Welcome to The Wealth Library 

Your ultimate resource for financial literacy and insights. Explore The Wealth Library of knowledge designed to help you learn financial concepts, explore strategies, and increase your financial knowledge leading you to understand and master your finances.

Every person’s situation is unique, so the information provided here is for educational purposes only and should not be considered personalized financial advice. **If you’d like help understanding how these concepts apply to your life, we’re happy to connect you with a licensed financial professional.**

- Updated Monthly

Finance Gems

Short, eye-opening facts.

Did You Know?

  • Most people save money but never learn how to make money grow.
  • A dollar can only do three things: grow, stay the same, or lose purchasing power.
  • The wealthy often focus on asset accumulation before increasing lifestyle spending.
  • Many people insure their phones, pets, and homes before protecting their income.
  • Time is often more important than the amount invested.

Finance Word Bank 

Simple definitions without financial jargon.

Beneficiary

The person who receives money or benefits when you pass away.

Premium

The amount you pay to keep your insurance active.

Annuity

 You make either a lump-sum payment or a series of contributions during an accumulation phase, where the money grows tax-deferred. Later, during the distribution phase, the insurance company pays you a steady stream of income, which can last for a set period or for the rest of your life.

Cash Value

A permanent policy that features both a death benefit and a tax-deferred savings component. A portion of your premium pays for insurance, while the rest goes into a cash account that grows over time. You can borrow against or withdraw these funds while alive.

Living Benefits

Refer to policy features, riders, or cash value components that allow you to access funds or financial support while you are still alive. Unlike a traditional death benefit, which provides for beneficiaries after you pass away, living benefits offer a financial safety net during your lifetime.

Policy

An insurance policy is a legally binding contract between you (the policyholder) and an insurance company. In exchange for your payments (premiums), the insurer agrees to cover financial losses, damages, or medical costs as outlined in the document. 

The 5 homes of money

Checking Accounts

Savings Accounts

Qualified Accounts

Non-Qualified Accounts

Insurance-Based Accounts

"Which home is your money living in today?"

The 3 Ways Money Grows

Protection Corner

Common types

  • Term life insurance – cheaper, covers a specific period
  • Whole life insurance – lifelong coverage with cash value
  • Universal life insurance – flexible permanent coverage
Feature Term Life Whole Life
Coverage Length Fixed term (e.g., 10, 20, 30 years) Lifetime
Cost Lower Higher
Cash Value No Yes
Simplicity Simple More complex
Best For Most Families Estate Planning, lifelong needs

Who Usually Needs Life Insurance?

Life insurance is often a good idea if you:

  • Have children who depend on your income.
  • Have a spouse or partner who relies on your earnings.
  • Own a home with a mortgage.
  • Have significant debts that someone else would need to pay.
  • Own a business with partners or employees.

You may need less or no life insurance if:

  • Nobody depends on your income.
  • You have enough savings and investments to cover your obligations lifelong.
  • You're retired and financially independent.

How Much Coverage Is Common?

A common rule of thumb is 10–15 times your annual income, but individual needs vary.

For example:

  • Income: $60,000/year
  • Coverage target: $600,000–$900,000

You can also estimate based on:

  • Remaining mortgage
  • Future education costs
  • Debts
  • Income your family would need for several years

Money Myths : DEBUNKED

Myth:

"I don't make enough money to invest."

Reality:

Starting early is often more important than starting big.

Myth:

"Life insurance is only for people with children."

Reality:

Many people use life insurance for protection, legacy planning, and financial strategies.

What's New in Finance

Stay informed with our Monthly updates on :

  • New retirement contribution limits
  • Social Security updates
  • Tax law changes
  • Inflation trends
  • Market news simplified

and more.  Keep your financial knowledge current with FinanceBarbee. COMING SOON...

Ask Barbee: Your financial questions answered

Have a question about finance? Submit it here! For example, "Should I get an IUL? " "How much life insurance do I need?" "What to do with an old 401k?" We're here to provide simple breakdowns and clear answers to empower your financial journey.