*Intro and outro music are from an original piece by

Carl Zukroff of The Blue Hotel

Tylene Henry’s Site

Life insurance Evaluation

POWEROrgMath

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You have stumbled on to another episode of Get Your FILL – Financial Independence, Long Life, where we explore ways to achieve those two goals.

It was so great talking to Tylene Henry a couple of weeks ago about financial independence and all of her tips and tricks on setting up our estate planning, so we’ve asked her back, and she’s gonna talk to us today about some things, including life insurance and other topics to help us get one step closer to our financial independence and our goals of having a legacy to leave for our families.

T: So when we talk about starting really young, that reminds me of a program that we did a couple of summers ago with the National Association of Black Women in Construction, an amazing organization called POWEROrgMath and the Space Lab in Detroit, Michigan. We had students that were aged 10 through 14 and we had an eight-session series, and we talked about things from budgeting to the difference between wants and needs. We had Comerica Bank come in and do an introduction to the stock market.

The kids learned about crypto-currency. They learned about… We did a project from the Louisiana Federal Reserve Bank that talked about hurricane Katrina.

And so it really put into action that difference between wants and needs and planning for an emergency and it gave scenarios of families that had all of their important documents, like birth certificates and social security cards, together in a place that if there’s an emergency, you can grab it and you can go.

And folks that don’t have a social security card, folks that might be expecting a check to come in order to take care of things – like don’t have a bank account, take that check to the liquor store to cash it and an emergency happens and they don’t have a home or a mailbox and you have no documents. Imagine the time it takes to get some relief.

So really just helping them to understand different aspects of financial well-being and how it is a money thing, but it’s also a lifestyle thing, and it’s an awareness thing, and so I feel like those children will definitely change for the better and having the experience of that class and we also help them understand: you love to play the Xbox. Well, that doesn’t change trade on the stock exchange. How do you invest in Xbox?

So they had to do the research to find the parent companies of the things, the juice box that they like, the games they like to play. Jordan’s not on the exchange, it’s Nike, right?

So doing these exercises to give them the real life exposure that they can really apply. But the question that you asked me is life insurance and how to get younger people or kids exposed. So that’s one of the things we don’t talk about money, so we should talk about money with our kids. We don’t have to tell them the mortgage balance and all that stuff, but having a conversation with them about the choices that they make and the things that they wanna do. The difference between a want and need. I need to eat food, but do I need to go to Ruth’s Chris, right… Maybe not, right?

So understanding that, ’cause this is kids and like, Well, you gotta eat well, you don’t have to… And if we plan our meals then, if we wanna have a nice dinner once a month, then we haven’t spent a couple hundred bucks on McDonald’s, Burger King and Wendy’s. And then we talk about protecting our life and our legacy through life insurance. I think there’s a lot of misconceptions about life insurance, a lot of people… Not a lot, but there’s some people who have either had a bad experience, or they’ve had s