Page 4 - SixMistakesSuccessfulWomenMake22
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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.
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