The Critical Insurance Many High Earners Don’t Realize They’re Missing

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 13 November 2024

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

At her career’s height, Lacy was earning more than a million dollars per year (!) as an executive at a major bank. Then, one early morning, Lacy woke up and realized she was unable to hear anything in her left ear, experiencing something called sudden sensorineural hearing loss. She feared the worst: Her career, as she knew it, was over. Fortunately, Lacy had purchased a valuable insurance policy a decade earlier. And you don’t have to be pulling down seven figures like Lacy to benefit in the same way. Transcripts, show notes, production credits, and more can be found at: https://moneywithkatie.com/disability-insurance. Money with Katie’s mission is to be the intersection where the economic, cultural, and political meet the tactical, practical, personal finance education everyone needs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Turning an idea into a small business doesn't happen by accident. You need to be all in.
0:05.5	At constant contact, we have the digital marketing tools you need to get the word out, close the sale,
0:10.3	raise the funds and gather a community around this thing you've built. So let's do this together.
0:15.2	Let's send this, share this and shout this from the rooftops. Let's segment this, automate this,
0:20.3	and AI this for real results fast. Let's get out of this what we put rooftops. Let's segment this, automate this, and AI this for real
0:21.6	results fast. Let's get out of this what we put into this. Let's build this. Let's grow this. Let's
0:26.6	win this. Get started today at constantcontact.com. Imagine this. You're finally making a great income. Maybe it's more money than you ever dreamed you would earn.
0:41.1	Maybe you're earning hundreds of thousands of dollars. You've got all your eyes dotted and your T's crossed.
0:47.4	Automatic contributions to your retirement funds each month and solid health insurance, maybe some term life insurance, and you've got a bright,
0:55.0	lucrative career ahead of you. Of course, you're probably going to start living a lifestyle
1:01.0	that's like a little more fitting for someone in your position, as you should. Maybe you'll move
1:05.6	your family or your fleet of cats into a nicer home, and you become accustomed to better food. You know, you enjoy
1:12.6	nice trips with your friends and family. You've really made it. At this stage in your financial
1:17.3	journey, what could go wrong? As long as you stay the course, you're pretty set, right? But this is
1:25.1	the point in this journey where protecting your downside risk becomes paramount.
1:31.8	We mentioned health insurance, we mentioned term life insurance, but if you're that high earner who
1:36.9	isn't yet quote unquote rich, there's one other thing that you should probably think about
1:43.7	protecting. your ability to
1:46.3	continue earning that high income.
1:49.5	The Social Security Administration reports that one in four 20-year-olds will have a disability
1:55.0	before they reach retirement age, making it the minority group that any person can join at any time.
2:02.1	Hi, my name is Lacey, and I was diagnosed a few years ago with a rare condition called
	...

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