Financial Literacy 101 || A Talk on Trust, Will & Life Insurance – Part 2

Introduction by Host: Dr. Gee

This is part 2 of our conversation with John Essegbey. For Part 1 of this discussion, see last week’s blog.

Guest Bio

John Essegbey is the president of Kharece Group. He is also a businessman, an engineer, and a minister.

Q: Why is your financial future important?

You secure your future by creating a strategy to shape it. The future belongs to those who are willing to shape it. The responsibility of your financial future is yours. There will often be barriers, but once you take responsibility, your barriers will turn into stepping stone for your success.

The most important thing to do when securing your financial future is to start. Start working on your future today. Understand accumulation, understand disbursement, understand the legacy of wealth. Whatever it takes, start the journey today.

Q: What are some practical steps to being securing our financial future?

I think it’s a matter of priorities. Always be asking yourself, “of all the places my money is going today, what parts are working towards building for tomorrow?” Don’t put all of your money somewhere it will be trapped. Let your money work for your future.

Q: Is all debt bad?

It depends on what it is from. If it is from you recklessly spending, then it is not good. If the debt is from putting money into your future or into equity, then it is not inherently bad. For example, I may not have the money to buy a house today. If I get a mortgage, it is the same as using credit. That debt is not bad by itself.

Q: What are some of the things to watch out for in estate planning?

You need to have effective dialogues. Make sure your beneficiaries know what you have planned for and who will get what ahead of time. Don’t just assume that they know. Avoid ambiguity in your estate plan.

The second thing is that there are legal things and tax implications to watch out for. If there is nothing in place, the state will put everything into a probate court. That court can take months or years to decide who will get what. Get the legal help that you need.

Q: Where do I go from here?

Reach out to people who know. If you do not know who to reach out for, my company Kharece Group and I are able to assist you with that. We provide estate planning, help with the legal and tax implications, and have connections that can provide services that we do not directly provide.

Closing Thoughts

You always have the power to do something. You are not helpless in your financial journey. Take control of your financial future, reach out to others who are experts in this field for advice, and watch out for some of the common problems that I talked about. Take responsibility, start now, and especially remember to have effective dialogues with those you want to protect.

By Dr. Gee, Success and Holistic Wellness Advocate