If you owned the goose that laid the golden egg...Which would you insure first? The goose or the egg?
Naturally, you would insure the goose. If you have the goose, you can always get more eggs. But when it comes to insurance, is it possible that you have done just the opposite? If the golden egg represents your house, car, business or other valuable assets, then you've probably insured everything that can be replaced.
The goose, however, represents your earning potential. And, your earning potential is your most valuable asset! If your income suddenly stopped because of an illness or a disability, where would the money come from?
- Would you have to borrow money?
- Would you need to access your retirement savings?
- Would you need to drain your vacation fund?
Who would provide the golden egg? Unfortunately, most people are only protecting their home, automobile, and other stuff.
They should also be protecting their ability to earn an income... upon which everything else depends. So, have you insured the goose or just the golden egg? Protect your earning power.