Dynamic Chiropractic – January 1, 1993, Vol. 11, Issue 01

World's Greatest Asset

By Stanley Greenfield, RHU
Here's a question for you: What is your greatest asset? I'm sure that most of you have already thought of an answer and are ready to respond. Some of you consider this an easy question and know beyond a shadow of a doubt that it's the beautiful house that you now live in.
The way homes are appreciating in your area, it will double in value in no time flat. Some may feel that it is your office with that large accounts receivable worth thousands of dollars. (Have you ever read my comments on the false security of a large accounts receivable? Maybe you should.) A few of you may feel that it is that piece of land you bought for a song that will some day, if all goes right, be the source of your retirement nest egg. I know of at least one doctor who claims that his mint copy of the first Mad comic book will be his "ace in the hole." I asked one person and was told that it was the 1948 Lincoln Continental. What a car!

What is your answer? Write it down on a sheet of paper before you read any further. Take your time -- I'll wait. Did you write down your answer? Good. Are you ready for my answer to that question? My answer doesn't just pertain to me; it's the universal answer for everyone.

What is "our greatest asset?" The greatest asset we all have is our ability to wake up each and every morning and earn a living. Continentals are pretty, but they will never equal the value of our ability to earn a fortune over our active years.

For example, if you are age 35 and earn $50,000 per year until you are age 65, you will earn a total of $1,500,000. That's right, a million and a half dollars. I doubt that Mad, volume one, will ever equal that or even come close. If you earn $110,000 over that same period, the total will be $3,300,000. Astounding. If you are now age 45, and earn $110,000 until age 65, the total earnings will be $2,000,000. You say you are age 50 and only make $75,000 per year. Well, even you will exceed $1,000,000 by age 65. How does $1,125,000 sound to you?

You all have the potential to earn more than $1,000,000 in your lifetime. I'll bet that if you had an asset that had that potential you would have it insured to the hilt. Any person with any sense at all would. Well, you do have that asset and I'll bet the majority of you are not covered at all. Shame on you. A disability could take that asset from you in a second. Think about that for a moment. Your house is fully insured for all risks, and you wouldn't think of driving your car a block without some coverage. Yet there you are with your most valuable asset, walking around naked as a jay bird waiting for an accident to happen. I ask you, is that smart?

Excuse me, what was that comment? You say that you heard that disability protection is expensive? When you called to insure that new car sitting in your driveway, and the agent told you the cost, did you say, "Never mind I'll do without it"? I doubt that. By the way, disability coverage is not, I repeat, not expensive. It's expensive not to have the coverage. Here's another question for you. Would you consider it expensive to spend $1.38 to insure $1,000? That's what it costs for disability protection. To insure the average house for $1,000, it costs around $3. My car cost me around $50 for $1,000 of coverage. Now do you still think that disability coverage is expensive? By the way, if you factor in that the dollars you receive from a disability policy are tax free, the cost gets even lower by an additional 30 percent. An even bigger bargain.

So what's your excuse now? Why are you still sitting there? I can't believe you. Pick up the phone and call your agent or give me a call right now and see just how "cheap" it is to insure your "greatest asset." If you are incorporated, the premium for this type of protection is a fully deductible item to the corporation. I have a work sheet on disability protection to help you decide what you need and how to structure it. I also tell you what you really need to have and what "bells and whistles" you are better off without. It is part of my "must have" insurance kit. It can be yours for the price of a note from you requesting it, as long as you enclose a self-addressed, stamped envelope. Never has so much been offered to so many, to benefit them so much, for so little. In other words, please send a stamped envelope so I don't have to spend 29 cents. After all, it's tax deductible. Such a bargain. Well, what are you waiting for now?

While we are on the subject of your greatest asset, I should comment on the other way you could lose this asset, or how your family could lose this valuable asset. I have only commented on a disability, but death could erase this asset forever. Now I'm not going to get off on a morbid kick at this point, but I do feel that I should comment on covering this asset against the three things that could take it away from you and your family: death, disability, and old age. Quite awhile back I did a series of articles on insurance which I called, "How Much and What Kind." I have updated this and included work sheets in my newsletter, and whenever I do a seminar, we cover this area in great detail. If you would like a copy of the articles on "How Much and What Kind," just add that request to the bottom of the letter you are going to send me, and I will make sure that I include some information for you. Don't let another day go by without at least exploring the best ways to make sure that your most valuable asset is properly covered.

Your comments and inquiries may be directed to:

Stanley Greenfield, R.H.U.
12873 Huntley Manor Drive
Jacksonville, Florida 32216

Please include a self-addressed, stamped envelope. Thank you.

Editor's Note:

Further advice on finances is available through Mr. Greenfield's newsletter, Greenfield Chiropractic Financial News, #J-314-C, on the Preferred Reading and Viewing List, pages xx.

Click here for previous articles by Stanley Greenfield, RHU.


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