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Do you or your family ever feel at risk about anything? You may be so fortunate that you are blessed with total “peace of mind”! Or maybe some risks concern you. If they do then the next question is do you think you should do anything to minimize those risks? This post suggests that you take a few minutes to reflect on major risk areas in your lives and decide if you should take any actions. As humans, we are much more concerned with fear than with any other emotion that we experience…so why not explore ways to address our fears?
- Financial Budgeting and Cash Flow Risks… Includes meeting your financial obligations such as paying your mortgage and bills and having enough money to do all the things you want to do including having extra money for travel, college, vacation, retirement, second home and more!
- Career risks… Are you satisfied with your career and future employment situation? Are your earnings needs being met? Look good for the future? Do you have a Plan B? Could additional and multiple income streams benefit your lifestyle and degree of financial independence?
- Disability Income Risks… In the event of accident or long-term illness do you have protection for these possibilities?
- Personal and Family Legal Risks… Includes those events that are subject to laws, actions by others who may want to file legal actions against you, by people who may not abide by the laws and adversely affect you, traffic violations, court representation and accidents, which occur and may bring significant legal actions and consequences. What happens to you and your family in case of trivial or traumatic legal issues? Do you have any way to cover these costs? Do you know and trust good attorneys in all fields of law?
- Identity Theft Risks… The risks associated with someone stealing your personal name and identity and using it or selling it to someone else, using your Social Security number and filing your tax return or using it for employment, your Drivers License number to avoid arrests or to gain the ability to drive, your checking account to gain access to your cash assets, and credit cards to purchase goods illegally. For (12) years now this has been the largest consumer complaint crime in the U.S. and some 30,000 new victims of identity theft wake up each morning to this very horrible event that many times takes professionals to access your private data and years to restore.
- Medical Risks… Includes health issues whether caused by natural or accidental reasons. Most everyone would agree that if you do not have good health that all of your other aspects of life are very much in question. It is imperative that we maintain good health! Do you have good medical protection to protect you against depletion of your assets as well as adequate cash reserve and/or disability income insurance to sustain you through an extended period of time?
- Home Ownership and Rental Risks… Includes those risks that occur in the event of fire, flood or personal activities on properties. Do you have insurance on your property, personal items, and personal injury, accident or lawsuit?
- Automobile Risks… Includes risks of damage or destruction of property and injury to individuals. Do you have also have legal coverage to pay your family’s legal costs to represent you in the case of being charged with accidental homicide? Ask your agent if you have this legal representation? Rarely does an automobile policy include such coverage.
- Small Business Ownership Risks… Includes thousands of issues involving legal contracts, reading and modifying contracts, legal advice and counsel, legal representation in case of suits, legal costs, property costs, liability costs, healthcare costs and many others. Do you have a plan for affordable legal services as a small business owner?
Do you have a budget planned for each of these potential risk areas? Do you think that it may be a good idea to protect yourselves for these risks?
It is my intention to inform you about solutions to solve these issues, at costs that you can afford, who can help you with each, and to give you options of what to do next. Just contact me on my email at dannorris42@gmail.com or call me on 407-749-9395.
Dan Norris
Dan Norris
Small Business Consultant
Author