Creating a Safety Net for Your Life

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Have you seen the Nationwide commercials in the “life comes at you fast” theme? It is true – life will throw twists and turns your way, and you’ll need a plan to deal with them. It won’t stave off disaster, but you can at least turn many otherwise serious situations into mere annoyances.

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We all know that life is unpredictable. In fact, the only thing that’s certain is that things will be uncertain. Despite this, or perhaps because of it, I think the majority of people are risk-averse.

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Because I like to sleep well at night, I’ve created a decent safety net for myself and my family. That way, I can be free to pursue some more interesting ventures, with the confidence knowing that if all else fails, we’ll be alright. If you haven’t already, here are some specific ways to create safety nets in your life.

Financial Safety Nets

Depending on where you get your financial advice, experts will say your emergency fund should cover 3-6 months of all your expenses.

Umbrella insurance is designed to work alongside all of those (and sometimes requires them) while providing additional coverage if one of them fails to pay completely. This is especially useful if your insurance is liability-only.

Having many different incomes can help insure against job loss or a reduction of one of those incomes. We all know that reimbursements in medicine are headed downward. What’s your solution if, or more like when, that’s the case?

One way to create a little buffer of safety is to reduce your liabilities. Pay off your loans. Having a smaller expense column in your budget means that it’s easier to weather changes in income.

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Creating a Safety Net for Your Life

Have you seen the Nationwide commercials in the “life comes at you fast” theme? It is true – life will throw twists and turns your way, and you’ll need a plan to deal with them. It won’t stave off disaster, but you can at least turn many otherwise serious situations into mere annoyances.

We all know that life is unpredictable. In fact, the only thing that’s certain is that things will be uncertain. Despite this, or perhaps because of it, I think the majority of people are risk-averse.

Financial Safety Nets

Depending on where you get your financial advice, experts will say your emergency fund should cover 3-6 months of all your expenses.

Emergency Fund

Umbrella insurance is designed to work alongside all of those (and sometimes requires them) while providing additional coverage if one of them fails to pay completely. This is especially useful if your insurance is liability-only.

Umbrella Insurance

Having many different incomes can help insure against job loss or a reduction of one of those incomes. We all know that reimbursements in medicine are headed downward. What’s your solution if, or more like when, that’s the case?

Multiple Streams of Income

One way to create a little buffer of safety is to reduce your liabilities. Pay off your loans. Having a smaller expense column in your budget means that it’s easier to weather changes in income.

Debt Reduction

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