Seeking your advice about financial decision making

macsfins · #1 (**permalink**) 10-17-2008, 02:50 PM

There's no doubt that insurance and personal finance are critically important, but also complicated and even overwhelming -- especially in relations to what State Farm refers to as "I'm There" moments. Some "I'm There" moments include: having a baby, getting ready to have a teen driver, or even uncertain economic times like today.

This is why State Farm Insurance is reaching out to you -- as well as people and experts everywhere -- to gather your insights to help people make better financial decisions. Ultimately, we'll be sharing the best of those insights with everyone.

To start things off: What do you think the most important questions are that people need to ask themselves when evaluating personal finances and how insurance fits within that discussion during these uncertain economic time?

We also hope to continue asking questions and seeking your insights about how we all help each other during each of the “I’m There” moments. This will be the first of series of questions. Thanks for your participation.

david007 · #2 (**permalink**) 10-20-2008, 02:49 AM

Quote:

Originally Posted by macsfins

What do you think the most important questions are that people need to ask themselves when evaluating personal finances and how insurance fits within that discussion during these uncertain economic time?

4 questions that you need to ask yourself:
1. How much money you want to spend
2. How much return are you expecting
3. Time frame - For how many years you will plan
4. Risk factor - High / Medium / Low

Answers for first 3 questions are always going to be same for any type of investments, But if you are looking for low risk investment options then definitely insurance is one of the best channel.

macsfins · #3 (**permalink**) 10-20-2008, 12:51 PM

Quote:

Originally Posted by david007

But if you are looking for low risk investment options then definitely insurance is one of the best channel.

Would you care to expand on what you mean by low risk investment? I think it would be great for people to have a clearer understanding of how insurance is a good investment.

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