The DIME Method
Apr 19, 2017
Succeeding as an entrepreneur takes hard work and persistence because, unfortunately, there is no business-startup fairy who magically bestows success on small businesses and their owners.
"All of these lists together speak a lot about 2010, and the revolutions in politics and technology of the year," Chan said.
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.