Your future income potential is your greatest asset; protect it!

• To have the best chance of not being a millionaire, then that would mean leaving this huge asset exposed to one of the most likely occurrences; disability. (01:31)
• Getting to that roughly 60% of income protection to age 65 is most times considered a good level of protection. (02:24)
• ...if it does occur, it not only takes out your income, but it also may add on a huge amount of expenses to take care of the disability itself. (01:52)

Quote for the episode: "Disability is about three times as likely to occur as death while working so this exposure would be one of the most likely to be realized." (01:42)

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Welcome to the Enjoy More 30s Family Finance

podcast. The only podcast dedicated to making life more

enjoyable for young families by hitting on the financial topics

that tend to weigh on us, stress us out, and distract our focus

from simply enjoying life.

Hello, and welcome to the Enjoy More 30s Family

Finance podcast for all those people out there trying to avoid

being financially secure. Well, we have our series 10 Ways To

Not Be a Millionaire. Now if you actually do want to be a

millionaire not to worry, this series isn't just for those

people who are looking for financial ruin. If you avoid

doing these 10 things then you could be well on your way to

millionaire-hood as well. Each week I'll share a quick step in

this how to not be a millionaire process, so you know what to do

or hopefully what to avoid. As always, before I begin, please

share and like, please leave reviews. I'd love to reach and

help as many young families out there just like you.

Today's great tip on how to not be a millionaire is being

Disinterested in Disability. As a young family, your future

income potential is your greatest asset. And so leaving

it exposed and unprotected is a great way to not be a

millionaire. If you are earning $100,000 right now, then with 2%

income growth over the next 30 years, your future income

potential is over $4 million dollars. A huge asset. To have

the best chance of not being a millionaire, then that would

mean leaving this huge asset exposed to one of the most

likely occurrences; disability. Disability is about three times

as likely to occur as death while working so this exposure

would be one of the most likely to be realized. Furthermore, if

it does occur, it not only takes out your income, but it also may

add on a huge amount of expenses to take care of the disability

itself. You could argue that this is one of the best and

easiest ways to achieve financial ruin. Now if you

actually do want to protect yourself and not leave what

could be millions in future income potential exposed, there

is disability insurance. Most employers provided as an

optional benefit, or you can even obtain a policy outside of

work on your own. Getting to that roughly 60% of income

protection to age 65 is most times considered a good level of

protection. Overall, I think it is more than clear being

disinterested in disability is a fantastic way to not be a

millionaire.

Thanks for tuning in today and join us for next week's episode

on how to not be a millionaire, Budgeting Backwards. As always,

please remember to review and share for others and if you need

any help, don't hesitate in reaching out. I probably have

helped someone just like you. Until next week. Thanks for

joining me today and I look forward to connecting with you

again soon.

The conversations on this show are

Joe's opinions and provided for general information purposes

only. They do not constitute accounting, legal, tax, or other

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer, or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

of TFS Securities, Inc., and TFS Advisory Services an SEC

Registered Investment Advisor, Member FINRA/SIPC.