Hope for the Best, Plan for the Worst: Keys To Riches Number Six
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: one or both of you losing your joban unexpected pregnancythe sudden responsibility of an indigent parentinjury or accident that may keep you from workingdeath of an income producing spousea lawsuita 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.