Part 5/8:
- Significant Loss of Assets and Property: Downturns in investment portfolios, foreclosures, and even transportation issues can drastically affect one's financial situation. The loss of reliable transportation can particularly impact those in hourly wage jobs, making it difficult to maintain income.
Disaster-Proofing Your Finances
To mitigate financial disasters and support your longevity, consider the following strategies:
1. Share the Risk
Insurance is a foundational tool in financial planning. Having adequate health and property insurance can safeguard against unexpected health care costs or asset loss. Consider life insurance if others rely on your income, and explore disability insurance options, especially if your job is physically demanding.