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These 8 Everyday Financial Worries Have One Common Solution

These 8 Everyday Financial Worries Have One Common Solution

Recent data from a Money Magazine financial survey of American households sheds light on a shocking reality: 60 percent of respondents expressed anxiety about their family’s long-term financial stability. There are myriad experiences and likely a few horror stories behind these figures, with which most of us can identify — the housing market collapse, 401(k) balances, job layoffs, rising healthcare costs, etc. But with the economic rebound and 2014’s all-time stock market highs, you would think American households would have a brighter outlook on the future.

To that point, one especially interesting section of the survey indicated short-term optimism is exceptionally high for these very same folks. Ninety percent of respondents felt their financial circumstances would be the same or better in 2015. Yet their long-term sentiments were sharply different.

This survey is just a small window into the lives of everyday Americans ranging from recent college graduates and young professionals to high net worth business owners and retirees. Let’s examine the root cause for household financial anxieties and focus on eight of the most frequent financial concerns. Along the way, we’ll highlight one very simple, frequently overlooked answer, to calm each and every worry.

1. What happens if my income disappears?

Whether you’re working for an unstable company or in an altogether shaky industry, everyone loses some measure of sleep worrying about income loss. The question is: what have you done about it? Many fortunate employees have disability insurance as part of their company benefits. At the end of 2013, there were almost nine million Americans receiving Social Security Disability checks every month, with the average monthly payout being just over $1,100 each month.

While this serves a very important function, most could not survive such a sharp drop in income. The solution: disability and life insurance protection. A few dollars each month will provide exponential benefit in the event of temporary or permanent loss of wages.

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2. How will I ever erase my debts?

We all take on debt in some form or fashion throughout life — a mortgage on our first home, a loan for a new car, student loans for higher education, or credit card debt out of necessity. Plenty of financial pundits will tell you to erase all debt, but as I’ve mentioned before, not all debt is bad. Uncontrolled debt, however, can ruin your life and the lives of those around you.

A 2012 study of middle-income American households found that those age 50 and older carry an average of nearly 33 percent more credit card debt than those below age 50. Economic hardships, declining real estate values and a host of other problems are to blame, but the data raises an important question. Assuming those over age 50 aren’t working forever and assuming their savings aren’t rebounding, what happens to that debt when they die?

The short answer is their estate typically inherits the debt and offsets any assets. Translation: the debt comes out of the heirs’ inheritance. Plan for this in your younger years and secure enough life insurance to cover any business or personal debts you might leave to your heirs in the event of your untimely death.

3. Can I afford to raise children?

For couples planning for families in the near future or those who are “in the thick of it” already, the expenses of child rearing are nothing short of staggering. There are plenty savings vehicles and investment options for parents or grandparents looking to give Little Junior a boost. Some options offer more features than others but one especially flexible option involves life insurance.

The concept is simple: stash away savings, extra earnings, bonuses, inheritance, etc. into a life insurance policy that has tax-advantaged growth potential. In addition to growing your cash value for school tuition, room and board, or unexpected medical expenses, you also have life insurance attached to provide a lasting benefit at death. Best of all, if Little Junior lands a full-ride scholarship, the cash value is not required for education expenses as with a number of other savings options. The money is yours to do whatever you want.

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4. How do I plan for a tax-favored retirement?

Take a poll of your five closest pals and ask them who looks forward to paying taxes in April. Chances are you won’t get a very warm response. Ever since the Revenue Act of 1978 laid the foundation for the 401(k) plan as we now know it, the burden of a successful retirement has shifted to you and me. Thankfully, we have investment advisors to help guide us along the way, but my point is your parents’ and grandparents’ company pensions are largely a thing of the past.

So how can we take control of our own retirement and help ensure we not only diversify our mix of investments but also diversify the tax treatment of our retirement assets? 401(k) balances were nearly $4.3 trillion at the end of March, 2014, which represents almost 20 percent of the total retirement savings for American households. Each and every dollar of retirement income taken from traditional 401(k) accounts is generally taxable. What if you could supplement these core retirement investments with an account that builds cash value and allows you to turn on a tax-free income stream? You guessed it — a cash value life insurance policy may be a good fit.

5. What will happen to my business and employees?

Most business owners, especially small business owners, are laser focused on growing their companies, building a loyal customer base and ultimately increasing net income. As a small business owner myself, I can tell you my focus is often tested by worries — especially financial worries. If I can’t continue working, who will take care of my client base? My employees? My family? Business owners who have partners have another set of concerns unto themselves: What if something happens to my partner? How will that affect the business and the rest of the partners?

A 2011 survey of more than 900 small business owners found that, while more than 40 percent of respondents said dealing with the death or disability of an owner or key employee was a major concern, fewer than 25 percent had formalized any planning to address the concerns. Disability and life insurance are critical components of any business plan, large or small. The coverage provides the cash flow and capital infusion to continue business operations, hire replacement leadership or buy out partnership interests from a deceased’s family.

6. I’m only getting older. What happens if I get sick?

You’ll never be younger or healthier than you are today. From a financial perspective, it’s imperative to take advantage of opportunities to capitalize on this gift. Start saving as early as possible and save in different ways. Cash in a bank account is good, but so are properly allocated investment accounts, quality real estate or even a life insurance policy that builds cash value.

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Many life insurance policies can be tapped before death in the event of chronic or terminal illness and some carriers even offer a long-term care insurance rider to help cover the cost of care for skilled nursing and home care among other qualifying expenses. Utilizing multiple avenues of savings, including a portion in life insurance, will put you in a stronger position to manage the rising costs of medical care due to illness.

7. Will I be able to continue charitable giving?

Giving to charity may have fallen along with the stock market a few years back, but as account balances have rebounded, so too has charitable giving. In 2013, Americans gave more than $335 billion to a mix of charities, just shy of the 2007 high of $349 billion. Giving has grown each of the past four years and the trend is expected to continue — as was evident with this summer’s wildly successful ALS Ice Bucket Challenge, which topped $100 million in donations from more than three million unique donors.

However, what happens if you die prematurely and your donations are lost? Chances are, the good works, community impact and critical services these charities provide will suffer greatly. Many donors choose to name their favorite charities as beneficiaries of life insurance policies to ensure their funding commitment continues. There may also be favorable tax benefits available to you as donor — a bonus over and above the lasting impact your gift is sure to have.

8. What will my financial legacy be?

Nobody sets out with a plan to leave survivors with a financial mess, but through life’s twists and turns some unfortunately end up with utter chaos. With simple planning in advance, you can chart the best course for your own financial legacy to carry on your values, give a boost to your heirs or simply safeguard treasured family heirlooms.

The term ‘estate planning’ may connote images of blue blood aristocrats with many millions in trust funds, but while few are fortunate to experience that level of success, each and every one of us needs some measure of estate planning. In it’s simplest form, estate planning is merely a directive for your heirs on how you’d like things handled when you’re no longer able to make the decisions and how you’d like things divvied up when you die.

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Studies show that more than 50 percent of American households don’t even have wills, let alone more detailed estate planning documents. Similar reports indicate more than 90 percent of millennials age 35 or under have no planning whatsoever. A simple, cost-effective way to provide a strong financial legacy is to incorporate life insurance into your estate plan. Ensure your wishes are carried out while protecting the assets and providing for the people you value most.

Winston Churchill famously declared,

“Let our advanced worrying become advanced thinking and planning.”

Worry, especially financial worry, is frequent, so it’s important to expect it, anticipate it and plan for it. While life insurance is not particularly sexy, it remains a versatile financial tool worth a closer look as you plan and prepare for the ups and downs of life.

Featured photo credit: Screaming via freeimages.com

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Last Updated on April 19, 2021

40 Healthy And Really Delicious Meals You Can Make Under $5

40 Healthy And Really Delicious Meals You Can Make Under $5

Ever had those moments where you really wanted to eat something delicious and healthy but didn’t have the financials means to do so? Whether you’re a student or parent, this compilation of 40 great, healthy, and inexpensive recipes will make every night special and help you get fit! No more meals where you have to force the food down! It’s time to make that budget your best friend and turn it into great recipes. Enjoy!

1. Fish Tacos in Crunchy Shells ($3.56 per serving)

Is there a better way to end the day than a Fish Taco dinner filled with protein and nutrients and is easy on the wallet? This recipe calls for a boys’ or girls’ night in front of a good movie or game.

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    2. Mini-Meatball Noodle Soup ($3.43 per serving)

    We’ve heard of the delicious spaghetti and meatballs recipes, but imagine having that same meatball goodness in a soup? It’s like Christmas in a bowl. Healthy, warm, and only $3.43 per serving.

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      3. Spaghetti and (Vegan) Meatballs ($2.13 per serving)

      Now it’s time to look at the traditional spaghetti and meatballs recipe, but with a little twist: vegan meatballs. This way, you can enjoy the Italian tradition without adding on the extra calories. I’m sold!

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        4. Kabocha Squash and Lentils ($3.12 per serving)

        Absolutely delicious way to end the day with a Kabocha Squash and lentils dinner. The beauty of this recipe is that you can actually make many other things from the mixture, from dips to full-on meals. All under $5 per serving.

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          5. Baked Coconut Lentils ($0.91 per serving)

          Coconuts are always a good idea, but it doesn’t have to be eaten only for dessert or breakfast. With this great recipe, you can now eat a lunch or dinner filled proteins and a coconut twist. Yum!

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            6. Easy Marinated Roasted Chicken ($3.40 per serving)

            We love chicken and at less than $5 per serving, we are in heaven with this recipe. Add some vegetables and rice on the side and you’ve got yourself a full meal!

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              7. Organic Greens and Goat Cheese Gratin ($2.36 per serving)

              This is absolutely divine. You get in your healthy greens and your fat macros with this great recipe. Takes only a few minutes to make and it’s easy on the wallet. Bon Appetite!

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                8. Beef Pot Roast ($3.22 per serving)

                One word: perfect. This meal will warm your insides and fill you up with the high protein content.

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                  9. Fajita-Style Quesadillas ($0.43 per serving)

                  If you want to eat Mexican tonight but want to stay in your budget, this Quesadilla recipe is your best friend. It’s tasty and filled with healthy ingredients for less than a dollar per serving.

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                    10. Fish Tostadas with Chili Lime Cream ($2.82 per serving)

                    Another great lunch idea for the busy days ahead. Prep this in the morning or the night before and you’ve got yourself a healthy and cheap lunch meal!

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                      11. Beef and Black Bean Chili ($1.36 per serving)

                      Might not look like much, but this amazing chili is actually extremely healthy for you. The protein from the beef and the carbs from the black beans will fill you up in no time, and keep you full for a long period of time. Delicious and warm, just right for the winter!

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                        12. Crispy Fish and Peppers ($2.18 per serving)

                        Amazing recipe for anyone looking to change up their meals while keeping their macros in check and not going overboard on spending. Satisfies your crunch tooth (see what I did there?) and gives you all the protein you need to stay full and lean.

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                          13. Vegetarian Gumbo ($1.50 per serving)

                          You have the perfect macro mix here with the carbs, fats, and proteins. At less than $5 per serving, you’ve got yourself a meal that will last for the whole week!

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                            14. Mexican White Bean Soup ($0.99 per serving)

                            With the cold weather creeping in, it’s not a surprise that soups are coming back in style. This great Mexican White Bean Soup dish will keep you warm for winter without making a hole in your pocket.

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                              15. Black Beans with Mango & Cilantro ($0.38 per serving)

                              Mangoes make every dish a little bit sweeter, which is why we absolutely love this recipe. A normal rice and bean dish might be a little meh, but add the sugary taste of mangoes and you’ve got yourself a party!

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                                16. Bean Burritos ($0.71 per serving)

                                If you’re having people over tonight and don’t want to spend too much time or money on food, this dish is a great option! You can even cut up the burritos into pieces and make finger foods while everyone’s watching the game or gossiping.

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                                  17. Five-Spice Beef Kabobs ($2.43 per serving)

                                  The spices in this recipes add a delicious twist to the beef kabobs, which is definitely worth trying!

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                                    18. Cornmeal Crusted Pork ($1.92 per serving)

                                    If you like the fried crunch but want to opt for a healthier alternative, cornmeal is your man. This healthy recipe will satisfy all your fried desires without making you pop open your pant’s button.

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                                      19. Chicken, Tomato & Cucumber Dinner Salad ($2.57 per serving)

                                      Easy to do, extremely healthy, and super delicious. A must-try!

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                                        20. Lentil Soup with Beef and Red Pepper ($1.90 per serving)

                                        I can’t believe how cheap this meal is, especially for all the nutrients it contains. You can make a big pot on Sunday night and divide it into small portions to last you a whole week.

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                                          21. Smoky Mushroom Stroganoff ($1.90 per serving)

                                          Craving pasta but not sure what to top it off with? How about smoky mushrooms with a twist?

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                                            22. White Bean Tuna Salad ($1.36 per serving)

                                            You can add this White Bean Tuna Salad in your sandwich or just eat it as-is for a quick lunch on a busy day.

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                                              23. Sausage Eggwiches ($0.80 per serving)

                                              Who says you have to eat fast food to get an eggwich? This delicious recipe will give you an amazingly healthy eggwich for less than a dollar per portion. Can you say Breakfast?

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                                                24. Baja-Cali Black Bean Salad ($1.17 per serving)

                                                Great snack to add to a movie-night with friends. You don’t have to use chemically-processed salsas anymore, you can now use this homemade salad for your chip dips.

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                                                  25. Gnocchi, Sweet Corn & Arugula in Cream Sauce ($2.24 per serving)

                                                  Italians always knew how to make carbs look good! This delicious Gnocchi recipe will give your lunch a whole new meaning. Easy to make and only $2.24 per serving.

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                                                    26. Vegetable Lasagna ($1.73 per serving)

                                                    If you were looking for a healthy lasagna, you’ve just found it. At under $5 per serving, you can fill yourself up right away without putting on the extra calories.

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                                                      27. Fajita-Ranch Chicken Wraps ($2.05 per serving)

                                                      Don’t know what to make for lunch this week? How about delicious chicken wraps with a healthy ranch? This recipe will make all your lunches, even the quick ones, healthy and colorful.

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                                                        28. Quinoa with Pan Roasted Brussels Sprouts ($1.24 per serving)

                                                        A dish that has quinoa and brussel sprouts can’t be unhealthy, it just can’t, which is why this dish is one to keep in the books. Easy to make, healthy, and will keep you full for a long period of time.

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                                                          29. Butternut Squash Chili ($1.04 per serving)

                                                          You don’t need meat to make chili now that you have this recipe! It’s 100% healthy, filling, and smells absolutely delicious.

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                                                            30. Fast Shrimp Bisque ($2.03 per serving)

                                                            Seafood doesn’t have to be expensive if you know how to do it right, and this fast shrimp bisque is a great recipe to try if you’re in the mood for some seafood!

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                                                              31. Chicken-Noodle Casserole ($0.98 per serving)

                                                              Looks divine doesn’t it? This super easy to make dish will satisfy all your taste buds without burning a hole in your wallet or adding a few extra numbers on the scale.

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                                                                32. Burrito Cups ($1.18 per serving)

                                                                Entertaining someone tonight and don’t know what to make as appetizers? These burrito cups are a great alternative to chips or other greasy finger foods. All you need to enjoy it is a spoon and a cup.

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                                                                  33. Lemon-Dill Shrimp & Pasta ($2.45 per serving)

                                                                  Another impressive shrimp recipe under $5 per serving. The lemon-dill twist adds a great taste to the dish.

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                                                                    34. Potato Frittata ($0.87 per serving)

                                                                    If you want to eat potatoes for breakfast but still want it to be healthy, this is the recipe for you. At under a dollar per serving, this potato frittata will make you see potatoes in a whole new light.

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                                                                      35. Grilled Pork and Pineapple ($2.67 per serving)

                                                                      Meat and fruits? Oh, yes. The juiciness of the pork mixed with the liquid sugar in the pineapple will make you wish you knew about it sooner.

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                                                                        36. Greek Honey-Lemon Pork Chops ($2.15 per serving)

                                                                        Another splendid recipe mixing sweet and salty for a healthy meal. Easy to make and absolutely mouthwatering.

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                                                                          37. Jamaican Pork Stir-Fry ($2 per serving)

                                                                          You can add this healthy stir-fry to any dish as a side or amply enjoy it as-is for lunch or dinner. You can even make a wrap sandwich out of it if you’re in a rush to eat.

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                                                                            38. Herbed Salmon ($2.49 per serving)

                                                                            Salmon contains a healthy dose of fats that will boost your metabolism, lower inflammation, and make you happier. At under $5 per serving, need I say more?

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                                                                              39. Five-Spice Pork Kabobs ($1.96 per serving)

                                                                              Exquisite recipe under $5 per serving that will most definitely awe everyone at your dinner party.

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                                                                                40. Stuffed Sweet Potatoes with Mango-Black Bean Salsa ($1.24 per serving)

                                                                                You don’t have to eat sweet potatoes alone anymore with this flavorful recipe.

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                                                                                  Featured photo credit: Featured Photo Credit: 5 Dollar Dinners via 5dollardinners.com

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