The pursuit to help the next generation understand financial literacy just got even sweeter. The conversation and implementation of financial principles and tools to help us train our children must continue to be priority number one always!

As Americans try to spend less and go on a budget this provides an opportunity to teach the next generation financial principles they may never have seen in the prosperous years they have been alive. Here at Diverse Legacies, we would never tell a parent how to lead their children in the area of financial literacy. Our position is to educate the parents on the tools available that will make it easier and effective for your children to learn. With that being said, we do provide several principles for teaching children about money:

1. Talk about money. Every time money is involved, parents have a chance to teach their children the values and analysis behind their actions. Money should never be the primarily topic of discussion, but it is one of the most important topics through which we communicate our wisdom and values to our children. Every purchase, investment, or donation can be a time to teach your children something about your financial values.

2. Talk openly about money. Parents make a mistake when they keep information from their children. The only way children learn what is a good deal and what is too expensive is by the experience of what their family earns and what items cost. Hiding this information robs children of the financial education they need. Do not let that be your story.

3. Talk factually about money. Many parents have strong emotions about money based on their childhood experiences. These emotions are always transmitted to children. Instead of helping children, they can cripple children from growing to make sound financial decisions. This could hurt your precious children in so many ways.

5. Provide children an allowance they can make real choices with. Talk about how money is super important, but also children need real-world experience to understand the consequences of their decisions. Children need true boots on the ground training. Consider giving them an allowance large enough so that they can purchase some of their own needs. Then continue to give them honest advice, and help them ask the right questions to make wise decisions based on their values.

6. Help children prioritize purchases. Ask them if this purchase is better than other purchases they are considering making. It is good to develop critical thinking in the area of financial literacy.

Here is a tool that Diverse Legacies will expose our clients to for their children. It is a game changer. This financial literacy product is called “Greenlight Card.” There motto is awesome: “Made For Kids, Built By Parents.” If you would like learn more about this amazing tool, please visit here.

For quick insight, check the video below! Remember, children have the right to learn financial principles early.

givingback2

There is something about giving back that makes your gain worthy of it’s fruit. And it has everything to do with the heart.

Every person and organization has this capacity. We always say that it is better to give than to receive. The question on the table was: “How can Diverse Legacies help?” as opposed to “What can Diverse Legacies get?” If we could truly answer this question, than we would start to see the power of life insurance take shape around us right before our eyes.

Here at Diverse Legacies, we wrestled with how an insurance firm could give back in a way that lasted beyond a day. Beyond the picture. Beyond the press. Even though we are deepening our roots as a new firm, giving has no experience threshold. What should we put into practice? After seeking council and scratching off the list, we clearly came into a great opportunity with one of our partners. This program will allow us to give back in a big way!

This program is called the “LifeBridge Program” which was developed by Mass Mutual Life Insurance Company.  Mass Mutual heart to the “LifeBridge Program” is stated as:

We support the communities we serve and work in through charitable contributions and leadership. One of the ways we do this is through LifeBridge, a unique free life insurance program that helps children of income-eligible families pay for their education expenses if their insured parent or guardian passes away during the term of the policy. It’s designed to help parents protect their dream of providing an education for their children — even if they can’t be there to provide for them.  We’re proud of the positive impact LifeBridge has on the lives of participating families.

To Learn more, click here.

As a result of partnering with the program, Diverse Legacies can help give away $50,000 dollars of life insurance to children who’s parent qualify. Qualifications are as such:

You are eligible to apply for the LifeBridge Free Life Insurance Program if you are:

  • Between the ages of 19 and 42;
  • The parent or legal guardian of one or more dependent children under 18;
  • A permanent, legal resident of the United States;
  • Currently employed full or part time with a total family income not less than $10,000 or more than $40,000 annually;
  • The only parent or legal guardian in your household who has applied; and
  • In good health as determined by MassMutual’s underwriting guidelines.

You are not eligible if you:

  • Have been diagnosed with heart disease, cancer, HIV or type 1 diabetes;
  • Currently abuse drugs or alcohol or have abused them within the last 10 years; or
  • Are currently on probation.

Additional underwriting will apply.

If deemed a qualified candidate, the program will act as such:

MassMutual’s LifeBridgeSM program provides free, $50,000 ten-year term life insurance policies to eligible parents and legal guardians. MassMutual pays the premiums. In the event that the insured parent passes away during the 10-year period of the policy, a $50,000 death benefit is paid to a trust1. That trust holds the funds to pay for the child’s (or children’s) educational expenses and pays the benefits directly to the school (or schools) attended.

Money can be used for tuition, fees, books, campus room and board, and other educational expenses. Preschools, private schools, trade schools or colleges and universities all qualify. Children have up to 10 years following their parent’s death (or until they turn 35, whichever is later) to use the benefit. The only program of its kind, LifeBridge has issued more than 13,600 policies since 2002, representing a total of over $680 million in coverage — with an ultimate goal of $1 billion.

Diverse Legacies truly believed that it’s up to us to take that very first step. It’s up to us to offer a helping hand to those struggling to leave an inheritance for their children education. As a firm, we stand on each other’s shoulders to elevate us to our ultimate accomplishments. This is a testament to a new tomorrow. This is the legacy we can be proud to leave our children. This is how we decided to give back!!

Are Millennials mature enough to have the hard nose conversation about mitigating financial risk? They seem mature about finances according to some of the most recent articles online. Many millennials are more aware of their money practices than any other generation. What is the problem? Why aren’t millennials making great decisions to implement proper insurance coverage? What is all the fuss about? Check out the latest state according to LIMRA concerning millennials and life insurance posted by the American College Of Financial Services.

The millennial generation generally disregards the need for life insurance and is typically happy to avoid the topic altogether. A survey by Life Happens and LIMRA revealed: “29 percent of millennials cited saving for a vacation as a priority over purchasing life insurance or increasing their coverage.”If this statistic isn’t telling enough, the same survey showed that “60 percent of millennials said it was more important to pay for expenses like internet access, cable, and cell phones than purchase some or more life insurance.”

The title of this article was “Millennials Don’t Think They Need Life Insurance”. Insurance professionals and financial advisors have taken their investment to learn more prospecting methods and sales ideas to reach the millennial generation. And, based upon the numbers, these methods are not working. No matter where your experience is placed on the numerical scale, you have to take the Diverse Legacies approach.  Here is blueprint to millennials:

Leadership is undeniable. 

John Maxwell informs us in his writings that “Everything Rises and Falls on Leadership. Leadership rises and falls on communication.” Everyone needs leadership. Especially millennials. We are so dumb about life, it makes no sense. We really believe that we are invincible and the universe is ours for the taking. Everything is on our terms. So, in order to break into the market, you have to give a millennial something they are not used to. That is leadership. Leadership is undeniable even when it is silent. The agent or advisor must literally sit across the table from the married or single millennial and envision them as their own children. How would you lead your own children to the promise land? You would do it with true honesty, realness, and love.

Break The Millennial Mindset. 

Millennials can be very arrogant. They are readers. They know a great deal and know nothing about the insurance industry at the same time. So as you have them sitting across the table or beside you, you must break their mindset. Bust their bubble. Poke their ego. We have story of a millennials couple in our office stating that “insurance is just a bill and we can do without.” Negating the fact that a baby is on the way and they just moved into their brand new house. One working a contacting job while the other was in school. My response to the millennials: “I understand. See, our firm serves adult families who love and care for one another. They really know how to provide for their family. I do not get that impression or feel from you. So, I am going to stop this meeting now because I will not waste your time. Clearly, the both of you are not READY for adulthood and that it OK.” Then I got up from my chair and opened the office door. Yes, the couple literally left. As an agent or advisor, there are times when you have to give tough love in order to sleep at night. You can not be a Yes man or a Yes woman. You have to care for the millennial. Sometimes that means poking holes in their theory about life, family, and their future. This also means, that you might lose them to another agent. It’s ok. You planted the seed that got them insured. Nine out of ten times, they will come back!

Parent The Millennial. 

I did not stop there after our meeting. I sent a text to the young husband letting him know that he had a great responsibility in front of him. Also informing him that I would keep in touch. I have kept my word. I am also pleased to say, I have this couple as clients/friends of mine and there is nothing I wouldn’t do for them. Millennials are still babies. You have to parent them in the process of doing the best thing financially for their families. Most of the millennials we serve have never had the conversation of life insurance with their parents. Can you imagine that! Can you even blame them? No, you can not. Instead of leading with a sales idea or some trick to get them to buy, try parenting. Many insurance agents and advisors are parents. Hopefully, you have done the necessary things to help your children see the value our products have. The millennial market is open. Forget the data. Start parenting the millennial prospects and I bet that you will have much success.

This article was written by Brentley Wright, Creator of Diverse Legacies.

I hate to admit this, but there are many irresponsible men who laugh at the chance to leave their family a significant size of wealth once he has been placed six feet deep. Gone forever. No coming back. We all have our destined time to leave this place called earth no matter the religious stances you may embrace. It is true, that we will leave our families to continue our work or start a new work which will happen in many cases. In order to continue the work, it will require money. In order to sustain the lifestyle, it will require money. In order to progress the children, it will require money. There is no getting around this reality.

Very few men understand their purpose in life and their responsibility. It can be tough to integrate both without a model or help. Many men have fear of stepping out to create a life that is respectable and worthy of handing to their heirs. Being invested with substantial assets to carry the name on is nothing more than a mere thought at the stoplight interrupted by the consistent horn of the car behind them in traffic. So, it is safe to say, many families will suffer badly once their leader number’s has been called. Diving deeper into thought about this reality is that the family will experience a financial death.

As men die, we leave behind a beautiful spouse who will now become the providers and protectors of our very own likeness. Our children. In a perfect world, life financially should be stress free. There will be no life free of suffering, but at least the money should not be a problem. There is no doubt in my mind that marriages are fruitful and loving. There is evidence that families will suffer tremendously due to the lack proper legacy planning. Personally, I have looked men eye to eye at their response to never leave one dime to their spouse and children. It struck me as a new agent, but I got over it as time progressed. I wrestled with how a man could claim he loved his wife and his children and yet, leave them without the one thing they needed to operate in life. MONEY. After coming across this mentality several times, I decided to put a list together for my sisters who married a man who was irresponsible in legacy planning.

Step One: Love your husband through that decision.

You are still commanded to love and be there for him. There is still some good in him. Real love means to love a man through his faults as well. Maybe he needs to work through this decision with other responsible men. Pray for that to happen. Maybe you have a husband who is very serious about never leaving you anything for the children. Still love him and follow the next steps.

Step Two: Adjust to your new normal. 

You can no longer walk around in LA LA Land. You will have work harder now. Especially if the children are smaller. That means if your husband were to die unexpectedly, your whole life will change. No one is going to pay your bills consistently. They never budget for that. You may get a few blessings, but you will work very hard to replenish the cash that is lost. You will have to be mentally strong moving forward. If you have not worked in 10-20 years, prepare to enter a new type of workforce. Times have changed. It can be rough with no experience in the past 10-20 years.

Step Three: Create a new financial plan. 

Now you have to create a plan that will sustain the household after your husband’s death. This causes for a new personal budget. Stepping your game up. Thinking through investment strategy. Paying off all your debt. Work on paying off the mortgage, credit cards, or any other debt you may have now. Pay the cars off. Start working on the principle now. If a death happens unexpectedly, you need to be in the best financial situation possible. No bills, just benefits. No debt is a benefit. It’s no financial pressure. Get serious on the financial plan. I am sorry, you will have to do this by yourself, but it will work. If you have older children, help them find jobs. Every dollar they make will have to go toward college planning. Help them to understand the importance of taking on some household utilities. It will free up some your earnings to invest for later years.

Step Four: Do not have anymore children. 

If your husband has not taken the measures to provide a significant amount of wealth to you and your current children, do no have any more. Children are a blessing and a financial cost. Don’t be foolish.

Step Five: Take care of your health. 

Stay as healthy as you can. Start going to the gym. Change your eating habits. Try to live as long as you can for the mission ahead.

Follow this list because you married a man who was irresponsible. He loved you, but he did not own his responsibility.

This blog was written by Brentley Wright. The principal of Diverse Legacies. 

September is here and it seems like fireworks have already begun for the Diverse Legacies Firm. This month marks the concentrated time for a solid awareness of life insurance for the single parent and two parent households.  The world will see mass advertising on the subject and many agents are doing their best to help as many families as possible in this month. Diverse Legacies is ready to do our part to help our families win. Here is what to look for from Diverse Legacies:

September Education Sessions: “Conversations That Matter”

We are releasing pre-recorded videos that educate on life insurance every Friday. Make sure you dial in and watch. The first four Fridays will be videos. The fifth session will be a live seminar located at our office in the conference room. A flyer will come soon! We would love for you to join us, eat and learn about this incredible product. All sessions will be taught by the Founder and Creator of Diverse Legacies. They will be electric with some very special guest. You are going to learn a great deal about the industry!

We are giving away FREE Life Insurance: 

We have partnered with Mass Mutual Life Insurance Company to offer free $50,000 of life insurance. This $50,000 dollar policy will support the education needs of children who desire to go to college. We know preparing for college is a tough thing to plan for. Let us help you get started. In our video sessions, you find out more details about this wonderful program!

Social Platform: 

We will promote life insurance awareness month on our social platforms. Please indulge us and share with your friends, families, church family, and your business clients. One of our goals is to help you engage in the conversation.

How can YOU help Diverse Legacies: 

You can help by being our advocates. Have a conversation that matters with your friends and families about life insurance. It can be a tough conversation, but it needs serious attention in your family. Secondly, if there are friends you know who just purchased a home, found new employment, started a business, we would love to talk with them. With your help, Diverse Legacies would love to help you! We are here to serve you in any capacity!

As you are being great – Make sure you are having the conversations that matter!! Welcome to September!

What the Health? 

The most recent health documentary has turned the world upside down. Causing many to quit meat eating intake cold turkey. The perspective of a plant based diet has been communicated in this documentary along with the disastrous harm we are doing to our bodies due to the improper dieting. A film is worth watching, but at the viewer’s discretion.

Our society has moved toward optimum health. Daily exercise and proper dieting have been encouraged significantly within the last several years. More health documentaries are being produced yearly to inform us of the most recent news about the food activity.

Fitness Entrepreneurs: 

Fitness Entrepreneurs are taking their businesses to the next level. Helping to formulate plans that build the fitness goals of their clientele. Looking over Instagram, fitness is a huge goal for a lot of people as we speak. There is always a workout video from your friend or a social media post about their latest progression. These entrepreneurs are grinding to make sure their clients succeed. In addition to your work as a fitness entrepreneur, offer your clients some more incentive to stay healthy. This type of incentive is one they will not be able to refuse. Keep Reading!

The Solution: 

Several years ago, the industry giant, John Handcock delivered a massive deal with a top health empire named Vitality. The deal was a wonderful marriage because the insurance industry is set on building premiums based on your health status and Vitality is built to keep you healthy as a whole. What a perfect fit! The deal allows the insured client to receive discounts on their life insurance premiums just by living a healthy lifestyle. You are able to track your status on an apple watch device that will upload to the carrier. There is so much more to this. Read the benefits here.

This is a game-changer for entrepreneurs in the fitness industry. This deal was done with you in mind. As a firm, we are proud to say we are brokered with John Handcock to produce this for our clients. We also feel responsible to educate on how to financially monetize your great health status. The healthier we are as a society, the better we are toward one another! Let’s connect to keep your clients motivated and healthy!

….and we all can agree that within four years he has done the extraordinary. He is a crazy one. A great one. One that achieved beyond. He didn’t think small. Gearing up for his mega billion dollar fight with the undefeated Floyd Money Mayweather, Conor has a shot to bring more depth into his legacy with a win against the best in boxing. Conor has the entire fighting Irish behind him, an unbelievable skill set, and the desire to see Floyd’s head hit the canvas. McGregor has made it clear:

I didn’t come here to be average.

Diverse Legacies could not agree with Conor McGregor even more. As a matter of fact, this is in our business model and in our behavior toward our clients. That’s right! You heard it here first! Being an average agency was never in our DNA.

So…

DL is getting stronger and stronger. We are taking our time to dominate a Market that is wide open for us. We know that market is the income protection market. People have overlooked this financial tool for many many years. We are going to be the best at protecting your income. Your cash flow will be protected up to the maximum percentage that the IRS will allow. This is what separates us from the average.

Entrepreneurs will build in their portfolio a tremendous financial asset that is world class. We will educate entrepreneurs, world class athletes, high-level executives to mitigate their “IP” by building sustainable positive cash flow during any disruption for a sustained period of time. Cash is King and you should always have it. Cash is the only common denominator to fueling all of your projects to full completion.

 

The marijuana industry is growing in record numbers while becoming legalized in many states at the same time. Entrepreneurs are hitting the jack pot in sales instantly within one year of opening. This is big business. As a matter of fact, this industry is a cash business. Entrepreneurs of the marijuana industry are still fighting regulated banks for a fair chance of business accounts and possible retirement accounts for their families. The word “Cannabis” is heart piercing to insurers on the health side and especially life side of insurance carriers to provide insurance needs for their marijuana businesses. This makes it a fight to even be taken on as suitable clients.

Yes, we do live in a world where the American dream is attainable, but it will take some time to bend and reverse engineer laws from the top levels of government to the municipal levels of government. Now, the hard part about underwriting marijuana users is that marijuana is still considered a drug. Underwriters lack data on the effects it has to the user. So it is also categorized as “High Risk” which increases the premiums for the client.

Underwriters play a vital role for the potential client. Still insuring the client but on smoker rates. This is a significant jump from preferred rates ($500 annually) to smokers rates ($1500 annually). Possibly making it hard for the client to leave generational wealth and to protect their income up to the IRS approved amount…

Moving forward, entrepreneurs should work with a broker with access to many companies with good underwriting relationships. Often time, brokers can position your situation in a way that will help you get the best rates!