Several years ago I was walking near Times Square in New York City. It is an amazing place both during the day and at night. Giant billboards flashing constantly, Broadway shows on nearly every block, music, cars and people everywhere. What a busy place, captivating in many ways.
As I walked down the street I noticed an older man standing on the corner. He was well dressed, suit and tie, long coat, and holding a brown paper bag. As people would pass by him, he would reach into the brown paper bag and pull out a $100 bill. He would stretch out his hand to give the $100 bill to anyone passing by that would take it. Several people walked past him, ignoring him and not taking the money. Several others approached him and asked, “Is this for real?” As people began to realize it was “for real” a line began to form. As they lined up, he reached in and handed them a $100 bill one at a time with no strings attached. He was simply giving away the money he had earned over the years to others.
If you were there that day, where would you like to be in that line? Would you be in the front of the line, middle of the line, or back of the line? I suspect most will say, "In the front of the line!” Why? Because you would not want him to run out of money before you got paid, correct?
Let me ask you two important questions:
- If that man had a contract to be there every day for the next 30 years, to hand out money from his estate to those who stood in line, how much insurance should he have on his life?
- If you were the man holding the bag of money, would you pay yourself first? Or would you place yourself at the end of the line hoping there is enough left at the end of the day?
The reality is.... YOU are "that man." You are the one who works hard and earns the money. You then come home and open the mail and begin to write checks giving out your money to all those in the line. The mortgage, car payment, utilities, groceries, and those who are in line to make sure that you hand them your hundred dollar bills each week, each month, each year. Yet, where do you put yourself in that line? Do you pay yourself first or last? Do you set aside 5%, 10%, or some flat dollar amount each paycheck to make sure you will always have enough money to meet your needs first?
What about that insurance question? Do you have insurance on yourself, so that if you do not show up to work (in order to hand out the money) there will be money there for those who are dependent on you? Do you have life insurance or disability insurance to make sure there will be money there for those who are depending on you?
Understand that YOU are that man. Pay yourself first, have appropriate insurance for life and disability, and make your finances a priority.
Gateway Insurance Group, Inc. and Gateway Financial Advisors, Inc. can help. Please give us a call today to see how we can be your partner in your investments and insurance.
Shane Westhoelter, AEP, CLU, LUTCF
Gateway Financial Advisors, Inc.
Gateway Insurance Group, Inc.