How to Protect Your Finances
‘Tis the season for college football bowl games. I played football for my alma mater, the University of Florida. As an offensive lineman, it was my job to protect the quarterback and running backs. My protection allowed them to throw the ball down the field, score touchdowns, and help the team succeed.
When we moved a while back, I found my old football helmet. It brought back many fun memories but also made me think about why a helmet is so important. The helmet has one purpose, protection. Over time, helmets have been upgraded, enhanced, and improved to offer better protection for the players. What do helmets and football players have to do with your finances?
A football player needs protection from injury in a contact sport. That protection comes from a helmet and other equipment. Financial protection is as important to you as the helmet is to a player. The best way to protect your finances is to plan for “what ifs?”
- What if something happens to you?
- What if you are, or become, unable to work?
- What if you pass away?
- What have you done to protect yourself and your family?
Have an Emergency Fund
Do you have a good enough cash cushion to cover your expenses if you’ve lost your job or are out of work? What if you become disabled? Would you be able to continue doing your job?
If not, do you have the ability to protect yourself and offload some of that risk to an insurance company? They would then take on the risk and provide you income as long as you need it or for a specific amount of time. There are many intricacies when we talk about insurance that protects against disability loss of income.
If you pass away, you can no longer work and provide for your family. Who is depending on you to provide for them? The key here is to protect against these “what if” scenarios. We often think about Plan A but fail to consider Plan B.
Financial Planning
Having a solid financial plan is key to protecting your finances. Depending on your family situation, retirement status, income level, and health, there are many ways to build a plan that offers the protection you need. Don’t wait until a financial injury occurs. Put the proper protection in place to prevent it.
At Walt Disney World, the saying is, “Where Dreams Come True.” My job as a financial planner is to help prevent nightmares from becoming a reality. Not only do I help you protect your finances, but I’m also the offensive lineman of your financial team. What are you doing as the year winds down to protect yourself if some of these worst-case scenarios happen? If you are unsure about your financial protection plan or have questions about your situation, I’m happy to talk with you.
Important Information
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All written content on this site is for information purposes only and is not intended to provide specific advice or recommendations for any individual. Opinions expressed herein are solely those of NWM, unless otherwise specifically cited. Kyle Newell and NWM are neither an attorney nor an accountant, and no portion of this website content should be interpreted as legal, accounting or tax advice. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investment involves risks including possible loss of principal and unless otherwise stated, are not guaranteed. Any economic forecasts set forth may not develop as predicted and are subject to change. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.