Many people don't have a complete financial gameplan in place. They buy life insurance here, have a 401k through their employer and only insure their paychecks through a work sponsored program. In other words, they are only thinking of one move at a time.
On the other hand, forward thinking folks look at the big picture. They aren't just thinking of their needs for the present, but down the road. They know that their needs will change with time because their situations will change. Kids will be born and need to be raised. Illness or unemployment can affect a families finances. When making a financial plan, there can be a lot of landmines. Just like a good chess player, these people are thinking several moves ahead.
In any game, whether it's chess or football or Monopoly, you have to play offense and defense. Think of offense and making money and defense as protecting what you have worked for. Insurance is playing defense in that sense and can be important in the case of an illness or accident. Shifting that risk to someone else through insurance (life, disability or long term care) is a smart move.
So the question to ask yourself is, "Am I playing checkers or chess when it comes to my finances?"
At Surf Financial Brokers, we know which plan is more successful. Let us help you become a chess player.
Chris Castanes is the president of Surf Financial Brokers, as well as a professional speaker helping sales people be more productive and efficient.