What Types of Insurance Are Critical for Your Financial Plan?

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January 8, 2019
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Insurance is a necessary component to creating a financial plan that works well for you, your family, and your long-term goals. It can take just one illness, one job loss, or one car accident to turn your world upside down and crumble your financial plan.

If you have the proper insurance in place from the start, however, you can weather these life-changing moments and keep your goals and dreams on the right trajectory.

  1. Auto Insurance – Auto insurance is a must and not just because the law requires that you carry it. Auto insurance can protect your assets in the case of an accident and make sure that not only can you shoulder liability in an accident but you can also get back on the road with a car that will carry you safely to and from work. Full coverage is especially important if you owe money on your vehicle. No one wants to keep making car payments on a vehicle that was totaled in an accident.
  2. Homeowners or Renters Insurance – You have worked hard to provide for your family and homeowners and renters insurance can protect you and get you back to where you were in the case of a natural disaster or a home break-in. Depending on where you live, you have seen the damage that can be done by tornadoes, earthquakes, floods, and more. Be sure to check that your policy covers the weather most likely to wreak havoc in your neck of the woods.
  3. Life Insurance – Life insurance is absolutely necessary for any individual who supports another individual. So, if you are married or you have dependents, then you definitely want to make sure that their needs are covered if you meet an untimely death. Think about what life would be like for your dependents without your income and choose the amount of life insurance that you need accordingly.
  4. Health Insurance – Health insurance is such a smart choice. Medical costs have skyrocketed and long-term illness or serious injury can drain your savings fast. Having health insurance goes a long way in keeping your household doing well financially in the midst of a health crisis. If you do not receive health insurance through your employer, take the time to talk to your insurance agent about it.
  5. Disability Insurance – If you work you may already be getting this type of insurance through your employer. Look at the specific plan and if you are not getting enough coverage through your workplace then you may want to consider getting some through your agent or broker.

Disability insurance is important because it keeps your household operating during a long absence from work due to illness or injury.

Now is the time to make sure all of your “insurance ducks” are in a row. Catastrophe may never hit, but if it does, you want to make sure that you and your family are covered.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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By Trilogy Financial
August 1, 2023

A romance scam, also known as an online dating scam, is when a person gets tricked into believing they’re in a romantic relationship with someone they met online, when in fact their other half is a cybercriminal using a fake identity to gain enough trust to ask — or blackmail — them for money.

Oftentimes, a romance scammer starts on dating sites or apps. But scammers have increasingly started finding targets on social media, too.

After connecting with someone through a fake profile, the scammer will strike up a conversation and start building a relationship by regularly chatting with them. Once they start to trust the romance scammer and believe they have a truthful relationship, the cybercriminal will make up a story, ask them for money, and vanish.

Types of Romance Scams

Some of the most common internet dating scams include:       

Fake Dating Sites: Scam dating sites claim to be legitimate but are actually filled with scammers or underpopulated. These websites are created to mine your information.

Photo Scams: Scammers will convince their target to send their personal information in exchange for intimate photos.

Military Romance Scams: The scammer will pose as a military member, likely deployed. They build trust by using military jargon and titles, then ask for money to cover military-related expenses, such as flights home.

Intimate Activity Scams: The scammer connects with their target on multiple social media websites. Once they become closer, the scammer convinces them to undress and then threatens them with the recordings.

Code Verification Scams: Scammers will send a fake verification code through email or text, posing to be a dating app or website. Once clicked on, it will ask for their personal information, including Social Security number and credit cards.

Inheritance Scams: Scammers will make their target believe they need to get married in order to get their inheritance. In this case, they will ask them to help pay for something like airfare.

Malware Scams: Malware is also common on dating sites. In this case, the recipient will interact with a scammer who sends them a website that looks legitimate; however, it's a page that includes malware.

Tips To Avoid Losing Money To a Romance Scam

  • Protect yourself and older loved ones by raising awareness. Although this can be an uncomfortable topic, make sure you, your family and your friends are familiar with romance scams. The more you know about these scams, the better prepared you are to prevent being a victim.
  • Check in on older loved ones. Scammers are seeking to target those living alone or grieving the loss of a spouse as they are more vulnerable.
  • Limit what you share online.Scammers can use details shared on social media and dating sites to better understand and target you.
  • Do your research.Research the individual’s photo and profile using online searches to see if the image, name or other details have been used elsewhere.
  • Go slowly and ask lots of questions.Don’t let the individual rush you to leave a dating service or social media site to communicate directly.
  • Listen to your gut.If the individual seems too good to be true, talk to someone you trust.
  • Don’t overshare personal information.Requests for inappropriate photos or financial information could later be used to extort you.
  • Be suspicious if you haven’t met in person.If the individual promises to meet in person, but consistently comes up with an excuse for cancelling, be suspicious.
  • Don’t send money.Never send money to anyone you have only communicated with online or by phone.

Think you’ve been scammed?

  1. Stop communicating with the individual immediately.
  2. Talk to someone you trust and describe what’s going on.
  3. Report the incident to local law enforcement.
  4. Submit a fraud complaint with the Federal Trade Commission.

Dating scams can have devastating consequences on individuals seeking love and companionship online. It's crucial to be aware of the red flags and take necessary precautions to protect yourself from falling victim to these fraudulent schemes. Even if it’s too late to recoup losses, details may help others from becoming a victim.

 

By Trilogy Financial
February 20, 2024

Discover how working with a financial planner can make a big difference in your investing journey. Learn about investing through our beginner's guide to top investment blogs.

 

For many, investing seems like a daunting venture. Navigating through the intricacies of the financial world can be overwhelming, especially when you're just starting out. But beyond the stock market fluctuations and intricate charts, it's essential to grasp your financial aspirations.

 

 

Warren Buffett wisely said, “Don't save what is left after spending, but spend what is left after saving.” This highlights the importance of financial planning and goal setting when it comes to investing.

 

 

 

 

As emphasized by Jeff Motske, CFP® at Trilogy Financial Services,  understanding your financial “why” is just as pivotal. Are you eyeing retirement? Or maybe that dream home or a new startup? These goals should shape your long term investment journey.

To help beginners transition into the investment realm, here's a two-fold strategy:

 

 

1. Consult a Financial Planner or Advisor

 

Engaging with a financial planner or advisor is akin to having a personalized coach for your financial journey. Just as you wouldn't start an intense workout regimen without gauging your physical limits, investing without a clear vision of your financial goals and investment decisions is risky.

 

 

A financial planner will assist in evaluating your risk tolerance—an essential element in devising an investment strategy. As Peter Lynch, a renowned investor, once remarked, “Know what you own, and know why you own it.” This stresses how important it is to be informed and understand one's investments.

 

 

 

 

 

Financial Advisor Meeting with Client

 

2. Discover the Top Investment Blog Posts for Beginners

 

In Personal Finance, staying on top of your investment portfolio starts with understanding continuous learning is a key ally in the world of investments. Here are some top investment blogs for beginner investors that can offer invaluable insights:

 

  • Investopedia: A comprehensive platform offering a plethora of articles, tutorials, and educational content on finance and investment.
  • The Motley Fool: A trusted source renowned for its stock recommendations and investment advice, catering to both novices and seasoned investors.
  • Seeking Alpha: A blend of free and premium content, providing in-depth research, articles, and analyses on various stocks and investment strategies.
  • BiggerPockets: The go-to resource for real estate investment enthusiasts, packed with guides, resources, and community discussions.
  • NerdWallet's Investing Section: Simplifies complex investment topics, making them digestible for beginners.
  • Nasdaq News + Insights: Get insights from a big stock exchange. Covers market trends, stock market news & analysis, and investment strategies.
  • Morningstar: This blog is a trusted source for investment research. It provides analysis, ratings, and information on stocks, mutual funds, and ETFs. This makes it important for both new and experienced investors.

 

 

A picture of a beginner investment blog.

 

Conclusion

 

Stepping into the investment arena can evoke a mix of emotions. But as you start investing with a clear understanding of your financial goals, expert advice, and regular insights from top investment blogs for beginners, you're on a solid path.

 

 

As Benjamin Graham, known as the “father of value investing,” once said, “The individual investor should act consistently as an investor and not as a speculator.”

 

 

 

 

At the end of the day it's important to ensure you make informed, strategic investing over impulsive decisions. Check out how to avoid Mistakes When Choosing a Financial Planner in our other blog post.

 

Keen on diving deeper into investing? Connect with our top financial planners or explore more articles on our investment blogs for investment strategies.

 

 

Get Started on Your Financial Life Plan Today