Learn more about Life Insurance

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What is Life Insurance?

Life insurance is an important part of the financial planning portfolio and something every individual should have at some point of their life. Coverage can vary in values, options and legalities, but its purpose is always meant to provide for dependents in the event of death.

There are two types of Life Insurance policies: Term Life and Permanent Life. Within permanent life, there is Whole Life and Universal Life.

A Term Life Insurance policy is the period of time during which the coverage is guaranteed to remain in place. Terms can range from one year to thirty years and many numbers in-between. The years of the term specifies that the premium (cost) will remain level for the term specified and as long as the premiums are paid, the coverage will pay out the death benefit.

Whole Life Insurance is a type of permanent coverage that provides coverage for the entire lifetime of a life insured, with a premium that remains level over the course of the contract. Whole Life builds up a cash value over time, and the policyholder can use that value towards future premiums or as a means of accessing cash later down the road.

Universal Life Insurance is also a type of permanent coverage. It allows the policy to act as an investment and a way to tax shelter money as one can invest more than the basic premium into this policy and have their investment grow in a tax-sheltered vehicle.

This is a very basic description to help one begin to understand life insurance and its importance. For more information, please contact

Samuel Waxman, CFP, CLU, CHS 416.817.8897 samuelwaxman@millennialfg.com 201-515 Consumers Road, Toronto, Ontario, M2J 4Z2 millennialfinancialgroup.com

Habits of Wealthy Optometrists

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The habits of the wealthy optometrists

Everybody wishes to have a career that they love that also has a lucrative salary. Everyone wishes to be the person who can afford whatever they want and whenever they want. That is what sets them apart from other people. However, the world will not just give you the money that easy. You will have to take certain calculated steps that will help you get success and wealth. It all starts off with the habit. Sure talent, hard work, and patience is one thing, but habit is something that is subconscious and it could be leading you to success or failure without you even knowing. It is the habit that you will have to look at first.

So what are the habits of the rich and successful?

1. Find your purpose

A lot of the people are working hours at their job yet they fail to earn more than they deserve. That is because they are unable and unwilling to work long hours. This is usually because they are doing something that does not satisfy them. When you do something that satisfies you, it makes you much more willing to spend long hours on it. You become better at your job and thus develop into an invaluable asset to the company.

2. Budget well

The key to being wealthy is saving. The more you save the more you are left with, this means that giving into the materialism should be made to a minimum. For example, spend no more 15% of your monthly income on food, stay away from credit card debt, have a retirement plan, and keep a small percentage aside for loans. If you have the opportunity to do fill in work, seize it and use the additional income to pay down your student loans.

3. Network and build connections

Volunteering in an elite nonprofit organization is one of the best ways to network. In good nonprofit organizations, you will be able to meet with successful business people and leaders who might help you get jobs in well-established companies very easily and quickly. This is an activity that many of the people overlook but working 5 hours a day in a shelter will have its own perks that are yet be discovered. Your optometric services will provide value to the community as well. Networking could lead to consulting work in the future or other benefits for your individual practice or career.

4. Don’t just keep your job description

One of the major mistakes an  OD who struggles to become wealthy makes is that they just go according to their job description. If you wish to achieve your goals of being a successful optometrist then you will have to take on more responsibilities than your job description tells you to. Optometrists can take on seminars, online teaching, writing articles, etc for the optometry business. This lets them become an important and well-known part of the business. It is ok if you have to check in a patient or take a seg height every once in a while if time permits.

Changing your habits will allow you to achieve more than you could possibly have imagined, along with becoming one of the wealthiest optometrists in town. You might also realize that some bad habits may have been holding you back from reaching your full potential as an OD.