[et_pb_section fb_built=”1″ _builder_version=”3.27.4″][et_pb_row _builder_version=”3.27.4″][et_pb_column type=”4_4″ _builder_version=”3.27.4″][et_pb_text _builder_version=”4.4.5″ hover_enabled=”0″]<\/p>\n
People can be wealthy without being financially fit, meaning they can have a lot of assets or money tied up in assets, but those assets aren\u2019t \u201cliquid.\u201d Let me explain. Say you have a house that has escalated in value in the real estate market. You may have this large asset, but that doesn\u2019t necessarily mean you\u2019re financially comfortable from an income standpoint. You aren\u2019t able to tap into that \u201cwealth\u201d to pay for your day-to-day expenses.<\/p>\n
The overall goal when I sit down with someone, or perhaps a couple, is to determine their wants and needs, and then give them a plan that helps them grow their assets, while achieving their income goals.<\/p>\n
But one thing many people fail to look at is the risk during this growth period. Let\u2019s say you\u2019re married, and again your major asset is your home, perhaps even with a large mortgage. What if something were to happen to either one of you? Would you still be able to pay the mortgage and retain the house? Or would you need to sell your largest asset just to pay day-to-day living expenses?<\/p>\n
That\u2019s where life insurance<\/a> comes in as a foundational piece to financial fitness. It addresses the issue of someone dying too soon\u2014that\u2019s a risk factor you don\u2019t want to leave chance. And the truth is, it\u2019s an affordable solution for almost everyone. A healthy 30-year-old can get a 20-year $250,000 level term life insurance policy for about $13 a month. Most of us can afford to find that kind of money in our budget.<\/p>\n Life Happens did the survey, \u201cWhat Do Romantic Partners Want?\u201d<\/a> and we discovered some great news for most of us\u2014people prefer a partner who is financially fit (64%) over someone who is wealthy (16%). And we explored a whole host of factors, from looks to money to relationships. And I think it\u2019s only natural that when people are dating, all the factors that we explored in the survey come into play.<\/p>\n It\u2019s when things become serious <\/em>and you\u2019re looking to settle down that you have to start asking some of the tougher questions, questions that may make you feel uncomfortable. For example, does the other person have a lot of debt or other financial obligations?<\/p>\n Remember, if you marry and sign on the dotted line, you become responsible for each other\u2019s debt. I\u2019ve seen divorces happen where one partner was racking up a huge amount of credit card debt without the other one knowing, and then in the divorce proceedings the other partner finds out that they are responsible for half that debt.<\/p>\n In the end, it comes down to being financially aware, asking the appropriate questions, even if they are uncomfortable ones. You need to go into a long-term relationship with your eyes and ears wide open.<\/p>\nHere's when it makes sense to ask some tougher financial questions. <\/a><\/span>Share on X<\/a><\/span>\nWealthy v. financially fit. What's the difference and why it matters. <\/a><\/span>Share on X<\/a><\/span>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" People can be wealthy without being financially fit, meaning they can have a lot of assets or money tied up in assets, but those assets aren\u2019t \u201cliquid.\u201d Let me explain. Say you have a house that has escalated in value in the real estate market. You may have this large asset, but that doesn\u2019t necessarily […]<\/p>\n","protected":false},"author":11,"featured_media":1330,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[13,4],"tags":[109,14,47,151,153,150,152],"class_list":["post-1329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-fitness","category-life-insurance","tag-financial-fitness","tag-life-insurance","tag-married","tag-risk","tag-survey","tag-wealth","tag-what-do-romantic-partners-want"],"acf":[],"yoast_head":"\nWhat Do Romantic Partners Want?<\/h2>\n