Life doesn’t always go as planned. It’s full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals.
Topics Discussed:
- What is a safety net check? Checking coverage for worst-case scenario
- When to plan for unexpected, unplanned events? Now—before it’s too late
- What are the odds? Based on large groups of people, not individuals
- What’s your other financial vitals? Safety net coverage takes more than assets
- Important Info: What to document/track for life, disability, other insurance policies
- Who is covered (insured)? You, your spouse, children, or beneficiaries
- Estate Plan: Who needs it and why? Indicates who handles and gets what
- What are worst-case scenarios? Unexpected death, disability, or emergency
- Is your safety net adequate? If not, increase or decrease coverage, reserves
Links:
What You Need To Know About Estate Planning
Financial Vitals Check Part 1: Clarify Values
Financial Vitals Check Part 2: Save, Spend, Give Ratio
Financial Vitals Check Part 3: Net Worth