Total Financial Loss: Can You Prepare For It? | HDM 405
Although no one likes to think about financial bumps, the harsh reality is that, as long as you have money in this game, financial loss will always be part of the spectrum of possible outcomes, and while I’m all about positive thinking, I also want to stress the importance of being prepared for even the worst case scenario. This is why, in this week’s episode I’ll share with you five reasons why you should have a backup plan to protect you when the possibility of total financial loss starts to loom over the horizon.
We all have our own version of the worst nightmare ever. For some, that no-go scenario is filled with creepy crawlers (shudder), crazy heights, or bad news. For others horrible traffic jams, crowded places, and unfortunate circumstances are all that it takes to qualify something as a seriously bad dream. However, if we leave the specifics aside, we can all agree that most of us consider total financial loss as one of the most accurate definitions of nightmarish scenarios.
In today’s day and age, it’s hard to imagine a more anxiety-generating situation than the loss of all our material wealth. In fact, for some people, the possibility of experiencing total financial loss is such an unthinkable scenario that the act of simply considering the possibility is enough to trigger a mini-panic attack.
While I always strive to remain positive and uplifting, I have to recognize that sometimes being prepared for our worst-case scenarios does pay off. When it comes to total financial loss having a plan in place (aka, your emergency protocol) will always be a savvy choice.
This is why in this week’s episode, I’ll share with you five reasons why you should have a backup plan to protect you when the possibility of total financial loss starts to loom over the horizon.
What you’ll learn about in today’s episode:
- Five key reasons why you should always be prepared, both for the good and the bad.
- My insights on how I answered the “What would I do if…?” question.
- How others have responded to this question and their big takeaways.
Resources from this episode:
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Related Her Dinero Matters episodes you may enjoy:
- #363 – Breaking The Cycle of Financial Stress for Yourself and Your Family.
- #48 – The Two Biggest Road Bumps When Saving For The Long Haul
- #120 – How She Overcame Bankruptcy With Monaica Ledell
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The post, Total Financial Loss: Can You Prepare For It? | HDM 405 appeared first on the Her Dinero Matters Podcast.
