Are You Protecting Your Blue Dollars?
We know you’ve heard of green dollars but what are blue dollars? Blue dollars represent how much time or energy something is worth. Let’s say you are planning an event for your company where you may make some green dollars in the end, but you spent countless months planning and executing this event. All of that time and energy you spent planning this event – that’s your blue dollars. Whether in business or in life, blue dollars make a difference to the bottom line.
Consider your personal life – taking the kids to school, cleaning the house, making sure the dog has been taken care of, preparing dinner – all of those endless lists that you do to take care of your house and family, those are blue dollars too. When it comes to your own personal finances, paying attention to these blue dollars is as important as your green dollars. In many cases, these blue dollars aren’t ever considered when purchasing protection in the form of income replacement. Perhaps that is because you might think that protection can’t be obtained if there is not income…but is that really true?
29% of mothers stay at home to take care of the family, while 16% of dads also stay home – which is the largest amount in history. These stay at home partners play a huge role in the life of a family. What would happen to the family if something happened to them? Who would take care of the kids? The house? All the stuff that families have to deal with? Could you afford to pay for full time daycare or a housekeeper to keep things going while your family starts to adjust? What about the emotional impact to a family when a parent dies or becomes disabled? There is often a period of time where emotion and grief have to be dealt with simultaneously as you are forced to get back to business as usual. This can be especially devastating to children. Have you considered the importance of protecting the blue dollars so your family could have the time they need to adjust to this type of disruptive change?
Protection comes first. When bad things happen, we need to know that the people we love will always be protected. While no one can replace you, providing the ability for your family to adjust is important. Protect those blue dollars. To find out what your blue dollars are worth ask your Leap Professional. Whether it’s your assets, your income or your life, protection is vital. Isn’t it time to make sense with your finances?
Sane. Sound. Simple….Leap
"The opinions expressed are those of the author and do not necessarily represent Penn Mutual or any of its other affiliates. LEAP® and Financial Stories are trademarks and service marks of Leap Systems, LLC which is an independent affiliate of Penn Mutual Life Insurance Company (PML). Trademarks belong to their respective owners. It is important to note that the implementation of any strategies provided as a part of LEAP are designed to aid one in reaching their financial goals, but no assurance can be made that these goals will in fact be reached. Individual results may vary."
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