Weekly Financial Wellness Key 6

The Weekly Keys To Riches™ Financial Wellness Series is a baker’s dozen of financial concepts that teach you how to think like the rich and be in control of your own money. It also gives you specific techniques to create or fix your credit, eliminate debt, save and invest, building wealth and happiness holistically, all while transforming your current financial habits into healthy money management skills.

Key Six: Hope for the Best, Plan for the Worst

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:

• one or both of you losing your job
• an unexpected pregnancy
• the sudden responsibility of an indigent parent
• injury or accident that may keep you from working
• death of an income producing spouse
• a lawsuit
• a physical or mental limitation in a child or sibling that may require additional care or treatment not covered by insurance

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.