Insurance, Investing, and a Family Life Vault

I have been looking into insurance to cover Bonnie's expenses if I get hit by a bus or a gravel truck.

That triggered tons of ads and calls from insurance companies.

You know the ones. Get hundreds of thousands of dollars of coverage for tens of dollars per month.

In my late sixties, with no health concerns, it is more like hundreds of dollars per month for tens of thousands of dollars in coverage, even for those aimed at seniors.

With insurance, you are betting you are going to die, and the insurance company is betting you are going to live.

There is a saying to buy term insurance and invest the rest.

Of course, few people actually invest the rest and use the money for meals and stuff.

I may still buy a minimal insurance policy, but this form of Family Legacy Plan is what I am implementing with Bonnie.

In the Breakfast Investing Challenge, I have been putting $30 a week into Bonnie's PolarTensor account. The idea is that it would compound over time to fund expenses.

The other piece of the puzzle is to get Bonnie set up with a Kraken account.

Kraken is a well-established, comprehensive platform for buying, holding, and trading a range of financial products and currencies. 

I am buying bundles using Dollar Cost Averaging (DCA), which are something like diversified mutual funds.

There are also a number of fiat and cryptocurrencies that earn through staking. Many pay between 10 and 20 percent annually, with frequent payouts.

Much better to have funds parked and earning than to keep them in a bank account earning little or no interest.

Keep your money moving.

I also use Kraken to get money in and out of my bank account and platforms like Polar-Tensor.

I am setting Bonnie up to do the same.

If needed, Bonnie can withdraw funds from my Kraken and Polar Tensor accounts into her Kraken account, then transfer them to her bank.

We will cover all of this with Wills, Power of Attorney, and Representation agreements.

And those documents will go into what I call a Family  Life Vault ~ The Dixon Family Vault.

These documents could be stored in a private Google Drive shared with the family and perhaps a lawyer or the named Executor.

I have created Life Vaults for Rocket Norton and others that contain a wealth of videos, photos, stories, and documents. I have created these as Kartra Memberships.

Memberships can assign different levels of access from public to family and friends to only key individuals.

The wills, documents, and access instructions will go in the highly secure area.

Next week, I will show the whole system in place.

Greg Dixon
Your Fun Investing Host
BreakfastInvestingChallenge.com

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