Welcome to the Get Ready Money Club newsletter; a weekly newsletter with recommendations to help you succeed on your financial journey including one simple action item.
This newsletter is 1,695 words, a 7 minute read.
✅ Week 7 Action Item: Updating your home inventory.
🌎 The big picture: Updating your home inventory will help you be prepared when faced with financial adversity.
🤔 Why it matters: It’s important to keep a record of your major personal property items in the event that you have to file an insurance claim in case of a burglary, fire, flood, earthquake, other event.
- If you don’t have a record, you won’t be able to file an insurance claim, police report, or find a replacement.
💡 Here’s what works: Create your inventory.
- Break it up and do one room at a time. No need to do your
- whole home in one day.
- Take photos of major property. Upload photos to a storage website such as iCloud or Dropbox.
- Whether you use an app, spreadsheet or other way to record information, be sure to notate location, item description, serial number or other identifier and fair market value.
😎 Bottom line: A detailed home inventory will help you be prepared in the event of a theft or disaster.
💭 Habit of the week: Assemble the pieces: Add any new items to your home inventory.
🤔 Question(s) of the week: What are some tips for updating your home inventory?
💁♂️ Advisor/Coach Corner: Ask your clients when they last completed a home inventory? Ensure that your records are updated to reflect the current home inventory and valuation.
📝 Resources:
Get Ready Money Club Members:
- The Get Ready Discussion Guide. Discuss.
Get Ready Library and Toolkit members can access your resources for this week's action item (#7) from your Get Ready Library dashboard (located in Monthly Focus Area 2: Be Prepared):
- The Get Ready Blueprint week 7 worksheet where you’ll track your inventory status by location (room).
- The Taking Inventory of Major Property worksheet is where you can enter details for major property including serial number, estimated value and more.
Access Your Get Ready Resources here
The Get Ready Library expands on each week’s action item and provides worksheets to help you complete each week’s action item, create a to-do list, track your habits and organize your financial life. It also includes access to all of my books.
Get Access To The Get Ready Library
💡 The Power of Neurodiversity and Its Impact on Wealth Featuring Stina Borth
🙌 On this episode of The Get Ready Money Podcast, I spoke with Stina Borth, founder and CEO of Keymaker Services about changing the way we think about money and neurodiversity.
🔹 Money provides access and opportunities.
🔹 Defining the impact of executive functioning on money.
🔹 Why advisors need to slow down and simplify for their clients.
🔹 A look at education savings account like ABLE accounts.
🔹 Overcome fear of money through normalizing money with our loved ones.
🔹 Create a strategy to model money conversations with kids.
🎙️Watch or listen to the podcast (here).
🙌 On this episode of The Get Ready Money Podcast, I spoke with Derrick Kinney, author of Good Money Revolution and Founder of Success for Advisors about changing the way we think about money and adding meaning to our money.
🧐 In this episode we discussed:
🔹 Live a day of meaning every single day of your life.
🔹 Ask yourself what is that you want?
🔹 Anybody can be good with money.
🔹 The most successful ideas are not overnight successes,
🔹 Bet on yourself.
🔹 Why and how women can ask for the pay they deserve.
🎙️Watch or listen to the podcast (here).
🎉 Featured:
💡 How much does a $500,000 Insurance Policy cost?
🙌 In this article for MoneyGeek by Mark Fitzpatrick, I share my insights on Life insurance payouts with other experts including Rick Valenzi, Bjorn Amundson, Kayla Welte, Jack Riashi, Jr., Brandon Gregg and Jamieson Hopp.
Here’s what I covered:
🔹 Can you explain how a $500,000 life insurance policy works and who it is best suited for?
A $500,000 life insurance policy is suited for someone who has an insurable need for that amount of coverage. It’s important to start with needs and goals first, product and amount second. If life insurance is not needed, then there is no need for a policy of any amount.
🔹 How can individuals assess whether a $500,000 life insurance coverage is adequate for their needs?
Individuals should start with their need for coverage, rather than the amount of coverage.The other key consideration is how long coverage is needed. This will help individuals choose the right type of life insurance coverage.
😎 Check out the article: (here)
🎙️ Audit-Proof Your Business: Real Talk with the Home Biz Tax Lady with LuSundra Everett and Hope Brown on the Beyond the Receipts Podcast. They demystify IRS audits and share practical strategies for protecting your business. Whether you've received an audit letter or want to prevent one, we discuss essential insights business owners can use.Watch it on (YouTube).
📖 The money skill your kids need: Think before you spend by Rob Carrick for The Globe and Mail. I always thought the foundation of smart money management was simply to spend less than you earn or have. Through an organization called Gifting Sense, Ms.Karen Holland has taken on the mission of teaching children to be smarter spenders. Her take is that thinking before buying is an important step in finding money to save and invest. She explains how mindful spending can be taught. Check out the article (here) - note: this is a gift link, so hopefully it works).
📖 The California Fires and What Comes Next by Ian Gutterman for Ian’s Blog . FAIR is not a viable alternative for homeowners who can’t get private insurance. More private insurers will leave the state due to onerous regulation. Californians who live in fire (or quake) zones are going to face an availability crisis and may have to move to safer areas or self insure. It is better to pay a fair price for insurance that pays you when you need it than to whine about how “expensive” insurance is (when it’s actually cheap) and not be able to find coverage. Read it (here).
📖 Why Is Homeowners Insurance Getting So Expensive? By Brian Potter for Construction Physics. It’s easy to understand why insurance in some places, like wildfire-prone areas, is getting expensive or unavailable. But the broader trend of rising insurance costs can be observed in essentially every state, and it’s harder to explain. Read it (here).
📖 Revolutionizing Long-Term Care: How One Woman is Using AI to Empower Families by Syed Owals for Entrepreneur Insider. Lily Vittayarukskul founded Waterlily, a San Francisco-based AI startup designed to help families and financial advisors navigate the complexities of long-term care. Read the article (here).
📖 Why Most Planners Fail at Long-Term Care -and How to Fix It by Danielle Miura, CFP, MSFP, EA for The Sassy Septuagenarian presented by Keena Pettijohn. Have conversations early and often. Customized Care Planning. Build a team of experts. Read it on (LinkedIn).
📓 Do Older Adults Understand Healthcare Risks, and Do Advisors Help? From the Center for Retirement Research at Boston College. Uninsured healthcare costs in retirement can be substantial, so older households need a good understanding of the potential risks. New survey results show that many underestimate their healthcare needs and know little about the costs of medical or long-term care services. In contrast, financial advisors have a better sense of needs and costs, but households with advisors do not seem to know more than those without. Read it (here).
📖 Understanding Comdex Scores and Insurance Company Financial Strength by Ridgeback Group. A sterling Comdex Score isn’t the only factor someone should consider when choosing an insurer. Instead, other important factors that Comdex doesn’t consider —including customer service and policy terms — deserve equal consideration in the selection process. Read it on (LinkedIn).
🧐 Interactive Tax Assistant (ITA) from the Internal Revenue Service (IRS). You can use this tool to get answers to your tax questions. Choose a topic, then enter basic information to find your answer. Check it out (here).
📚 Beyond The Broker: Navigating Financial Advisory Independence by Cameo Roberson with contributions from Kristen Guerrero, Darci Smith, Jordan Christa, Sandy Petty, Mariam Koril, Lori Miller, Leslie Lipscomb, Jen Debuhr, Tricia Brady, Kari Ellis, and Susan Danzig, Beyond the Broker demystifies the process of going independent. Each chapter provides practical advice, case studies, and proven strategies to help you confidently navigate your own journey to independence. Check it out on (Amazon).
🎤 Trailblazers - A Risky Business with Aaron Klein, Mark Butler and Sheryl O’Connor presented by Income Conductor on February 25, 2025 (4: 30 ET, virtual and free). The key value drivers for advisory businesses and how should see themselves through that lens. How advisor must shift away from old habits of hoarding expertise and information. The need for advisors to understand and leverage AI. Learn more (here).
🎤 Fintech Security Summit presented by Nicole Casperson and Fintech is Femme, April 23; New York, New York. Join us as we bring together fintech trailblazers, risk experts, and innovators to push boundaries, spark innovation, and lead the way in creating a fintech landscape that’s both secure and user-friendly. Learn more (here).
🎤 The ILTCI Conference (2025), March 9-12; Philadelphia, PA. The Intercompany Long-Term Care Insurance Conference Association, Inc. supports multiple initiatives helps a diverse group of Americans grappling each day with the impacts of our aging society. Learn more (here).
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Let’s Change The Way We Think About Money!
Tony
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