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Achieving the American Dream

By TYLER JEFFS financial consultant

The average American Family may no longer be living the American Dream. Nearly one in five American households has a zero net worth, and many who actually owe more than they own.

The American savings rate dropped to zero in 2005 which means many Americans live on the edge, and baby boomers are coming of age-this time as retirees.

Maybe you've made good decisions about finances, and while you do not consider yourself wealthy, your doing OK but not sure where to go from here. You may be just starting your financial journey, and you want to travel the high road. Either way a financial strategy is a good idea.

Wherever you are in your financial journey, you will want to consider life insurance. Many people avoid buying life insurance because they do not understand it or consider it a liability instead of a commanding piece of your financial portfolio. Many people have life insurance as an employee benefit, but that may expire when you leave the company, and the life insurance your company does provide may be very slim and more basic than you think.

Whatever your age life insurance to health, disability, long term care insurance and everywhere in between are planning options that should be considered. There is a huge amount of basic information concerning these products. Even if it is a long way off thinking ahead can help you meet your specific needs.

There are several ways you can meet those goals and plan ahead. One is by contributing to a Roth or traditional IRA and people over 50 can contribute a "catch up" amount- an extra $1,000 per year.

Just ask yourself these questions: Is my financial house complete? Am I missing any pieces to the puzzle? Just like a puzzle, skipping any piece will leave an unfinished picture.

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