If you want long term financial success for your family, you must learn how to grow wealth. 

 An all too common mistake I see in families financial planning, is that they focus all their energy on trying to learn how to grow the wealth but very little on protecting what they have grown.

To give you an analogy, if you want to harvest a crop, you must grow the crop first. If you don’t protect the crop until it is ready to harvest, then doesn’t matter how good the growing season, you still won't get a crop. 

One of the ways you can protect your crop is with insurance, but only if you have the right insurance in place. Imagine if you insure your crop for hail and then have a flood and you are not covered!

Personal insurance is one of those mechanisms to protect wealth and should be viewed as a critical component of any family’s wealth building plan. 

You need to protect what wealth you have grown so far, as well as what you will have in the future. You need the right cover, with the right money, going to the right people, at the right time. 

Today I have Chloe Arthur a Financial Adviser specialising in Wealth Protection to discuss why getting your Wealth Protection right is so important. 

Both Chloe and I agree that almost 100% of financial plans that came across our desks as advisers, the insurance or protection component of the plan had serious flaws that would have been financially catastrophic to the family should something happen to key members of the family. 

Whether you have a lot of debt, income or assets to protect, kids that rely on you or a business that cannot afford to fail, then you need to get your wealth protection in place and ‘done right’.    

You can find Chloe at https://www.findex.com.au/adviser/chloe-arthur.

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Ben spent over 20 years working with successful business owners and farming families which allowed him to unearth the timeless principles on how to successfully grow, protect and maintain wealth.

If you want to learn the principles of how to grow your family’s wealth throughout the generations, then you might consider joining The AgriCoach Podcast each fortnight for more Wealth & Wisdom.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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