Insurances can protect an emergency fund, discretionary income and other assets.
A car accident, someone getting hurt on your property and other potential lawsuits can be worrisome. Preparing for the unexpected can give anyone a peace of mind if done properly.
Financial protection includes life, disability and liability on car and home. Possible long term care, and umbrella insurance. Insurances will continually change as assets change.
Accountants
A good accountant helps develop tax strategies that minimize the amount of taxes we pay. Not all accountants are created equal. Learn how to differentiate between a bad accountant and a good accountant
Attorneys
As people's assets grow, so do their estates. Having a good attorney to protect their estate is as important as having insurance to protect assets.
Financial Advisors
A "fee only" advisor with a CFP designation is a fiduciary that acts in their clients best interest. However, a fee only advisor depends on clients periodically returning. This can be costly depending on the complexity of their personal assets. That could amount to thousands of dollars each year.
Those with limited financial resources may not be able to afford fee only advisors and may feel that investing is only for the wealthy.
For those that lack the financial resources and need to hire a fee based or commission advisor, not all is lost. The best defense is being knowledgeable.
Prosperity Club is a resource for education bringing experts to this platform.