Page 4 - SixMistakesSuccessfulWomenMake22

Mistake #2:

Making Investment Decisions without a Personal

Economic Philosophy

Many people are told what to think when it comes to money. We don’t subscribe to

that approach. We want to teach you how to think, and a good starting place is to
develop your own personal economic philosophy.

You’re probably wondering where to start. I can’t tell you what to do; however, I

can share my personal economic philosophy with you.

I want to build a wall of protection around myself and my loved ones that virtually

nothing can penetrate. My first strategic moves are designed to defend. I defend
against:

Disability: The checks can’t stop if my loved ones are to continue the lifestyle they

have grown accustomed to.
Law Suits: My liability coverage needs to be the maximum amount the

insurance company will offer. So, if I am sued for three million dollars, the
insurance company will pay it. Again, this helps to ensure my loved ones can
continue the lifestyle they have grown accustomed to.

Premature Death: The monthly check can’t stop because I am no longer around,
and the checks need to continue for as long as if I had lived a long and healthy life

so, you guessed it, my loved ones can continue the lifestyle they have grown ac-
customed to.

I keep looking for every possible thing that can go financially wrong and mitigate
that risk by sharing it with an insurance company. Here’s the cool part: many

people have no idea how to get maximum coverage for almost the same price they
are already paying.

This is what I call enlightened self-interest. If I go down, everybody suffers. To

avoid this, I need to make sure I am ok first. It’s like being on an airplane when the
oxygen mask drops down. The pilot tells you to put the mask on your own face
before helping a child. That’s a prime example of enlightened self-interest.