I want to give you a secret tool that financial advisors use ALL THE TIME to help you plan.
It’s simple, yet incredibly powerful.
All you have to do is ask yourself One. Simple. Question.
“What would happen if… “
The problem is most people never ask themselves this question. Often, people walk through their day hanging on for dear life without even realizing it.
You may even find yourself tragically open to risks that you didn’t consider.
What’s a common way you may be open to unseen risks?
TOO LITTLE INSURANCE.
I’m sure you’ve heard the stories before – people getting six-figure hospital bills, people getting sued into bankruptcy, or a family having nothing when the breadwinner passes away.
So let’s make sure this doesn’t happen to you!
You can protect yourself by asking the question “What would happen if…”.
What would happen if I get injured and cannot work?
Do you have disability insurance? If so, what’s the coverage - will it replace your full salary? Will the coverage alone be enough for you to get by from day to day?
If you don’t have disability insurance, do you have enough emergency savings? Do you want to burn through your emergency savings if you get injured?
What would happen if someone gets injured on my property?
Do you have an umbrella insurance policy? Are you protected if that person decides to sue you? Is the coverage enough to protect your hard-earned money? Do you have other measures in place to protect you from a lawsuit?
What would happen to my family if I die young?
Will my family be able to pay the mortgage? Will they have enough money to live? Will they be okay without the money that I earn?
A loved one passing away is never easy for a family to bare. But not preparing for this circumstance can make a hard time EVEN WORSE.
Do you see the power of asking “What would happen if?”
Ask this question over and over with different areas of your life.
You can determine if you are properly protected by insurances.
Insurances such as:
• Health Insurance
• Disability Insurance
• Long-term Care insurance
• Car Insurance
• Home Insurance
• Dental Insurance
• Renters insurance
• Life Insurance
• Umbrella Coverage
• Etc.
Start applying this powerful question to your life. Start Now.
I know it can be depressing to sit and think about the worst-case scenarios in your life. However, I’m confident that bummer of an afternoon is better than getting caught with your pants down when “it” hits the fan.
So, start walking through these questions in your life.
Do you have an area of your life where you are not sure if you are protected enough? If so, I would love to hear about it. As your financial advisor, I want to make sure you are as protected from risks in your life as possible!
Insurance needs change regularly throughout your life.
If you ever believe you are not protected - please reach out to us. In the meantime, we post valuable information on different insurance topics through our blog and social media sources.
As always please email us or call us with any questions you have.
Thank you!
Copyright 2018 Odyssey Wealth Design. Odyssey Wealth Design provides financial planning and wealth management to clients in Orange County, Irvine, Newport Beach, and around the country.