Need a Lunar New Year’s Resolution? Try ‘Be Prosperous’
MassMutual offers 8 questions to help you start working toward your goal
Feb 11, 2010
(Springfield, MA) - Asian-Americans who are looking for a second chance at their New Year’s resolutions should consider taking the Year of the Tiger by the tail and resolve to pursue abundance and prosperity for themselves and their families this Lunar New Year.
“The beginning of the lunar year is a great time to resolve to get our financial houses in order, and to put in place financial strategies that can help bring us and our families closer to security and prosperity,” said Wonhong Lee, Director of Multicultural Market Development, Massachusetts Mutual Life Insurance Co. (MassMutual.) “Simply resolving to get started is sometimes the most important step.”
To help launch the New Year successfully, MassMutual suggests asking the following eight questions that will help guide your thinking.
1. What is important to me? “You should clarify what’s truly important to you – the people whom you care about, the aspirations you have, the things you want to protect, and the support you’d like to give to others,” said Lee. “Your answers will create the framework around which your financial strategy can be built.”
2. Who depends on me today, and who might depend on me tomorrow? While spouses and children are commonly thought of as the most obvious dependents, there can be others – for example, parents, in-laws or siblings who, due to age, or other circumstances, may be unable to care for themselves. “Even individuals who are single without a family have dependents – namely, themselves – since their well-being depends on their own ability to earn an income,” said Lee. “Knowing your list of current and potential dependents will help you create a comprehensive strategy.”
3. Who is providing for my dependents now? “When you develop your financial strategy, make sure that you account for all of the people who provide essential financial or non-financial support to your dependents, such as stay-at-home parents or grandparents,” said Lee. “The valuable support they provide can be extremely expensive to replace.”
4. What risks have I overlooked or not fully considered? People most obviously think of life insurance as protecting surviving dependents, but other financial responsibilities to consider may include preparing for retirement and taking care of aging parents. “Be sure to think broadly about the various financial responsibilities you face today or may face in the future,” said Lee.
5. Are my plans flexible enough? There are numerous ways that financial product solutions can be structured to provide future flexibility and adjust with evolving needs. “When speaking with your financial professional, ask about flexible solutions that can be upgraded (or downsized) as events in your life unfold,” said Lee. Whole life insurance, a traditional product that is gaining new respect in today’s economy because of its many guarantees, also provides cash values that can be tapped for unforeseen needs, such as paying for a child’s education*.
6. How do I pick the right financial professional to work with me? The best financial professionals are not only experienced and knowledgeable but also good listeners who seek to fully understand your circumstances and financial objectives before ever proposing possible solutions. They should have access to product solutions from multiple fine companies, should clearly explain how they get paid for their services, and should provide references upon request. “Make sure your financial professional has a solid support network – those affiliated with a strong, reputable firm will likely have access to better resources to support your changing needs,” said Lee.
7. How do I pick the right financial services company to work with? “Just as you’ll want to align yourself with a strong, reputable financial professional, you’ll want to do the same with regard to financial services companies,” said Lee. In many cases, these products will be used to address financial needs and objectives that last for decades, if not a lifetime. To help ensure that your financial product providers will be there when you (or your loved ones) need them, work with strong, stable companies that have received high marks from independent ratings agencies.
8. What if I already have a plan? “Even the best financial strategies should be revisited and updated regularly – generally at least once a year,” said Lee. An experienced financial professional should regularly review your strategy with you, to help ensure that it remains aligned with your objectives and appropriate for your circumstances.
According to Lee, there’s no time like the present to get started. “This is a great time to take a break from your busy life and review your overall financial health,” he said. “Waiting another day isn’t exactly a solution. Be proactive and start feeling good about your financial future today.”
For more information on MassMutual and its products, both in language and in English, visit www.massmutual.com/multicultural/korean or www.massmutual.com/multicultural/chinese. To find a financial professional near you who can help you with your financial strategy while you focus on your path to abundance and prosperity, including professionals who speak Chinese, Vietnamese, Korean and Japanese, logon to www.massmutual.com/home/locateoffice and use the Language Preference drop-down box to indicate your preference.
* Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse and may result in a tax liability, if the policy terminates before the death of the insured.
Policies, applications, administrative documents and forms are available in English only.
About MassMutual
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, Inc., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
