Tips from Adam Ginsberg on Choosing The Right Life Insurance

Life Insurance is a simple and, at the same time, a complicated topic of personal finance. Simple because it serves a very simple purpose—to provide for your family and loved ones after you’re gone or even for yourself in case of loss of income etc. And, complicated because we can almost never figure out how to predict how much we’d need in the future to keep us protected from these anticipated losses.

Adam Ginsberg, one of America’s leading internet entrepreneurship and wealth building coaches sheds some light on the various kinds of life insurance and how to choose the right one.

Various kinds of life insurance

Life insurance can be split into two broad categories, i.e., term insurance and whole life insurance.

Term insurance basically guarantees a specific sum of money to be paid to the family of the insured person in the event of his or her death, or in some cases permanent disability as well. Term insurance policies are taken out for a specific period and a specific amount. If the insured person outlives the period of the policy, then the policy expires. In short, term policies are pure insurance in the event of a tragedy, and nothing more.

Whole life insurance, on the other hand covers the insured person throughout his or her life span. These policies include a variable cash value that builds over time along with guaranteed death benefits. However, the premiums for these policies tend to be higher since a portion of the premium goes into making investments on your behalf for that cash value component.

Choosing the right insurance

Now this is the tricky part. There are as many points-of-view on how to choose the right insurance as there are people you know. However, each individual’s requirements are as unique as the individual themselves and only you can decide which insurance policies will suit you best. There many of your life’s factors to consider while making this decision and Adam Ginsberg suggests a basic approach to analyzing various factors before making a decision.

Factor #1 – Your Age

 Age is perhaps the most crucial factor while deciding on your insurance policies. For instance, if you are young and single or older with grown up, independent children then you may not need pure life insurance at all. However, if you are married and have children with other liabilities like mortgage or auto loans, then you should have at least one term insurance policy.

Factor # 2 – Policy Period

If you have children, then the term period for a life insurance policy should be long enough to cover your children’s college-going age. For instance, if you have children aged 10 and 5, then you should take an insurance plan for a period of 15 years, which will cover your younger child till his or her college years.

Factor # 3 – Insured Amount

This again is a very crucial factor that tends to confuse people while choosing an insurance plan. According to Adam Ginsberg, the ideal insured amount should be the one that covers all your liabilities, like your mortgages and auto loans, and a few times your annual income to help your family tide over in the event of your death, and get back on their feet again.

These are the three basic factors that influence your decision while considering taking out a term insurance on your life and should be analyzed meticulously to help you get the right decision.

Keep a look out for more articles on insurance advice from Adam Ginsberg on this website. And, for any feedback that you may have on our articles, please feel free to write to us.  

Investment Options to Beat Inflation by Adam Ginsberg

If you are young and have a stable career, then you should look at starting to save for your retirement (if you haven’t started already). Remember, the sooner you start, the bigger your retirement fund will be. Heck! You may even be able to retire much earlier too. Imagine playing golf or relaxing by your beach house on a weekday by the time you are 45, or even 50. No more Monday blues or rush hour traffic. Sounds great, doesn’t it? It is possible, provided you start building up your retirement fund early, and build it right.

We all know that the economy doesn’t look good right now, but the depression isn’t going to last forever. The stock market’s volatility has eroded many a retirement funds, and don’t seem to be recovering any time soon. But, there are other avenues where you can invest to beat the volatility of the stock market or the low returns on cash deposits, not to mention the ever growing inflation. For instance if we take the annual inflation rate at 4% (an average of the last few decades), then a fund of $1 million after 30 years will be roughly equivalent to $300,000 in today’s value. So do the math and figure out how fat your retirement fund should be to live on comfortably after you stop working.

 Adam Ginsberg, a highly successful entrepreneur and wealth-building coach, recommends two key areas to invest inthat can boost up your retirement fund beyond the cost of inflation.

1. Gold

That’s right! The good ol’ shiny, yellow metal. Gold prices have beaten the economic downturn, the crashing stock markets, the economic depression, and have risen the most in the past decade. Gold has always been a practical investment for the pragmatic citizen. The rising inflation and the eroding value of paper money have had little effect on the value of this precious metal. Adam Ginsberg strongly recommends including this commodity in your retirement nest egg. Now, you could buy gold in a variety of ways too. The most common is to buy this metal in the physical form of bullion bars or coins. But remember when buying physical gold that while bullion bars are available at prevailing market prices, coins, on the other hand, are priced at perceived collector value. The second option is to invest in Gold ETFs (exchange traded funds), which too are traded at the prevailing market rates. This way you do not have to take physical possession of gold but instead get fund certificates, which are easy to store and faster to liquidate.

2. Real Estate

If “are you kidding me?” is the thought in your mind right now, read on and you’ll know why Adam Ginsberg recommends investing in real estate. Sure, real estate has probably felt the worst brunt of the economic crash in the last few years, which is exactly why it makes such a lucrative investment option. Home prices are probably at their lowest right now and so are mortgage interest rates. So, go ahead and buy yourself a home. Take out a mortgage on it and pay it off. Over years the demand for real estate will grow, because the population will grow and the economy must grow, so the prices will grow. Secondly, once you’ve paid off your mortgage, redirect your mortgage installments to more traditional retirement savings. Third, once you retire you can consider selling off your current home and buy yourself something smaller, which could possibly get you some extra cash to spend in your retirement years.

 While these investment options come highly recommended by Adam Ginsberg, you should do your own research before you decide to put your money into them. And, if you come across some more lucrative areas to put your retirement money into, we’d love to hear about them.

Adam Ginsberg helps people to become financially independent with his resources like eBay auction templates, eBay software and other eBay tools. If you want to know more about his resources you can visit Secrets of an Auction Millionaire, Success with Adam or even Adam’s main website.  You can also listen to some testimonials from his satisfied customers.

Adam Ginsberg: Tips on Building Your Retirement Fund

Remember how carefree and adventurous we are in the prime of our youth. Remember the exhilaration of landing our first real job (summer jobs in school not counting) and the pride in getting our first paycheck that we end up blowing, in just a day or two, on buying stuff for ourselves, our friends and our family. Remember all the subsequent paychecks that end up the same way and we are broke after just a few days of payday, and live off our friends or family till the next payday arrives. Living for the day sounds like a great motto and there’s no worrying about the future. Soon we are in the middle of our careers, doing well for ourselves and looking up in our lives, planning to settle down, own a nice house, maybe get married and have a kid or two. 

That’s when we realize how expensive living can be. That’s the period in our lives where we are only working to make mortgage payments, tuition fees and insurance premiums. Our own dreams and personal goals are put on the back burner till “retirement”. And then it hits us—we won’t have a salary to live on when we retire—and knocks the wind out of our sails. How are we going to live after we retire, we ask ourselves. How will we maintain our lifestyle? How will we travel? How will we do all that we hoped to do and still make the day-to-day expenses and the monthly bills? By planning for it, of course, says Adam Ginsberg, one of America’s well-known coaches and mentors on internet entrepreneurship and wealth building.

Here are Adam Ginsberg’s top tips for building up a big fat retirement fund that will not stop you from doing anything that you want in your golden years.

Top Tip #1

Start Early

That’s right: start saving for your retirement as early as you can. While you may have to cut back on a few parties and extravagant meals, you can put away a lot more when you are young and single than when you settle down and comforts become a priority. Also, when you start saving in your youth, you can put more money in high-risk portfolios that could get you high returns by the time you reach retirement.

Top Tip #2

Diversify your portfolio  

There are many investment options available for you to plan not only your retirement fund, but also all your needs up to retirement. There are saving accounts for emergencies, IRA and Roth IRA accounts to balance your tax savings and retirement savings, 401 (K) accounts, mutual funds for balanced growth of funds, real estate investments to keep up with inflation and so much more. It all starts with what your goals are and the research you put in.

Top Tip #3

Involve your Family

To meet any goals that you may set yourself, it will be equally important to get your spouse’s support in meeting those goals. It’ll be even better if you and your spouse share the same retirement goals, because then you’d both know the sacrifices and hard work it would take to meet those goals. If you have kids, it would be a great idea to involve them in the discussions as well. This will not only teach them the value of money early in their lives, but also the good habits of saving for the future.  And, you never know, they just might surprise you by springing for their college education (or a part of it) themselves when the time comes.

For more tips and tricks on how to build your retirement fund, or if you have any tips of your own that you’d like to share with us, we’d love to hear from you.

Adam Ginsberg is helping people to become financially independent with his resources like eBay templates, eBay software and eBay tools. If you want to know more about his resources you can visit Secrets of an Auction Millionaire, Success with Adam or even Adam’s main website.  You can also see some testimonials of his satisfied customers.

Adam Ginsberg: Tax Tips on Itemized Deductions to Take Advantage of

In another article, we had suggested claiming itemized tax deductions over standard tax deductions as they will save you more tax. However, while there are some itemized deductions that are common knowledge for the average taxpayer, there are a few that are not so commonly known, but are great tax savers nevertheless.

Adam Ginsberg, one of the foremost mentors and wealth-building coaches, lists a few here that you could be overlooking but could help you save some serious dollars in tax for the coming year.

Lesser-known Itemized Deduction #1

Deductions for Self-employed Individuals

If you are a proud self-employed American who is trying to squeeze a modest living in these harsh times, but are afraid that the taxman will take away a huge chunk of your hard-earned money, fear not, for you can save your taxes by claiming business expense deductions on your home-office. However, to be able to do that you must ensure that you have earmarked a dedicated space for your “office” in your home. For example, if you are using 200 square feet of space in your 4000 square feet house, then you can claim deductions on 5% of your expenses like electricity that you consume in your home. Then there are medical and dental-care expenses that are fully tax-deductible if your income is more than the premiums that you pay for your health insurance. And if you are frequently travelling for your business, you can even claim all the baggage fees that you incur as deductions too. To know more about the deductions available for the self-employed, you could see a tax accountant and save a few dollars.

Lesser-known Itemized Deduction #2

 

Deductions for Charitable Contributions

While it is common knowledge that charitable contributions are deductible under the US tax laws, what is lesser known is that some deductions are available for volunteer work as well. For example, if you are travelling for volunteer work, you could claim deductions on the miles that you travel, or if you are incurring expenses from your own pocket on things like raw material for cooking meals for the homeless, you could claim those too as deductions. While it may seem uncharitable to some, you could look at it as having more money to donate So, go ahead and claim those deductions.

Lesser-known Itemized Deduction #3

Job-hunting Deductions

We are living in hard times and jobs are not as stable as they used to be. People are forced to look for new jobs due to layoffs and it can be very taxing—physically, mentally and emotionally, but not financially. Not as much anyway. You can claim all expenses incurred on hunting for a new job, like consultant fees, resume writing costs, local and overnight travel for interviews, etc. as tax deductions. The only condition is that your new job should be in the same line of work as the old one.

There are many more itemized deductions available that we very often overlook to claim for. Adam Ginsberg suggests taking the advice of a qualified tax accountant to save you a lot of tax dollars and help you boost up your savings. After all, a dollar saved is a dollar earned. 

Adam Ginsberg is helping people to become financially independent with his resources like eBay templates, eBay software and eBay tools. If you want to know more about his resources you can visit Secrets of An Auction Millionaire, Success with Adam and Adam’s main website.  You can also see testimonials of his satisfied customers.