The DIME Method
Apr 19, 2017
3. The 2012 Ig Nobel Accoustics Prize
Here is my best guess - and that's all it is - for how the U.S. economy and markets will look in 2010:
The reality turned out to be tougher than he imagined. “I saw it as a two-year opportunity,” says Mr Ravenscroft. “The grinding reality is that it’s a slog.” Moreover, his mentor worked at Lehman Brothers, the bank that collapsed in 2008. “It wasn’t quite as long a mentoring relationship as I’d hoped,” he laughs.
Debt: Add up any of their outstanding debts and future funeral expenses.
Income: Figure out how many years their family would need financial support. Take that number and multiply it by their income. We prefer this method because the rule of 10 can be limiting. Some families would require financial support for longer than 10 years. This way, you are customizing their coverage based on their family's specific needs.
Mortgage: Add the amount they still owe on their mortgage.
Education: Calculate the amount of money it would cost to provide their children with higher education. Keep in mind, this doesn’t just mean tuition. Do not forget to include cost of books, housing, and meal plans.