***Renters/Homeowner’s Insurance: enough to cover all potential damages to rebuild or replace the covered items.

***Personal Umbrella Policy: $1million dollars in additional/supplemental coverage. Normally used as protection in a lawsuit.

Umbrella insurance provides broad insurance beyond traditional home and auto. It provides additional liability coverage above the limits of homeowner’s, auto, and boat insurance policies. It can also provide coverage for claims that may be excluded by the primary policies. These may include, but are not limited to:

False arrest

Libel

Slander

Invasion of privacy

***Business Owners: your business entity is a form of insurance. An LLC can shield your personal assets and works best with a personal umbrella policy. For landlords who were smart enough to place their properties inside of an LLC, landlord insurance is a benefit as well. There are three additional insurance policies most businesses should have as part of a a BOP (business owner’s policy) more to be discussed in http://www.BKFBusinessSchool.com

***Life Insurance: Renewable 20-30 year TERM insurance. Stay the unholy hell away from Whole Life or annuities of any type.

The purpose of this insurance is to hold you over until you can become self-insured by your assets.

The renewable clause in a term life insurance policy means that the insuring company will allow you to renew your policy at a set rate without undergoing a medical. This means that if an insured person is diagnosed with a fatal disease just as the term runs out, he or she will be able to renew the policy at a competitive rate despite the fact that the insurance company is certain to have to pay out.

Look to obtain 8-10 times your annual income as an insurance payout.

***Medical Insurance: There are a ton of variables with medical insurance. Main thing to know is that most medical insurance in the U.S. sucks hot lava balls.

With that being said, it still beats being uninsured any day of the week. As well, you need to avoid all of the hoopla on high deductible insurance – it doesn’t work for those who need it the most.

A good rule of thumb is to keep a low deductible ($500 or below) keep atleast 20/80 co-insurance, keep your co-pays for regular doctors visits around $20-$30 and below. You’ll also need a policy with a max out of pocket clause.

Supplemental health insurance (Aflac) and dental insurance are good bets as well.

***Long term care insurance: A nursing home can cost about $74,208 a year per person. If you and your spouse go into an assisted living facility with $300,000 in life savings, you’ll have it used up so fast you won’t believe it.

You can save yourself a good portion of that liability by purchasing a long term car insurance policy though it could run you about $4,000+ a year. If you are approaching 60, start looking at long-term care insurance. Don’t buy it before then (it’s not necessary enough at that point) or after (it can get away too expensive).

Remember, rich people and poor people don’t need long-term-care insurance. Poor people can turn to Medicaid. Rich people can self-insure. So the question comes down to those in the middle.

What buying a car in cash does over someone who enslaves themselves to a care note:

1. Affordability: It forces you to ONLY buy what you can afford. Remember, the term “I can afford it” does not mean you can afford the car payment that month. It means that you have the cash in the bank to make the purchase without owing anyone. Otherwise you can’t afford s#%$. You’re just gambling with how long you can make it without a major emergency happening.

2. Discounts: It puts you in place to be highly likely to receive a sizable discount on the overall price of the car. Lenders want to move VOLUME. Making $3k on 5 cars beats $5k on 2 in most businesses across the globe. Your greedy local car dealership is no different. Whipping out cash and buying a car at the end of a sales month will 9 times out of 10 allow you to get the dealer to cover your tax, title and registration.

3. Car insurance: It allows you the CHOICE to pay less in insurance! (Banks and car lease finance companies dictate your insurance coverage)

4. Late fees: The goal for wealthy people is not to be able to make payments on their bills on time. The goal is to have as few as possible in the first place. By reducing the number of payments that go out each month (from canceling cable bills to combining monthly cel phone plans to eliminating credit card payments regardless if you pay in full) you are substantially reducing your potential to pay late fees.

5. No more car than you really want or need: It forces you to think smarter about your purchase! Numerous published studies show that when you spend your own hard earned money you choose better, more reliable, longer lasting products (read: honda, toyota, nissan). When you give a 25 year old a $25k loan they come home with a Giraffe with a motor in its butt.

6. Cha ching! It puts you on path for wealth! If you were to simply reduce your auto expenses by $400 per month and instead you invested that amount over the typical timeframe someone pays a mortgage (30 years), you are $818,435.52 wealthier than the person who doesn’t.

Shout out to driving cars in hopes of impressing people who you’ll be asking to borrow money from in a few years.

My parents were focused on civil rights in their era which is understandable. But now, its up to us to awake from being “new slaves”. We have to fight tp stop this cycle of poverty once and for all.

Understand that the *cycle* is the target. Not poverty itself.

Because right now just being born black pretty much guarantees you a life of struggling.That damn-near guarantee is what we’re fighting to tear down.

Some enjoy government handouts, payday loan interest and cash advances. And that is your prerogative to stay in bondage. The rest of us who desire to wake from the Matrix through our own choice will struggle to do so initially, yes, and then prosper for eternity.

I was broke, in debt, had no investments and was tied to my job for survival.

As of 2013, I have no idea what my credit score is as I have not been stupid enough to pay some company or apply for some loan so I could find out.

I have lived for 6 years without once needing a credit score, a loan or any other type of societal bondage.

After renting numerous cars, applying for, being approved and deciding not to rent multiple apartments, being hired to work at the top companies in two separate industries (banking/finance and advertising), after starting two businesses, owning multiple investment accounts, having cel and 4g plans at the most credit sensitive companies ( At&t, verizon) having possibly the worlds most fully covered auto insurance policies at amazingly low rates…I have prospered financially far beyond any other point in my 32 year history.

The Dow Jones has hit an all time high. I have the ability to purchase two of the condos I got rid of 100% in cash. I do only what I desire to do each day.

Basically, I have never seen more money in my life.

And guess why.

BECAUSE I NO LONGER BORROW MONEY I DON’T HAVE TO PAY FOR SH#% I DON’T NEED.

…I, along with the top tier of the over 1800 minorities I work with have lived life better than most around us, accomplished more than most around us and have given back to the community more than those around us.