The DIME Method
Apr 19, 2017
The fact is, Hon Lik is not the first person to invent the e-cigarette. Way back in 1963, Herbert Gilbert made the world's first device that could be used to inhale tobacco-flavored air. In Gilbert's original version, there was no form of combustion and it was free of nicotine. He later designed a prototype that used a battery to create heat. He also used different flavors of water to create steam. He presented his prototypes to different chemical, pharmaceutical, and tobacco companies, but they simply turned down his prototypes.
For newcomers, these changes provide fresh housing options. But for residents, they can spell displacement. The same is true for shops such as De Robertis Pasticceria and Caffe in the East Village, which just closed after a 110-year run. And next year, the Union Square Cafe will likely conclude its 30 years in Union Square.
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.