026: How & Why You Must Protect Yourself and Your Family
Play • 25 min

What do you need to do financially to protect yourself and your family? If you’ve followed me for any length of time, you’ve heard me talk about my 3-basket approach to financial planning. Basically, Grandma always said not to put all your eggs in one basket. Well, she was right. And this same principle applies to your finances too!

Today specifically, I want to go over The Security Basket — which is all about protecting you and your family against the unexpected (such as a medical emergency, the death of a loved one, or the loss of a job.)

In this episode, you’re going to be reminded why the security basket is so critical. I’m going to help you commit to getting financially organized and teach you the 4 things you must do to protect you and your family.

Are you ready to make this the year that you finally fix your finances? Then don’t miss this episode!

In this session, here’s what we cover:

  • The single most important piece of advice for making financial progress.
  • The importance of knowing your net worth.
  • What happens if you die without a will? HINT: BAD IDEA!
  • Why life insurance is critically important - and the fastest/cheapest policy you can buy to protect your family!
  • Setting up a security account to survive emergencies - and why you should have enough savings to cover at least 6 months of expenses.
  • The 100-day financial challenge that will push you to set up a security account that will be there when you need it most.
  • The reason I’m retiring soon, and how we can spend more time together this year.

 

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Interview Resources

 

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