Understanding Financial Management With Jesus Gonzales

WRT 42 | Financial Management

  One of the hardest things to deal with after the passing of a loved one is handling money matters that come with such a loss. Those who are left behind must know the right financial management approaches to avoid putting themselves in even bigger hardships. Exploring everything you need to know about this matter with Tina Fornwald is Financial Coach Jesus Gonzales of PFS Investments. He discusses the importance of having life insurance and an emergency fund, especially for those with family members who are not generating income yet. Jesus also presents some tips on investing your money, navigating the stock market, and dealing with interest rates.  Thank you for viewing this post. I am not a licensed therapist or professional life coach. I am sharing my experience of loving the same man for 32 years, a mother to two adult children, a retired military officer, a breast cancer survivor, and my connections with others.  Anyone experiencing suicidal thoughts should reach out to a suicide hotline or local emergency number in their country: https://www.psychologytoday.com/us/basics/suicide/suicide-prevention-hotlines-resources-worldwide. — Watch the episode here   Listen to the podcast here   Understanding Financial Management With Jesus Gonzales In this episode, our guest is Mr. Jesus Gonzales and he’s going to educate us on the money aspect of life. One thing we have all learned even though someone has passed is the part that we have to handle the remaining loved ones, the widow, the widower, and the children. There are always financial aspects of things that have to take place. For some of us, this will be a conversation because you’re a friend of someone who has passed and you’re leaning in to say, “What should I be aware of when I’m in that position?” Some people may say, “I’m past that,” but there are some things that you may need to put in place so that when your demise happens, your loved ones already have things in place. I am grateful for him being here, being part of this conversation, and being able to share information with us. Welcome. Thank you for having me and for your time. Tell us a little bit about yourself. My name is Jesus Gonzales. I am a Financial Coach for PFS Investments. I help educate people on how money works. I teach people how to earn money, save money, and get out of there and become financially independent. How did you get into this line of work?     I worked at the shipyard. I received a friend request through Facebook. One of the people who used to work at the shipyard invited me to her office to show me what she does. Once I saw what she did, I was very interested in learning about finances myself and educating other people about finances. What did you realize you didn’t know beforehand? I realized a whole lot of things. Having some income protection or what we normally know as life insurance is very important. Our parents had taught me how to save money but didn’t tell me the proper ways of saving money. We all understood that saving money in a bank was efficient but I learned that it’s not efficient enough because saving money in a bank is not going to help us grow our money as fast as we need it. Tell us a little bit about that organization, PFS Investments. That organization was founded in 1977 by a man named Art Williams. He found it because when he was a teenager, he was living with his parents. His father had a whole life insurance. When his father passed away, his mom thought that they were going to be taken care of but came to find out that the insurance that he had was not sufficient to take care of them and be able to supply them the lifestyle that they were living with. Ever since then, he got into a crusade to educate people on finances and showed them the proper way of protecting their income and teaching people the real way money works. You mentioned something very interesting there. Life insurance existed and the widow found out that that was not enough money to be able to sustain life. What should someone think about when they’re considering life insurance? Life insurance should be looked at as a way of replacing somebody’s income, being able to pay off the debt that they have, or going to leave to their loved ones. If they buy a house, also being able to pay the mortgage. The final expense is their funeral. Life insurance is more than just the final expense. It is a way to replace somebody’s income and be able to pay off debt so that way that person can be debt-free.     How do I find out how much life insurance I need? The way we do that is called DIME, which stands for Debt, Income, Mortgage, and Education. The first question we going to ask is, “If a person is paying for a house, how much money they will need to be able to pay off the house?” We will ask about income replacement. In the case of a marriage, husband, and wife, if the husband passes away, how much money he will need to be able to replace his income? What we do is find out how much money he needs. Let’s say it’s $4,000, $5,000, or $3,000 a month. We find out the age of the youngest child and how much longer that child is going to live before they can become grownups and leave the house. Let’s say it’s $4,000. We multiply the $4,000 by 12 because it’s 12 months in a year. Let’s say it is ten more years before the child becomes an adult. We multiply that by ten and that gives you the amount of income that that person needs to be able to live comfortably to replace that income. How much money that person …

Understanding Financial Management With Jesus Gonzales Read More »