Family in debt after company signed dying man into a 25 year loan (#350)

Financial Advisors Say The Darndest Things

In this sobering episode, A.B. Ridgeway discusses the tragic story of a solar panel salesman who signed a 25-year, $60,000 contract with a man suffering from stage 4 cancer. This heart-wrenching case serves as a powerful reminder of the importance of having a financial support system in place—particularly a power of attorney and executor—before tragedy strikes. Join A.B. as he dives into the moral implications of financial decisions and how we can protect our families from inheriting debts.

3 Key Takeaways:

1. Power of Attorney is Essential A strong financial plan should always include a power of attorney to prevent loved ones from inheriting unintended financial burdens, especially when the person is incapacitated.
2. Beware of Predatory Sales Tactics It's vital to understand the moral implications of how money is made. Unscrupulous sales tactics targeting the elderly and ill can leave families drowning in debt.
3. Verify and Protect Contracts Always ensure that family members have the proper legal documentation (such as a power of attorney) to manage financial matters and avoid signing contracts they don't fully understand or agree with.

3 Memorable Quotes:

1. “It's not about how much money you make; it's about how much money you keep, but most importantly, how you make that money.”
2. “We are not our family's representative by birth... we must be appointed to that position by the courts, or we have to take that initiative.”
3. “All money is not good money. Before you envy someone's wealth, make sure you know how they made it.”

Tune in to learn how you can protect your family from financial predators and ensure that you leave behind a legacy, not debt.

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: CBS Texas