
Takes a hard road by day
Sweeping obstacles away
Believe in yourself and in your plan
Say not – I cannot – I can
The prizes of life we fail to win
Because we doubt the power within…”
– anon

About the Author:
Craig has worked for “many moons” in the financial services industry (in the days when he had a “proper job”)…before becoming a writer. He has studied and written extensively on money matters: articles, brochures for financial institutions and books.http://www.craiglockbooks.com and http://www.selfgrowth.com/experts/craig_lock.html

The various books* that Craig “felt inspired to write” (including his various books on money management) are available at: http://www.amazon.com/-/e/B005GGMAW4 and http://www.creativekiwis.com/amazon.html

Hard-copies and e-books, fiction and nonfiction: self help, novels, travel, humour, writing, inspiration and money management

THIS ARTICLE MAY BE FREELY PUBLISHED

“If you have knowledge, let others light a candle to it.”

 

– Margaret Fuller

 

PPS

“Success is to be measured not so much by the position that one has reached in life, as by the obstacles which he (or she) has overcome while trying to succeed.”
– Booker T Washington

 

From www.moneymanagementarticles.wordpress.com and

http://financiallyindependant.wordpress.com

Thirteen (“Lucky”) Golden Rules in Buying Life Assurance

from http://moneymanagementarticles.wordpress.com/ and http://financiallyindependant.wordpress.com/

 

Article Title: Thirteen (“Lucky”) Golden Rules in Buying Life Assurance
Shared by: Craig Lock
Category (key words): Life Assurance, Life Insurance, Insurance, Insurances, Financial Success, Personal Finance, Money, Money Management, Financial Independance (enough there now, craig)

Web sites: http://www.amazon.com/-/e/B005GGMAW4 http://www.creativekiwis.com/amazon.htmland www.lulu.com/craiglock

Craig’s blogs (with extracts from his various writings: articles, books and new manuscripts) are at http://craigsblogs.wordpress.com

Other Articles by the submitter are available at:http://www.selfgrowth.com/articles/user/15565andhttp://www.ideamarketers.com/library/profile.cfm?writerid=981
(Personal growth, self help, writing, internet marketing, spiritual, ‘spiritual writings’ (how ‘airey-fairey’), words of inspiration and articles on managing your hard-earned money

We hope that the following article (an extract from one of Craig’s early manuscripts, ‘THE MAD MONEY BOOK’ written in 1993 may be informative and helpful to you. If it helps others “out there” in any way, then we’re happy.

“We share what we know, so that you and your money may grow.”

#

THIRTEEN (“LUCKY”) GOLDEN RULES IN BUYING LIFE ASSURANCE

Note: “Life Assurance” is typically called “Life Insurance” in the US.

Life Assurance. What a boring subject, Craig! Let’s see, the following Thirteen (“lucky”) Golden Rules apply to all life assurance policies:

1. Plan ahead carefully. Put as much effort into thinking about designing your life, as in planning your next vacation (we call it holiday, here in the old British “colonies”).

2. Select your assurance company (or bank) offering the retirement plan very carefully. These days more and more financial institutions are merging their operations and banks are increasingly marketing life assurance products, which were once the exclusive preserve of assurance companies. Don’t buy a policy from the first company to approach you. You may be committing 10 percent of your hard-earned income for the next 30 years and this needs careful thought.

3. Look closely at the projected investment returns provided by your adviser. Remember that they are illustrations only and are not guaranteed. Ask yourself, are the assumptions (the interest yield) realistic in the long term? One company’s figures may be far higher than another; but they may be quoting at a far higher interest rate (investment return) than the competitor(s). Is one policy quoting a value assuming premiums are inflation linked – the other not? This makes an immense difference to the final pay-out.

For example: $100 a month paid in over 30 years with an average investment yield of 6 per cent amounts to $58293; while at 8 per cent it will build up to $72485 – a substantial difference! Also, if you started a year earlier you will receive an extra $7200 by paying in an extra $1,200 (value $79747 at 8.0 per cent).

4. Besides your life assurance policy, ask yourself, what else does the company offer you? Some offer a full financial planning service, tax planning, wills and so on. And what of their service to you as customer?

The initial commission paid to the agent is a payment for servicing that policy over the lifetime of the plan. This payment is made up front; however bear in mind that life assurance policies normally last far longer than agents do!

NB

5. Select a salesman that you can trust. This is of vital importance in buying insurance. Incidentally, the word insurance generally refers to general or short-term insurance (like house, car, boat), whereas assurance denotes long-term or life assurance.

There are two types of insurance salesman: agents and brokers: Agents can sell only for the company that employs them, while brokers can sell for all companies with which they have a contract.

My advice… It does not matter whether you choose an agent or a broker. The important thing is that you must fully trust the person and feel completely at ease with him or her. You are giving this person complete confidence as regards your personal finances, your hopes anddreams. In turn, this person should come up with an analysis of your most pressing financial needs. Then they must explain all the technical details of your policy clearly – the solution to your financial problem. Then in the future they should provide continuing service by sorting out any problems that may occur (or any queries you may have) and by regularly reviewing your assurance portfolio on an annual basis.

6. Never buy a policy that you cannot afford. People’s circumstances change – often drastically. This is far more frequent these days with downsizing and redundancies …and we mere mortal humans can’t foresee the future. My advice: just be very careful when taking out a new policy. As the slogan says: ‘Let the buyer beware.’

NB 7 (“lucky”) Start as early as possible. Whether you are looking for assurance against death, disability or illness, or you are saving for yourretirement, it always pays to start with your policy as early as possible. The younger you are, the cheaper the cost of your life-cover. In addition, young people have a wonderful opportunity to start saving early.

It’s quite amazing to see the effect of compound interest on a few extra years… a huge difference at payout time (as we saw in the example mentioned previously). The “magic” of compound interest works wonders on your final pay-out!

8. Ensure that your premiums increase with inflation. Most life assurance companies offer the possibility of automatically increasing your premiums every year. If your company doesn’t offer inflation indexing, make voluntary increases each year for as much as you can reasonably afford.

If your premiums are not increased in line with inflation, then you are effectively investingless each year (in real terms, i.e. terms of the purchasing power of your money).

9. Always give complete medical information. If you don’t, there can be problems when you (or your estate) have to put in a claim (as the company relies on truthful answers on both sides when taking out the contact). I think the Latin term is ‘uberro fides’ (or something like that, which literally means ‘utmost good faith‘)

19. Never surrender your policy… unless it’s an absolute emergency and you need the cash value of your policy desperately (but remember, you always lose out on surrendering a life policy).

11. Choose your investment fund carefully. Give some careful thought to that decision. What is your investment philosophy and aim? Do you want to be conservative, or are you willing to “take a punt”? Are you looking for a “high investment yield”, or a “safer” return. It’s always a “trade-off” between risk and return. My advice: Strive for balance in your choice of investment fund.

12. Always remember that Life Assurance is a LONG TERM investment. It is not designed to work like a bank account – ie. to draw out money whenever needed. Cancel early and you will lose money. … And don’t draw on your policy unless it is absolutely necessary.

And finally,

“lucky” 13. Review your life insurance regularly. Preferably annually!

Here are a few words to end off. A visit to your financial adviser is like having your car serviced; it doesn’t necessarily have to be like a visit to the dentist – Ouch (my good friend Andy is not like that though)!

Happy buying security… now and in the future

Craig Lock (Eagle Productions Books: “Information and Inspiration Distributor”)

1993

“Eagles may fly high, but weasels don’t get sucked into jet engines.”

About the Author:

Craig has worked for “many moons” in the financial services industry, life assurance (in the days when he had a “proper job as a ‘straight insurance man’ in the corporate world” *)…before trying to become a writer. He has studied and written extensively on money matters: articles, brochures for financial institutions and books.

* And his life has changed markedly since those days in the distant past, another world.

http://www.craiglockbooks.com and http://www.selfgrowth.com/experts/craig_lock.html

The various books* that Craig “felt inspired to write” (including his various books on money management) are available at: http://www.amazon.com/-/e/B005GGMAW4http://www.creativekiwis.com/amazon.html

and www.lulu.com/craiglock

All proceeds go to needy and underprivileged children – MINE!

“Writers should think like a business-person; but then any business-person would have the good sense not to become a writer.”

What’s the definition of an aspiring writer? A waiter!

Cut that out right now, craig… you’re meant to be writing about how to best manage your hard-earned money.

Better go back to your old job then (sorry, too late now, “old man”)!

“Together, one mind, one life at a time, let’s see how many people we can impact, encourage, empower, uplift and perhaps even inspire to reach their fullest potentials.”

THIS ARTICLE MAY BE FREELY PUBLISHED

Don’t worry about the world ending today… it’s already tomorrow in little scenic and tranquil New Zealand

PPS

As they carry me to my deathbed, I’ll be saying: “Lord, Can you just give me one more hour to finish off one last article. PLEASE!”

– craig (as inspired by the quote of singer, Barry Manilow)

”Be nice (and kind) to your kids…

they choose your nursing home ”

”Í’m not scared about dying

I just don’t want to be around when it happens.”

– Woody Allen

from http://moneymanagementarticles.wordpress.com/ and http://financiallyindependant.wordpress.com/

The Basics of Life Assurance

From http://moneymanagementarticles.wordpress.com/ and http://financiallyindependant.wordpress.com/

Article Title: The Basics of Life Assurance
Shared by: Craig Lock
Category (key words): Life Assurance, Life Insurance, Insurance, Insurances, Financial Success, Personal Finance, Money, Money Management, Financial Independence (enough there now, craig)
:Web sites: http://www.amazon.com/-/e/B005GGMAW4 http://www.creativekiwis.com/amazon.htmland www.lulu.com/craiglock

Craig’s blogs (with extracts from his various writings: articles, books and new manuscripts) are at http://craigsblogs.wordpress.com

Other Articles by the submitter are available at:http://www.selfgrowth.com/articles/user/15565
(Personal growth, self help, writing, internet marketing, spiritual, writing, internet marketing, spiritual, ‘spiritual writings’ (how ‘airey-fairey’), words of inspiration and how to money management (how to manage your hard-earned money), how boring now, craig)

We hope that the following article may be informative and helpful to you. If it helps others “out there” in any way, then we’re happy.

“We share what we know, so that you and your money may grow.”

*

THE BASICS OF LIFE ASSURANCE

“In this world nothing can be said to be certain except death and taxes.”

– Benjamin Franklin

A life assurance policy is one product you can’t test before buying. This makes it all the harder to choose from the huge range of policies on offer from various companies. It is especially difficult when faced with a persuasive salesman or woman, who often cannot explain why their company’s product is superior to others available on the market. In this we have assumed that the salesman has identified that you have a genuine need or shortfall of cash in your estate should you die (“fall of your perch” sounds better, less harsh). Oh dear! (Bear in mind that a minority of “unscrupulous” salesmen might attempt to disturb you by creating a life assurance need when there is none).

Therefore, it is vitally important to analyse your needs (financial) carefully and buy the assurance that is right for you.

For example , whether you buy or rent life assurance will depend on the family budget. Let us look at the difference between what is termed permanent and temporary assurance.

To buy: Permanent assurance has a savings element with an increasing cash value each year and promises a guaranteed minimum pay out after x number of years; therefore it is ideal for saving for the future.

To “rent”: On the other hand, term assurance provides cheap cover for a certain period of time with no payout at the end. Most modern policies are in effect a combination of permanent and temporary assurance and are so flexible that a special tailor-made plan can be packaged for every individual need. As a result, there are infinite number of choices in savings amounts and life covers.

Here are some simple guidelines to help the “man (or woman) in the street”* choose a life assurance policy:

* sounds rather funny, that expression!

* TYPES OF INSURANCE (or ASSURANCE):

There are three basic types of life assurance policies:

1. Those that provide assurance against death, disability, illness or hospitalisation. Put simply, insurance replaces income by providing cash at an unknown time in the future. Regular savings or investment contracts provide further capital ( a ‘fancy’ term for money) on retirement, for children’s education, starting your own business, a new car or an overseas holiday.

Lump sum capital investments provide monthly income (also called annuities) for further capital growth. These are called insurance bonds or single premium plans. In New Zealand and Australia the tax on the investment earnings of all life assurance policies is paid by the company, so the growth is tax-free to the customer (as it is currently and expected to remain so).

In my next article, we will have a look at

THE TEN GOLDEN RULES IN BUYING LIFE ASSURANCE:

Happy buying your financial security… now and in the future

Craig Lock (Eagle Productions Books) “Information and Inspiration Distributor”

“Eagles may fly high, but weasels don’t get sucked into jet engines.”

About the Author:

Craig has worked for “many moons” in the financial services industry, life assurance (in the days when he had a “proper job as a ‘straight insurance man’ in the corporate world” *)…before trying to become a writer. He has studied and written extensively on money matters: articles, brochures for financial institutions and books.

* And his life has changed markedly since those days in the distant past, another world.

http://www.craiglockbooks.comhttp://www.selfgrowth.com/experts/craig_lock.html

The various books* that Craig “felt inspired to write” (including his various books on money management) are available at: http://www.amazon.com/-/e/B005GGMAW4http://www.creativekiwis.com/amazon.html

and www.lulu.com/craiglock

All proceeds go to needy and underprivileged children – MINE!

“Writers should think like a business-person; but then any business-person would have the good sense not to become a writer.”

What’s the definition of an aspiring writer? A waiter!

Cut that out now, craig… you’re meant to be writing about how to best manage your hard-earned money.

Better go back to your old job then (sorry, too late)!

THIS ARTICLE MAY BE FREELY PUBLISHED

Don’t worry about the world ending today… it’s already tomorrow in “little” scenic and tranquil New Zealand

PPS: As they carry me to my deathbed, I’ll be saying: “Lord, Can you just give me one more hour to finish off one last article. PLEASE!”

– craig (as inspired by the quote of singer, Barry Manilow)

”Í’m not scared about dying

I just don’t want to be around when it happens.”

– Woody Allen