Do you or your parents need long-term care insurance? Let me give you my perspective as a financial professional who does not sell insurance. People use their retirement income for what they value the most: family, friends, personal independence, and dignity. People need long-term care when a chronic condition limits their ability to carry out basic self-care tasks.
People often spend their entire lives endeavoring to build wealth. But wealth can be lost unexpectedly in a moment. What can you do? It would be tragic to you and your family to lose the wealth you have carefully built over a lifetime. Fortunately, there are risk-management tools to help you protect yourself and your family from the unexpected.
Some think the path to building family wealth is discovering secret, unknown investment treasures in the global marketplace. Numerous articles disclose portfolio managers’ “secret stock.” Others tout “under-the-radar investments” that Wall Street doesn’t want you to know about. The articles suggest that they will help you discover the next hot stock and act early enough to hit the jackpot and strike it big.
An ancient Chinese proverb goes as follows: Money can take one man anywhere, but it cannot pass through three generations. This Chinese proverb is remarkable in light of current financial statistics. 90% of families do not retain their unity and their finances after three generations.
Leaving a legacy has much more to do with character than with money. Let me share two stories to illustrate the point: