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Tune in to this week's Key Number Six: Hope for the Best, Plan for the Worst as host Heather Wagenhals offers specific financial techniques to help your financial habits become healthy money management skills.
Key Statement:
While I remain optimistic about my financial future, I am keenly aware that a catastrophic event may occur me or my family that could materially alter my financial picture, so must be prepared for the unknown.
Key Affirmation:
I am prepared for any financial situation that life may throw at me.
Key Commitment:
I commit to planning for alternative scenarios that may challenge me or my family.
Key Action Item:
Sit down with yourself and significant other, if you have one, and list all of the worst possible outcomes that may beset your family. Things like:
These are just some examples of things you can anticipate and create plans. Having an alternate plan of action is like the insurance policy you pay for and never use.