To avoid being wholly blindsided in your pursuit of a life that entails the delightful financial freedom, you know where the mortgage is paid off, and you can choose to hand your resignation of work if you so choose. And the constant daily burden of money weighing on your mind is completely eradicated. There are a few things that you should plan for aside from that main financial goal. It’s the events that could throw your hard work and effort into the wind if you have not to take them into consideration in advance.
Illness is the great equalizer. It doesn’t matter who you are, rich or poor, young or old, fat or thin, sick is sick. Fran Dresche
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Photo by Priscilla Du Preez on Unsplash
Insurance
We all pay for insurance on the basis that it covers you if something does happen. It’s the unexpected that can be incredibly frightening when you are living your daily life, and then all of a sudden, the rug is pulled from under you. It can be as simple as slipping down the steps in the subway station, a fall at work, or a car accident that wasn’t your fault.
Your life will take a sudden left turn, and you can’t be sure if it is for long-term or short-term. If it happens to be long-term, then you’re going to wish that you had taken steps with your insurance coverage for events such as this.
The fact of the matter is that unless you have managed to have enough savings stashed away for at least six months, or the rest of your life, you’re going to be in a bit of a pickle.
Not all insurance companies will payout, however, so even with a catastrophic event rendering you disabled or severely injured you may need to have someone on your side like the best Social Security disability attorney that you can find.
Emergency Fund
If you consider the costs that you would incur in terms of medical expenses of the haps losing your job because you can no longer do it properly, then and insurance policy is always wise. But just like anything you can never put all your eggs in one basket. You should aim to save for an emergency fund, for the potential of any rainy days, weeks, or months that may be ahead of you if any issues occur.
These simple things will help to protect your financial freedom should you need to. It could be as simple as a broken dishwasher, or perhaps you need your tires replaced on your car. It may be an illness, or you need to travel to someone else because they are ill.
The emergency fund will help you patch any gaps that you have relieving you of economic concerns until you receive your claim from your insurance company or any benefits that you may be entitled to.
Those two straightforward things can make sure that you can focus on things like your aspirations for financial freedom, in the long term. So you know that if anything happens in the meantime, you will be prepared and covered.
