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Dave Pavelich
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Never give up & here's why... 9 famous examples

7/31/2013

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 In the months leading up to the launch of my book, The 7 Non-Negotiables of Winning, I’ve
talked a lot about winning—but I’ve talked a lot about failing, too. Learning
how to fail productively—to “Fail Up”—is one of the greatest secrets to full-on
success.
And in that vein, I was impressed with a
recent article by business author Bernard Marr.
He pointed out that there is one single thing that all “radically successful”
people have in common: They have a ferocious drive and hunger for success that
makes them never give up.
There are many varieties of success. Jobs and
careers are one area, but success in family life, personal relationships,
community and church work, philanthropy and sports or treasured hobbies are
important success priorities as well.
One thing is certain: There is no clear and definitive path to success for
anyone. The most successful people in any endeavor will tell you many stories of
failure within their life journeys. Many (if not all) have experienced major
failures, multiple times. But they never gave up.

 As I have said many times, the greatest secret to success is learning how to
“Fail Up.” It would even be fair to say that failure is the driver that makes
truly successful people even more hungry and determined to achieve their
success.

In his article, Marr presented a list of nine famous successful people whose failures
helped to spur their success. I would like to share them with you, along with
some of my own thoughts on each:

 1.Henry Ford stands tall as a pioneer of modern business, yet this founder of
the
Ford Motor F +0.34% Company failed many
times on his route to success. His first business attempt at building a motor
car was shuttered after just a year and a half when stockholders lost confidence
in his ability to succeed. He gathered more cash and re-started his effort, but
a year later was forced out of his own company yet again. The entire motor
industry had lost faith in Henry Ford, but he was not deterred. He found another
investor to start the Ford Motor Company, and the rest is history.

 2.
Walt Disney DIS +1.18% – The creator of the
global Disney empire of film studios, theme parks, and consumer merchandise
travelled a long and winding road to success. Amazingly, Walt Disney was fired
from an early job at the Kansas City Star Newspaper because he was “not creative
enough.” In 1922 he launched a Kansas-based company called Laugh-O-Gram with a
mission to produce cartoons and short advertising films. One year later, in
1923, the business went broke. He didn’t give up, though. He moved from Kansas
to Hollywood to begin another venture, and The Walt Disney Company was born.

 3.
Richard Branson – A personal favorite of mine,
Richard Branson is a highly successful entrepreneur. In fact, in a prior
article, I named him one of the
Top 10 Living Business Leaders Today. Branson’s
successful ventures include Virgin Atlantic, Virgin Music, and Virgin Active. At
age 16, however, Branson was a high school drop out with hopes of starting a
student magazine. It didn’t succeed. He went on to establish a mail-order record
business that did so well it led to the creation of the record shop he called
Virgin. Today we know him as one of the world’s greatest entrepreneurs, but on
his path to success he endured many more failures, including Virgin Cola, Virgin
Vodka, Virgin Clothes, Virgin Vie, and Virgin Cards. Thank heavens he never gave
up.

 4.
Oprah Winfrey has just returned to the No. 1 position on the Forbes celebrity list after
two years in second place and a drop in income of $88 million since last year.
She is broadly acclaimed as the

queen of entertainment, and has enjoyed an amazing career as a talk show host,
media proprietor, actress, and producer. However, Oprah began her life in
poverty, and in her earlier career she endured numerous setbacks, such as
getting fired from her job as a reporter because she was ”unfit for television,”
and fired as the co-anchor of weekday news on WJZ-TV, which resulted in her
being demoted to morning TV. Clearly those organizations didn’t recognize the
incredible talent they were squandering.

 5.
J.K. Rowling – The iconic writer of the Harry
Potter series, which has resulted in the sale of more than 400 million books, is
also responsible for the most successful and lucrative book-based film series in
history. However, early in her career as an author, Rowling received endless
rejections from publishers. Even her famous Harry Potter manuscript was rejected
outright for reasons, such as, ”It is far too long for a children’s book” or,
”Children books never make any money.” Her story is even more inspiring when you
realize that she was a divorced single mother who was living on welfare when her
career as a writer began.

 6. Bill Gates –The famous co-founder and chairman of Microsoft dropped out of
Harvard to set up a business called Traf-O-Data. The partnership between Bill
Gates, Paul Allen, and Paul Gilbert was based on a good idea to read data from
roadway traffic counters and create automated reports on traffic flows. But the
business model was flawed and the company had few customers and resulted in
losses from 1974 to 1980 before it was closed. But Bill and his partner Paul
Allen put the lessons they’d learned to good use when they created
Microsoft.

 7. Milton Hershey failed in his first two attempts to set up a confectionary
business. But is there any of us who doesn’t know and love Hershey confections
and chocolate today?

 8. H.J. Heinz began his career with a company that produced horseradish. It
went bankrupt. Thankfully, he was persistent and he had some other ideas in
mind. His food products left his competitors far behind trying to catch up.

 9. Steve Jobs was fired from Apple, joining a long list of brilliant leaders
who have been removed from the companies they founded. He returned several years
later to turn Apple into one of the most successful technology and consumer
organizations in the world.

 Thanks again to Bernard Marr for this inspiring compilation. And I’m sure
many of you could add a few more names, both famous and unknown, to the list.
All of them share the same successful characteristic: They never gave up, no
matter how many times they had to get back up and dust themselves off before
they could fully succeed. What about you?

Source: www.Forbes.com

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market insight with investors group / bill chornus

7/30/2013

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what inspires you?

7/30/2013

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What's currently inspiring these six entrepreneurs of successful companies.

  I’ve been letting music inspire a lot of my creative
work lately. Rdio has been a fun tool for creating
playlists that fit my mood and whatever I’m working on, whether it’s approving
photos from our latest marketing campaign or gathering inspiration for next
season. And since it’s a social, music-streaming service, I tend to discover new
bands I like through following my friends, too.
—Susan Gregg Koger, co-founder and chief
creative officer of ModCloth


  I’m reading Good to Great by Jim Collins for the second
time now. I consider it my
business bible. One of the key lessons I’ve learned
is that an organization is all about its people. When a component of our
business has broken down, 10 times out of 10 it has something to do with the
people leading or working on that component. Collins also writes about Level 5
Leadership. I see my job as CEO as finding or training Level 5 Leaders and
giving them autonomy and purpose within our organization.
—Sam Tarantino, founder and CEO of
Grooveshark


  I handle our company’s social media so inevitably I spend a lot of time on
apps.
Instagram is my No. 1 for many reasons, but
mainly because a picture is worth a thousand words. It’s simple to use and very
powerful. It’s the fastest, least invasive and most efficient way for our brand
to stay on people’s minds.
 
—Danielle Snyder, co-founder of
Dannijo


  A lot is happening in education right now, and there’s been plenty of buzz
around MOOCs (massive open online courses). The best thing that companies like
Coursera and Udacity are doing is starting the dialogue around how we create a
more efficient and effective learning environment for anyone with an
interest in learning. The course content presented in
video format isn’t enough to revamp education on its own, but I think we’re
going to see an entire ecosystem emerge around it.
—Alison Johnston, CEO and co-founder of
InstaEDU


  My current favorite book is called The Charisma Effect, which I highly
recommend. It teaches you that charisma is something you can cultivate within
yourself and provides you with the tools you need to succeed in connecting with
others in day-to-day life.
—Misa Chien, blogger

  Right now, I couldn’t be more obsessed with my
LearnVest app to stay on top of my savings and
finances. TurboScan has literally saved me as far as sending in contracts and
documents on time; you just take a picture, and it scans the document for you.
And hello! I am carrying Lean In,
Sheryl Sandberg’s book,
everywhere until I’m done reading it. She is someone I truly admire.
—Jesse Draper, founder and host of The
Valley Girl Show

  Change is good. Try new things. These are a couple of mantras I believe are
responsible for the happy, productive lifestyle that I’m fortunate to have. I’ve
spent the most recent chapter of my life with a renewed insatiable appetite for
learning. For starters, this has led to my taking kickboxing lessons and working
toward earning my scuba-diving certification. And I use
free time for traveling with my kids to exciting places we’ve never been.
 
—Tim Matheson, actor and director, The
CW’s Hart of Dixie


  It is hard to be successful for the long run if you don’t have work-life
balance. I think the key to work-life balance is not wrapped up in a number of
hours, but rather in making sure that you are enjoying what you do and are
living a balanced life so you can do everything that you want to do.
 
—Niraj Shah, co-founder and CEO of
Wayfair.com

Source: www.success.com


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what they don't teach you at business school.

7/29/2013

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20 things ,those in their 20's just dont get!

7/29/2013

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 I started Docstoc in my 20’s, made the cover of one of
those cliché “20 Under 20” lists, and today I employ an amazing group of
20-somethings.  Call me a curmudgeon, but at 34, how I came up seems so
different from what this millennial generation expects.  I made a lot of
mistakes along the way, and I see this generation making their own.  In
response, here are my 20 Things 20-Year-Olds Don’t Get.

 Time is Not a Limitless Commodity – I so rarely find young
professionals that have a
heightened sense of
urgency
to get to the next level.  In our 20s we think we have
all the time in the world to A) figure it out and B) get what we want.  Time is
the only treasure we start off with in abundance, and can never get back.  Make
the most of the opportunities you have today, because there will be a time when
you have no more of it.

 You’re Talented, But Talent is Overrated - Congratulations,
you may be the most capable, creative, knowledgeable & multi-tasking
generation yet.  As my father says, “I’ll Give You a Sh-t Medal.”  Unrefined raw
materials (no matter how valuable) are simply wasted potential.  There’s no
prize for talent, just results.  Even the most seemingly gifted folks
methodically and painfully worked their way to success.  (Tip: read “
Talent is
Overrated
”)

 We’re More Productive in the Morning – During my first 2
years at Docstoc (while I was still in my 20’s) I prided myself on staying at
the office until 3am on a regular basis.  I thought I got so much work done in
those hours long after everyone else was gone.  But in retrospect I got more
menial, task-based items done, not the more complicated strategic planning,
phone calls or meetings that needed to happen during business hours.  Now I
stress an office-wide early start time because I know, for the most part,
we’re more productive as
a team in those early hours of the day.

Social Media is Not a Career – These job titles won’t exist
in 5 years. Social media is simply a function of marketing; it helps support
branding, ROI or both.  Social media is a means to get more awareness, more
users or more revenue.  It’s not an end in itself.  I’d strongly caution against
pegging your career trajectory solely to a
social media job
title
.

 Pick Up the Phone – Stop hiding behind your computer.
Business gets done on the phone and in person.  It should be your first
instinct, not last, to talk to a real person and source business opportunities. 
And when the Internet goes down… stop looking so befuddled and don’t ask to go
home.  Don’t be a pansy, pick up the phone.

 Be the First In & Last to Leave ­– I give this
advice to everyone starting a new job or still in the formative stages of their
professional career.  You have more ground to make up than everyone else around
you, and you do have something to prove.  There’s only one sure-fire way to get
ahead, and that’s to work harder than all of your peers.

 Don’t Wait to Be Told What to Do – You can’t have a sense of
entitlement without a sense of responsibility.  You’ll never get ahead by
waiting for someone to tell you what to do.  Saying “nobody asked me to do this”
is a guaranteed recipe for failure.  Err on the side of doing too much, not too
little.  (Watch:
Millennials in the Workplace Training Video)

 Take Responsibility for Your Mistakes –
You should be
making lots of mistakes when you’re early on in
your career.  But you shouldn’t be defensive about errors in judgment or
execution.  Stop trying to justify your F-ups.  You’re only going to grow by
embracing the lessons learned from your mistakes, and committing to learn from
those experiences.

 You Should Be Getting Your Butt Kicked – Meryl Streep in
“The Devil Wears Prada” would be the most valuable boss you could possibly have.
  This is the most impressionable, malleable and formative stage of your
professional career.  Working for someone that demands excellence and
pushes your limits every day will build the most
solid foundation for your ongoing professional success.

 A New Job a Year Isn’t a Good Thing ­­–
1-year stints don’t tell me that you’re so talented that you keep outgrowing your
company.  It tells me that you don’t have the discipline to see your own
learning curve through to completion.  It takes about 2-3 years to master any
new critical skill, give yourself at least that much time before you jump ship. 
Otherwise your resume reads as a series of
red flags on why not to be hired.

 People Matter More Than Perks –
It’s so trendy to pick the company that offers the most flex time, unlimited meals,
company massages, gamerooms and team outings.  Those should all matter, but not as much as the
character of your founders and managers. Great leaders will mentor you and will
be a loyal source of employment long after you’ve left. 
Make a conscious bet on the folks you’re going to
work for and your commitment to them will pay off much more than those fluffy
perks.

 Map Effort to Your Professional Gain – You’re going to be
asked to do things you don’t like to do.  Keep your eye on the prize.   Connect
what you’re doing today, with where you want to be tomorrow.  That should be all
the incentive you need.  If you can’t map your future success to your current
responsibilities, then it’s time to
find a new opportunity.

 Speak Up, Not Out – We’re raising a generation of sh-t
talkers.  In your workplace this is a cancer.  If you have issues with
management, culture or your role & responsibilities, SPEAK UP.  Don’t take
those complaints and trash-talk the company or co-workers on lunch breaks and
anonymous chat boards.  If you can
effectively communicate what needs to
be improved
, you have the ability to shape your surroundings and
professional destiny.

You HAVE to Build Your Technical Chops – Adding “Proficient
in Microsoft Office” at the bottom of your resume under Skills, is not going to
cut it anymore.  I immediately give preference to candidates who are ninjas in:
Photoshop, HTML/CSS, iOS, WordPress, Adwords, MySQL, Balsamiq, advanced Excel,
Final Cut Pro – regardless of their job position.  If you plan to stay gainfully
employed, you better complement that humanities degree with some applicable
technical chops.

 Both the Size and Quality of Your Network Matter – It’s who
you know more than what you know, that gets you ahead in business.  Knowing a
small group of folks very well, or a huge smattering of contacts superficially,
just won’t cut it.  Meet and stay connected to lots of folks, and invest your
time developing as many of those relationships as possible. (TIP: Here is my
Networking Advice)

 You Need At Least 3 Professional Mentors – The most
guaranteed path to success is to emulate those who’ve achieved what you seek. 
You should always have at least 3 people you call mentors who are where you want
to be.  Their free guidance and counsel will be the most priceless gift you can
receive.  (TIP:  “
The Secret to Finding and Keeping Mentors”)

 Pick an Idol & Act “As If” – You may not know what to
do, but your professional idol does.  I often coach my employees to pick the
businessperson they most admire, and act “as if.”  If you were (
fill in the
blank
) how would he or she carry themselves, make decisions, organize
his/her day, accomplish goals?  You’ve got to fake it until you make it, so it’s
better to fake it as the most accomplished person you could imagine.   (Shout
out to
Tony
Robbins
for the tip)

 Read More Books, Fewer Tweets/Texts – Your generation
consumes information in headlines and 140 characters:  all breadth and no depth.
  Creativity, thoughtfulness and thinking skills are freed when you’re forced to
read a full book cover to cover.  All the keys to your future success, lay in
the past experience of others.  Make sure to
read a book a month
(fiction or non-fiction) and your career will blossom.

 Spend 25% Less Than You Make – When your material needs meet
or exceed your income, you’re sabotaging your ability to really make it big. 
Don’t shackle yourself with golden handcuffs (a fancy car or an expensive
apartment).  Be willing and able to take 20% less in the short term, if it could
mean 200% more earning potential.  You’re nothing more than penny wise and
pound-foolish if you pass up an amazing new career opportunity to keep an extra
little bit of income.  No matter how much money you make, spend 25% less to
support your life.  It’s a guaranteed formula to be less stressed and to always
have the flexibility to pursue your dreams.

 Your Reputation is Priceless, Don’t Damage It – Over time,
your reputation is the most valuable currency you have in business.  It’s the
invisible key that either opens or closes doors of professional opportunity. 
Especially in an age where everything is forever recorded and accessible,
your reputation has to be guarded like the most
sacred treasure.  It’s the one item that, once lost, you can never get back.

Source: www.Forbes.com



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3 tips to help you perform under pressure.

7/26/2013

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Have you ever had one of those, “if anything can go wrong, it will” days?

 Here’s how mine went. Recently, I was slated to do a major presentation for a
new client. Since my first presentation for this client had gone well, I thought
the second one would be even better. This time I had an even clearer of idea of
what they wanted. As is my practice, I made sure to arrive early; it’s always
nice to feel calm and collected, have time to set up and so on.

 Having checked all details regarding location, time, etc. of the presentation
before I left, I was sure I knew exactly where I was going. But when I arrived
at the room assigned to me, I discovered the presentation had been moved. And no
one seemed to know the new location.  I was left running around — up to the
14th floor, down to the 11th, making multiple phone calls and firing off emails.

 All the while, time was ticking down to the start of my presentation.
Fortunately, I connected with someone who knew the new location. But, it wasn’t
just another room; it was an entirely different building, though thankfully only
minutes away. It was a challenge to maintain a sense of “calm and collectedness”
as I jogged over as fast as my high heels would allow. Then, to add to my
stress, I discovered, once I was there, that my Power Point presentation would
not work (for technical reasons beyond my control).

Before you burst into tears; stamp your foot while toweling off your sweaty,
anxious face, or give up, stop and take a deep breath and then follow these tips
for performing under pressure:

Be mentally prepared The fact is, anything can go off plan
during a presentation. “Expect the unexpected” should be one of your mantras.
The only way to handle curve balls is by being mentally prepared for what you
can control. Even though I would have preferred making my presentation
with the aid of the Power Point visuals, I had no problem doing it without them.
I knew the content, virtually by heart.

 Improvise Having taught in a classroom for years, as well as
working as a business presenter, I’ve learned how important it is to go with the
flow.  Even if you don’t have this type of professional experience, there are
plenty of daily life activities on which to draw to help you think faster on
your feet. Imagine, for example, you’re at a dinner party. The stranger across
the table says something to you that catches you by surprise. You take a moment;
then respond. You move the conversation forward, in the way you see fit. This is
what happens in any pressured circumstance. You advance the situation so that
the tension eases or a solution presents itself. One of the keys to
improvisation, as
CNN’s Real Simple Life Coach, Gail Blanke points
out
, is to simply always think of adding something new to the
conversation.

 Trust your instincts That first thought that comes to mind
is usually your best one. And if isn’t, move on to the next idea. Responding to
your gut instinct and speaking up will help avoid “brain freeze.”  And don’t be
too hard on yourself if you do come up blank. We’re all overcome with nerves at
some point. Divert your mental energy to another person, or to the situation –
anything other than thinking about yourself and your tongue-tied moment!


Source: www.Financialpost.com


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You can tell a lot about a man by looking at his shoes

7/25/2013

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You Can Judge a Man by His Shoes
They reveal whether he takes  pride in the little things. If he throws on a nice suit and pairs it with cheap, clunky lace-ups, he's not what you'd call a detail man. And if he leaves his  pricey wingtips scuffed and unpolished, he may not be the closer you're looking for.

There are numerous styles of shoes out there, but what's great about being a  man is that you can do perfectly well by sticking with just a few. You don't  need to maintain some Carrie Bradshaw–esque obsession about the latest and  coolest. If you invest in a handful of sensible (and stylish) pairs and take  care of them, you'll be set for years. You just need to take that first step.

Don't Be So Damn Square
Before we start talking about styles of shoes, let's talk shape. If you're still walking around in square-toe,  rubber-soled lace-ups—the kind you buy on the cheap and that make you look like  you've got platypus feet—grab them from your closet and toss them.

Seriously. your shoes should be as streamlined as the rest of your wardrobe.  That means a slim contour (but not painfully skinny) and a rounded (but not  sharp) toe. They'll look stylish, tasteful, and masculine. And that's all you  can ask for.

Some Basic Advice...The one shoe every man should  own is a black lace-up. You can dress it up or dress it down; it'll work with  everything from jeans to suits. And that's the thing—don't think of it as  special-occasion footwear. Avoid frilly or ornate details and you'll be able to  wear the shoes
as easily to the office as to the club

Sure, No One Sees the Bottom of Your Feet...Shoes take a  pounding. And nowhere more than in their soles. You need to think about that and make some decisions. Do you want everlasting soles or more bounce in your step?

Leather Soles? We Like 'Em Extra ChunkySome guys think  leather soles mean hard and uncomfortable. Not true. If the shoes are well-  made, they'll mold to your feet and serve you just fine. True, they won't be as  cushiony as a pair of New Balances, but if you want real dress shoes, you want  leather soles. Period. Now you've got two choices: There are those slim,  contoured kinds that exude elegance and go great with a luxurious custom suit.  And then there are the heftier lace-ups with chunkier soles. They're what we  show a ton of in the magazine these days. They go great with skinny jeans or  trim-cut suits. And if you take care of them, they'll last you  a life time.

Join the Rubber RevolutionLet's say you're insistent on extra  padding for your lace-ups. The good news is that there are now plenty of  stylish, wonderfully made dress shoes with full rubber soles, or at least rubber  inlays. They're great for crappy weather and for comfort. But keep in mind that  once
full rubber soles wear down, that's it for them. Replacing the heels (or protecting them with taps) isn't a viable option as it is with leather-soled  shoes.

Source: www.GQ.com




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advice on how to turn a set back into a come back.

7/24/2013

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"Every day you want to scream," says General Stanley McChrystal about the crisis
that ended his career. Still recovering, he has turned  trauma into a
leadership lesson.
 
It's easy to be a leader when things are going
well. The true test comes when things fall apart. How do you handle yourself
then?
 
General Stanley McChrystal delivered very personal wisdom at
Fortune Brainstorm Tech in Aspen on Tuesday during a "Lessons in Leadership"
session that also included Hewlett-Packard (HPQ) EVP Todd Bradley. McChrystal
was the commander of U.S. troops in Afghanistan in 2010 when a Rolling Stone
profile portrayed him and his aides as contemptuous of the President. The story,
which McChrystal says was inaccurate, led him to resign and end his military
career.
 
The four-star general's reinvention now has him
leading the McChrystal Group, a consulting firm that helps companies like HP
change the ways they operate. While dispensing plenty of leadership advice, the
gem of this session, which  I moderated, was McChrystal's stunning
candor--speaking as he has not before about his crisis, the lesson from it, and
the approach any of us might take to gain strength from an embarrassing
setback.
 
"Well, I decided to myself, that that was an inflection
point in my life. And I couldn't change that now. You can't change the past. 

And what I was going to try to do is conduct myself every day for
the rest of my life in a way that would cause anybody who saw or dealt with me
to say, "That's not congruent with the tone of that report."
 
So, rather than take on the report directly, I decided to take it on indirectly and
just try to disprove it by my conduct.
 
You pay a big price when you
do that. Silence hurts. When you keep your mouth shut and you don't write about
it, you don't talk about it, and every day you want to scream.
 
You want to scream out every day—a little less every day, but every day you
do.
 
Most leaders go through something like that…Get yourself ready
to what's important to you: What's the core of you? What can't people take away
from you?
 And realize that if you give to other people the opportunity
to determine your dignity or your sense of self-worth—if you outsource that to
them—they can leave you in a bad place.

Source: www.Fortune.com
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TO MAKE YOUR DREAMS COME TRUE YOU MUST FIRST, WAKE UP!

7/22/2013

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Do you have the habits to make your dreams a reality? Please listen to these words of wisdom, and start checking off your goals from your TO DO LIST.
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WHAT HAPPENS AFTER YOU DIE?

7/20/2013

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So here are a few truths, followed by some pertinent questions to help you
sort through the issue (folding towels can wait):

 
Unless you are an immortal vampire, you’re going to die. Do you want to
leave anything to your loved ones?


 No one wants to think about dying. But let’s just say for example that you
suffer a fatal allergic reaction to garlic; who would your sudden passing affect
financially?

 You might want to consider getting coverage to settle your debts (your
mortgage for example), pay for your farewell party and maybe leave some money to
take care of your loved ones.

 However, despite what anyone says, you might not even need life insurance.
“If you don’t have kids and you don’t have a spouse, then maybe it’s not
necessary,” says Sandi Martin, a 34-year-old fee-only financial planner. “If
nobody is depending on you for your income and you die, then what do you need to
replace?”

 The money you’d put to monthly insurance premiums might better serve you
invested in a tax-free savings account, for example.

 
Unless you have a crystal ball or a hot tub time machine, you will not
know when or if a life event will suddenly make you uninsurable or subject to
way higher premiums. If you don’t feel the need to leave your parents anything,
think ahead for a moment. Will you have a spouse and/or kids at some
point?


 If so, are you okay with the risk that you may not be as mega fit as you are
now?

 “If [people] want to buy it in 10 years, they do run the risk of no longer
being healthy,” says Alec Blundell, an assistant vice-president at Co-Operators
Life Insurance Company. “But I recognize that people in their 20s don’t like
thinking about those concepts and do put it off.

 Last year, Rebekah Brinks, a 32-year-old supply teacher in Simcoe, Ont., was
diagnosed with ovarian cancer. They caught it early and the mother of two is
recovering. However, she laments that she was unable to get the kind of life
insurance coverage that she wanted for her family; so she’s going to wait until
she’s been cancer-free for five years and apply again.

 “I was healthy too and there was no [history] of ovarian cancer in my family.
It was a bizarre thing that came out of nowhere,” she says. “So for the next
five years, if anything happens, that’s a burden that my husband has to deal
with.”

 The earlier you buy, the cheaper the monthly premiums will be and the longer
you’ll be able to lock them in at that price. Term premium rates increase in
increments, every 10 years for example.

 For example, for a healthy, non-smoking 25-year-old, $250,000 worth of life
insurance coverage for a term of 25 years would cost $25.65 a month, Mr.
Blundell says. For a healthy, non-smoking 35-year-old, the same coverage would
be $34.20 a month.

 Also, if you think one day that you might consider taking up extreme sports,
get life insurance long before you start. (Some insurers will ask if you have
any intention of participating in hazardous activity in the next two years.)
Your daring hobbies could ratchet up your monthly premiums. “Life insurance is
not automatic. You do have to qualify for it. Your qualification and cost are
going to depend what type of risk you are,” Mr. Minor says.

 
Unless your parents are the Kardashians, you might not receive a big
inheritance. Would your parents consider arranging for a life insurance policy,
having you pay the premiums and requesting that you be designated as the
beneficiary?


 (Whenever I mention this, my future mother-in-law thinks I’m conspiring to
murder her for money.) Be warned, however, the premiums on an older individual
are more costly.

 “Last week, I settled a case with two brothers and their 60-year-old father,”
says Mark Halpern, a certified financial planner and president of
illnessPROTECTION.com. “They
bought some insurance for the father. It was a small [universal life insurance]
policy for $100,000; but the brothers are paying the [$2,000 annual] premium
between the two of them…in order to inherit or have money to pay for final
expenses.”

 Insurance is a good way to get tax-free dollars to beneficiaries, he added.
He gave the example of parents who bought a cottage for $100,000 and its value
has grown to $500,000.

 “On their death, there’s going to be a $400,000 capital gain. There are going
to be taxes of $100,000. Unfortunately families either have to come up with that
money and it might not be liquid or available from the estate or they have to
borrow money. The saddest part is people actually have to sell the asset in
order to get the money to pay the taxes. That’s where life insurance is the most
cost-effective and flexible tool.”

 Unless you are Superman, you’re not bulletproof.
What if you got
injured or sick and were unable to work?


 This is where disability insurance could help.

 A small percentage of term life policies ever get paid out. However, people
have a much bigger chance of becoming injured, which is why disability insurance
tends to be pricier.

 “You’re still in your 20s or 30s and you’ve had a bad accident. You’re off
work and you have no income or limited income but you still have financial
obligations because you have to pay your mortgage. It’s a big burden to take
on,” Mr. Minor says. “[Insurance] will help offset that burden and let you focus
on your rehabilitation or recovery.”

 You’re five times more likely to suffer an illness before the age of 65 than
you are to die before 65.  If you purchase a $100,000 critical illness policy
and you get cancer or suffer a stroke, for example, the insurance company will
pay you that amount to do with as you wish.

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