How Starting a Business Later in Life Made Me A Better Entrepreneur

The entrepreneurial bug hit me early.  The first time I got that rush of excitement takes me back to selling gum for the cub scouts door to door.  I realized then that I wanted to be number one, and remembered that feeling of pleasure when a sale was made.

Fast forward to high school selling encyclopedias and learning a lesson about myself in the process.  I remember having to memorize the sales script before heading out with the “boss” and others on a drive one evening up to small towns in New Hampshire, about an hour from my home.  Someone made a sale of the entire World Book Encyclopedia plus yearly updates and everyone was ecstatic from the manager on down.  But… I had to open my mouth.  What was this guy with no family, and it appeared not much money going to do with his purchase?  “Who cares, just count your money” was the answer.

It was not my answer and that was the end of my door-to-door sales career.

Fast forward to my first real job after college.  I started working for a large holding company that had recently purchased the smaller national firm that hired me.  This was my first taste of the corporate world, and I learned a valuable lesson there.  Make sure your boss likes you, and he did!  But, after 18 months on the job he was told to economize.  Last hired (me) was first to be fired.  It had nothing to do with me personally, it was just numbers.  But then, he found me another job in a different city and this was a promotion.  I went from being fired to promoted the same day.

Valuable lesson #2.  When you work for someone else, being good at your job is only part of the equation for success.  If you really want to be in charge, then you must be in charge of everything, and that means learning about all those things that allow you to sell and work effectively!

Valuable lesson #3.  Keep your overhead as low as possible.  Spend money only on those items which will either give you more time or can add to your bottom line.

One way of being in charge is to work on commission.  Now, before you start picturing the guys down at the local used car lot, remember that nothing in the world of business happens before something is sold.  From the paperboy delivering the subscription you bought to your physician selling his or her expertise.

Deciding that this was for me, I joined a stock brokerage firm that sent me to their training school for 3 months of learning about stocks, bonds and assorted other security transactions.  Boy, was this different that selling encyclopedias!  It wasn’t OK just to sell something, it had to be appropriate for the client’s objective, age and financial condition.  This is a valuable lesson that has stayed with me throughout my business career.

For me, being an entrepreneur is not just working for myself, but working in an ethical manner.  From past experience, I know there is the “rush” in getting that sale, but all of my lessons from earlier put me on the ethical straight and narrow.

Since I started my own life insurance business some 25 years ago, I have prospered because of how I treat the prospects and clients that have come to me.  When you start your own business, think about what you would want from someone selling whatever product or service you offer, especially if you have lots of competition.

Now think about how to set yourself apart from that competition.  My advice.  Find yourself a small niche in a great big market.  You will find that the smaller the niche, the more likely you are to succeed.  It seems almost counter-intuitive, but think about it this way.   If you want to solve a problem, would you rather speak with a specialist with extensive experience particular to your need, or someone who knows a little about everything.

With the advent of the internet, the entrepreneur spirit has grown dramatically because of the ease in which people can set up their own businesses while working their “day job”.  There are countless courses about building websites and ecommerce that are tailor made for the newly minted entrepreneur.

It’s very empowering to think of an idea that could possibly make money, then research it thoroughly to learn about your potential customer.  Put yourself in your possible new client’s position.  Whatever you’re selling, they will buy if it eliminates some “pain point”.

If you can alleviate your prospects’ pain points with a workable solution, you’re on your way.

Author: Lenny Robbins has spent his entire business career in financial services.  He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer.  In 1991 he founded lifenet insurance solutions which specializes in life insurance for seniors and baby booomers.

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See what real Zerys users are saying! - LifeNet Insurance Solutions

See what real Zerys users are saying!

I resisted outside content writers for a long time until we found Zerys. The ease of setting up a project, knowing there is no risk if I found the content unsuitable and the fabulous program made me do a 180 degree turn around. I will have my favorites writing my blog and going forward white papers and more. 

Terry Robbins  

https://www.lifenetinsurance.com/

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10 Tips To Get Everything You Want In Life

Want To Get Everything You Want In Life?

Here Are 10 Tips From An Olympic Champion

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You are here: Home / House and Home / Frugal Living Tips for the Whole Family

Frugal Living Tips for the Whole Family

December 5, 2017 Leave a Comment

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Welcome friends! I am so glad to have you visiting today. This blog is filled with lots of ideas for a growing family. Sometimes I post affiliate links and, should you purchase any of the products I highlight by clicking through the links, you will be helping me to continue to create fantastic posts and helping to feed my Starbucks addiction. You can read my disclosure policy here.

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Being frugal isn’t just for moms who are looking to stretch the family budget a little further, or people who have a limited income and want to live as well as possible as they can with what they have – it’s for everyone. Kids, grandparents, teenagers – there isn’t anyone who couldn’t benefit from being a bit more frugal with their money. Doing so will make it less likely that they get into debt and increase their chances of living comfortably in the long-term.

With that in mind, here are some frugal living tips for the whole family:

Shop to List

One of the simplest aspects of frugal living, which can be applied to anyone who buys food is to shop to a list. Check your pantry and your fridge etc., before you head off to the store, note down only what you need to see you through the week and just buy that. You’ll eat perfectly well without wasting money.

Become a Scratch Cook

Teaching your children to cook is one of the most important life skills you can impart upon them because, no matter how young or old you are, cooking from scratch is a great way to save money and eat a healthier diet. If your kids can cook, then they’re less likely to put on the dreaded freshman 15 by eating convenience foods all the time.

Extend Health Insurance

Extending your health insurance so that it still covers your kids when they’re an adult is a great way to look after them and ensure that they can get the help they need should they get sick. It’s typically less expensive than them taking out their own policy, which means they might be able to contribute towards your policy when they can’t afford their own, and it will give the rest of the family greater peace of mind.

Get Life Insurance

If you’re thinking that paying out for another insurance policy is the opposite of being frugal, then you obviously haven’t been very frugal in the past. You see, having insurance policies, whether it’s the best senior life insurance policy out there, a policy for parents or even a policy for children, it ensures that other members of the family aren’t burdened financially should the unthinkable happen. When a person dies, there are a lot of expenses to deal with from the funerals, to paying the bills they might have been responsible for. So, if you’re a responsible family member, you will insure yourself and anyone else who warrants it.

Have a Piggy Bank

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If everyone in the family has their own piggy bank or even a communal one, and they learn to put their spare change in there every day instead of squandering it on expensive coffees or a little candy, then you could easily save hundreds of dollars each year and use that money to save for college, repair the roof, or even treat yourself to the occasion family vacation or some other longed-for treat.

Grow Your Own Food

If the cost of keeping your family in food is getting too much to handle, why not start supplementing with some of your own? Depending on where you’re based, there’ll be a whole host of fruits and veggies you can grow  at a fraction of the cost of buying them, and gardening is a great family activity, which has also been shown to teach kids about nature and healthy eating, improve symptoms of depression and help seniors to keep physically and mentally fit. If you have the land, it really is one of the best things you can do to be frugal and take good care of your family.

Give the Gift of Time

As a frugal person, take the time to speak to the other members of your family and come to some sort of agreement on gifts whereby it is time, not material possessions that are given. As you will probably know, lots of family members, particularly grandparents, like to spoil younger family members with toys and gadgets. The thought is certainly a good one, but what this does is raise the kids’ expectations about the kind of things they should have and cause much more money to be spent than necessary. Anyway, grandparents, aunts, etc., would probably prefer more quality time doing a simple, frugal activity with the ones they love than simply exchanging extravagant gifts!

Give Crafty Gifts

Alternatively, you could bring in a rule that any gifts given have to be handmade. Hand Making things can be a lot cheaper than buying them from the store, and it encourages the whole family to get their creative juices flowing. Little kids will be particularly happy about this because it will mean that they can give a meaningful gift to gammy or big sister and they’ll feel totally included in the process.

Buy in Bulk

If you have an extended family who live close by and who you’re close to, you can make really huge savings by buying in bulk. Work out all of the foods and supplies that you all buy on a regular basis and then make a big bulk order, which should be significantly more than buying separately. Then, simply pay for your share and decant the goods into your own containers. You’ll be amazed exactly how big the savings can be!

If you don’t have family, getting together to do this with friends and neighbors is also a possibility, and actually, the more people who get involved, the bigger the savings will be at the end of the day.

Reuse Everything

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Whether it’s encouraging your teenager to repurpose her old clothing into some unique outfits that will impress her friends, having your toddler craft with old paper cups or upcycling your old furniture, so it’s as good as new, there are countless ways to reuse the things you already have, so that you don’t have to waste money on new stuff that, probably won’t be as good, and certainly not as much fun, anyway.

Install Smart Thermostats

Smart thermostats can save money by adjusting the settings according to conditions even when you forget to do it yourself. That’s why you should install on in your home, and the home of any seniors, or less tech-savvy members of your family. They’ll appreciate the gesture a whole lot, especially when they see how much smaller their fuel bills are.

Rent Board Games

If you’re looking for a fun, frugal activity that will also bring the whole family together, then you can’t go wrong with board game rentals. There are lots of places, including libraries, that will rent out all of the family favorites for a small fee (sometimes no fee at all) and it’s a great way to spend a few hours that isn’t as expensive as eating out or going to the cinema, and certainly nowhere near as expensive as cable!

Holiday Together

If you have a big family, and you all enjoy an annual vacation, you might find that if you do so together, in one big group, you’ll get a discount if you book a package vacation. Obviously, this will only work out if you all get on, but bear in mind that just because you travel together and stay in the same villa, it doesn’t mean that you need to be in each others’ pockets all the time, and actually, having more family there might mean you get more time to yourselves. Why? Because you can take it in turn to entertain the kids; grandma and grandpa can have them one day, you the next, uncle the day after and so on. It might actually be one of the best vacations you’ve ever had!

Utilize Online Education

Whether your teenage son wants to learn how to code, you want to learn how to make dresses, or your mother wants to take up art to keep her occupied during retirement, you can find all manner of free tutorials and classes online. You can also find some low-cost paid for classes if you want to get really into it, and it’s almost always cheaper than paying for classes in the ‘real’ world.

Create an Emergency Fund

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If you are the main breadwinner in the family, then you should be setting aside a little cash each month with a view to building up an emergency fund that covers at least 12 months’ salary. That way, should you end up out of work, not only will you not have to worry about paying the bills, but you won’t have to worry about asking other members of the family for health. In fact, even if you aren’t the main breadwinner, starting your own emergency fund is probably a good idea because it gives you a little more independence should your financial situation change for the worse.

If you and your family do even a fraction of these things, then you will notice that, not only do you have more money in the bank, but you have a lot more fun together, making memories that will last a lifetime. It just goes to show that being frugal can be fun!

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Senior Life Insurance: How to Care for Your Elderly Parents Life Insurance Needs

Parents are often reluctant to discuss their financial resources or plans with their children, but this is a conversation that needs to happen so that no one is surprised about monetary obligations and debts that are part of the estate.

As with life insurance at younger ages, there are several types of coverage affordable for seniors depending on their age and health.

• Final Expense Insurance– The most common life insurance for seniors over 70 is also known as “final expense” coverage. Although these policies are a type of whole life insurance and do generate some cash value in the policy, you cannot remove funds without severely impacting the policy.  Without paying higher premiums including interest on the amount borrowed, the policy will lapse and the death benefit will no longer be in force.
  • These policies are typically written for smaller amounts of coverage, generally from $2,000 up to $40,000. They are known as “simplified issue” policies because they do not require a paramedic exam.  If all questions on the application can be answered “No” regarding health and lifestyle, the policy will be issued after the insurance company makes a check of the prescription database to make sure that no drugs are being prescribed which would conflict with any health question.
  • When comparing these types of coverage, the consumer should note the company’s ratings by AM Best and make sure to find a strong carrier, one that is rated A or A+.
  • Company rating have little to do with the premium cost, so it is possible to apply with a highly-rated insurer while at the same time obtaining a good price.
  • Many seniors prefer this type of coverage as it takes less time for approval and does not require an exam. All such policies are whole life with level premiums for the lifetime of the insured, or to age 100 in some cases if the insured lives past that age.

• Graded Benefit Final Expense Insurance– What about seniors that cannot qualify for standard final expense coverage?
  • Most applications feature at least 2 sets of qualification questions. If any of your answers require a “yes”, then it still may be possible to get “graded” benefit coverage.
  • Although policies differ, in most cases the policy will act as an accidental death policy only for the first two years, and after the policy will pay for death from any reason. However, some graded benefit policies will pay a small percentage of the death benefit in year one, and an additional amount in year two followed by the full benefit in year three and beyond.
  • If you only qualify for a graded benefit policy, then look to those carriers that provide the best coverage in these circumstances.

• Final Point on Final Expense Insurance– When comparing qualifications for immediate coverage, companies ask health questions in different ways. You may find that while one carrier will not accept you, another one will.
  • For example, we have found several applicants denied coverage with one carrier only to be accepted by another simply because of the way the question was asked.
  • If you only need one reason for using an independent life agent, this is it. Your agent will be able to guide you to the least expensive policy that you can qualify for and that meets your needs.

• Guaranteed Issue Life Insurance– If you cannot qualify for either final expense or graded benefit policies and you are age 80 or younger, then “guaranteed issue” contracts are your best alternative.
  • These policies require no health information and as the name implies, your policy is guaranteed to be issued assuming that the carriers that write this insurance do so in your state of residence.
  • For the first two years these policies will act like an accidental death policy. After they will pay for any reason.

• Universal Life Insurance– We’ve been talking about final expense policies, but what if the amount of coverage needed is greater than offered by the simplified issue policies?
  • In this case, you best choice will probably be a universal life policy which guarantees level premiums for your lifetime. While these policies require paramedic exams and medical records, your chances of acceptance may be greater if you have significant health issues.

• Talk to an Independent Life Insurance Agent– As with any purchase of life insurance, your advocate is your agent.
  • All agents are paid by the insurance company regardless of policy type.
  • While the concept of life insurance is easy to understand, there are many factors which can make the use of an experienced independent agent a very smart decision.

Lenny Robbins has spent his entire business career in financial services.  He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer.  In 1991 he founded LifeNet Insurance Solutions which specializes in life insurance for seniors and baby boomers.

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Smoking And Life Insurance

When it comes to California life insurance and cigarette smoking, the carrier with the best value or type of coverage cannot be predicted. Though rates for smokers are always higher than non-smokers, they become even more increased as the smoker ages. Age and sex play a essential role in determining which carrier is the best.

What should you disclose when it comes to your smoking habits? The short answer is to always tell the truth. Two drugs that insurance companies will always test for are nicotine and cocaine. These are very sophisticated tests and can tell the difference between current use and second hand smoke. Remember that more often than not, there is a two year contestability clause per policy that handles fraud in the application.

Will any organization give non-smoker rates to smokers? Some carriers will give smokers a reason to stop smoking by allowing premiums at a standard non-smoker rate for three years. This is only on permanent policies. If you’ve stopped smoking within those three years, you may proceed with the lower premium, or else the rate will increase to smoker rates.

Not every insurance company considers cigar or pipe smokers to fall into a smoker’s category, and there are drastic differences. This also applies to those trying to quit smoking through the use of a nicotine patch.

If a smoker remains nicotine-free after one year, most insurance companies will allow them to obtain a non-smoker rating, which can improve with time. A good agent will discuss your smoking history in detail prior to suggesting the best value for your needs.

In my experience, more smokers than not want to stop. In order for a previous smoker to quality for term insurance at non-smoker rates, they need to have been nicotine-free for a minimum of one year. If you have recently quit, tell your physician and discuss an appropriate notation being made in your record.

If you find yourself in this situation, you may want to consider purchasing a 10 year term policy. This policy is often less expensive than a shorter term one, and there is no reason to pay for a longer guarantee.

Do not forget that a couple of years down the road, you will most likely be able to get a better rating with a lower premium, despite the fact that you are older. Therefore, there is no reason to pay for a longer guarantee on a policy you plan to replace, in most cases.

Leonard Robbins has been a California life insurance agent helping smokers obtain the best in service and vaule for their premium dollars. Contact him at LifeNet Insurance Solutions for more information.

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