Did you know you can sell all or a portion of a life insurance policy, even term insurance?
(3 Minute Read)
As another year draws to a close, it presents a chance for folks to take the temperature of their financial wellbeing. A great way to accomplish this year-end review is with a personal audit of your spending and savings. While these types of tasks are often done with a personal planner or advisor, individuals can complete their own audits by taking a look at where they’re spending the most, and what areas have room for improvement.
Changes in Budget Needs
To get started with your personal financial audit, take a look at your spending this year compared to previous ones. It’s completely normal for expenses to fluctuate not just every month, but over the calendar years. As our lives change, particularly for those in retirement, so do our costs and spending needs. The side-by-side comparison of these budgets will give you a good idea of how things have modulated. Additionally, it’s helpful to use data from several years back so that you can get a more accurate picture of what kind of growth or decline is happening long-term.
Try to connect the dollars spent to tangible events or changes in your day-to-day life. A good place to look is in areas like healthcare or housing. If you’ve found you need a new form of medical treatment, or if your living situation has changed for better or worse, those should be accounted for. A big reason to do these types of yearly audits is to set yourself up for success in the coming twelve months. Use your observations of budget changes to update budget needs.
Measure Your Assets
Not all of our money is in the form of cash or liquid assets. When calculating a total amount of capital, you still need to include things like homes, cars, boats, or other owned property that can be converted into spendable money. When completing a personal year-end financial audit, these types of investments should never be overlooked. Not only are they valuable, but they represent opportunities for further cash-grabs if the need arises.
Another thing to consider is not simply the value of these items, but the fact that many can find further use. For instance, homeowners might consider using their houses for an Airbnb or as rental properties. Things like cars can also be used for those interested in driving in ride share positions, such as Lyft or Uber. The point is that the stuff you own still can bring additional financial resources.
Track Your Subscription Payments
With so many online services available, it’s easy to forget about renewing subscriptions. It may seem harmless to have a couple $10 charges per month, but the fact is that forgotten or unused subscriptions can cost the average household up to $1100 per year. Beyond the streaming apps like Netflix or Hulu, there are also local subscription fees you may be paying, such as for gym or rewards membership at a local store. Regardless, it may be helpful to use tracking services like TrueBill, Trim, or Subscript Me. These applications link to your banking and social media profiles to determine where you’re spending your money on automatic renewals.
Another place where yearly payments are made is in life insurance. While many have it, it’s possible these policies are no longer needed. Did you know you can sell all or a portion of a life insurance policy, even term insurance? Contact Life Settlement Advisors today to learn more.
Did you know you can sell all or a portion of a life insurance policy, even term insurance? Selling an unwanted life insurance policy is no different than selling your car, home or any other valuable asset that will create immediate cash. Contact us today to learn more.
Life Settlement Advisors