5 Things Every Responsible Person Should Have/Do In 2020

 1. TERM Life Insurance

    • Life insurance gives your family choices by providing financial security in the event of your death. If anyone depends on your income right now, you need term life insurance. It protects your family by replacing your income—which makes term life one of the most important parts of your financial game plan.

2. Emergency Fund to cover at least 6 months of expenses

3. Investment Account(s)

4. Additional Stream(s) of Income besides primary occupation

    • An article published by Inc. found that 65% of self-made millionaires have 3 sources of income, 45% have 4 sources, and 29% have 5 or more sources of income. Creating multiple streams of income isn’t just a survival technique, it’s also a strategy for building wealth.

5. Spend an hour a day on personal development (e.g., books, podcasts, YouTube)

    • What you become is far more important than what you get. Interestingly, what you become directly influences what you get. Think of it this way: Most of what you have today, you have attracted by becoming the person you are today. You can have more if you become more.

6. Bonus: Be kind to yourself. Be kind to everyone

    • It is not until we look inward and begin treating ourselves with compassion and kindness that we can positively impact the world. We should treat everyone with dignity and kindness, not because they deserve such treatment, but because we deserve to experience the freedom that comes with the knowledge of having done the right thing.

 

Featured image credit: Deposit photos

9 thoughts on “5 Things Every Responsible Person Should Have/Do In 2020

  1. Thanks for an interesting read, as always. I think though, that if I ever had the desire to amass millions, it will be because it came from those who are already rich. I’d hate to think my wealth was built on the backs of the poor and disenfranchised. For me, it is enough to have enough.

    Liked by 1 person

    1. Melanie, I appreciate your thoughtfulness. You probably agree that wealth is grown and sustained by value creation. And value is derived from the market which is governed by the law of supply and demand, which is based on the quantity (and consumption) of goods, products, and services that are designed around people’s real and perceived needs. In essence, there is no getting around building wealth without some participation by those deemed to be poor and disenfranchised.

      Liked by 1 person

  2. I cannot argue with any of these, not at all. I appreciate your writing this today because I’ve been struggling with where to aim myself as a 40 something with much life left to live. In today’s world, number #6 is a given, but if I’m 20 years younger, I’m looking at #5 and using it to create the funds for the rest. Technology has given us the world at our fingertips. It’s up to us to find a use for it! Thank you again for your thoughts!

    Liked by 1 person

    1. Darin, from one 40-something to another, I honor you and your journey. Life’s vicissitudes often cause us to become sidetracked from our original plans to live our best lives. As you aptly posited, it is entirely up to us to adjust, adapt, and regroup so as to make our journey meaningful—as it ought to be. Reminding ourselves daily of our unlimited potential followed by actionable plans is a great starting place.

      Liked by 1 person

      1. Agreed. I learned this a few years back and have been developing the systems and structures needed to ensure it is true. I’ve had a couple for years, being that I run two businesses. I have a third startup in the process with a partner and just added a fourth stream recently. Now it’s a matter of getting all streams fully running and self-sufficient!

        Liked by 1 person

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