—
The world is changing faster than most people can process that change. We talk about that a lot around here. “What just happened?” “What does that mean?” Every change that happens in the world has a ripple effect—it affects not just you, but your family, your loved ones, your friends, your colleagues.
Some people though, literally seem to be able to sleep better at night. To those of us who can’t it’s often puzzling. These people seem smart! Centered! Grounded! What doesn’t anything seem to faze them? What do they know that I don’t?
Here’s one way to look at it. The ability to remain at ease in the face of uncertainty might just be this. Knowing you have a plan. And knowing you have a plan B.
Here are 7 ideas for how to think about your Plan A and Plan B in the age of uncertainty.
1) The difference between saving a dollar every day and losing a dollar every day is profound. It doesn’t matter the amount. But the first thing to think about in getting your finances together is getting ahead every month—even if it is just by a very small amount. Can you find a place to cut a dollar? Earn an extra ten dollars a week? If that is what is needed, that is what is needed. Debt is not a bad thing on its own. You simply need a plan to manage for it. And if you do have debt—than protecting against loss in other areas might be more important than ever.
2) Instead of thinking “what’s in it for me” think “what’s in it for us”. Financial planning is a team effort. How do my plans affect not just me, but you? Whether you are sitting on opposite sides of the negotiating table or side by side on the couch with your loved one—talk things through, be clear about your financial goals, create a vision of a future together.
3) Life events will happen! That is why it’s called life! Don’t be caught unawares and let the big life events sneak up on you. Houses, cars, travel. Maybe you’ll have kids and they will have learn to drive (gulp). Maybe there will be weddings and grandkids. Or jobs that disappear, new jobs that are needed. Chances are there is a lot that is going to happen to you. Here’s where the “Plan A and Plan B” really comes in handy. Plan, prepare, and protect. Protecting the assets you have will allow you to prepare for the next major event that is bound to come rolling around.
4) Think about insurance as part of every major financial decision you make. But sometimes, set aside time to just think about insurance. For every life event, know that insurance is going to have to be part of the decision making process. But sometimes it is helpful to have an “insurance review” and go over all of your insurance coverage for your major life events. Here’s an example of how helpful that process can be—by switching your auto insurance to Progressive you could save $620. And bundling your insurance together at Progressive can save you even more.
5) Have “go-to” people who can help you every step of the way. Having people you can reach to in times of change can get you through even the most uncertain of times. You don’t need to know everything. You just need to know people and organizations you can trust to fill in the gaps for what you don’t know.
6) The ability to think about the unthinkable. Some people call it courage. Others call it being an adult. No one likes to think about potential catastrophic events. No one likes to review the “what if” scenarios, to make a plan for each one. Heck, few people even like to think about insurance. But knowing you have a plan for making insurance planning a part of your life, once you have a company like Progressive you know and trust to keep things affordable—it all gets easier.
7) Tomorrow just might be brighter. Tomorrow is often brighter for those people who plan today how to make it happen. Don’t let uncertainty prevent you from making the decisions that can improve your life in the future.
And when it comes to insurance—try Progressive
—it’s highly rated, affordable, easy. They are truly one step ahead of the insurance industry—which is exactly where you need to be no matter whether times are uncertain or times are rosy and full of hope. And rosy times full of hope are what we are all looking for.
—
This post brought to you by Progressive. You could save $620 when you switch to Progressive.
.
Thanks for sharing this informative content.
You made a really good point about how important it is to have people you can reach out to at any time. I imagine that when you’re working with finances you can’t always plan out when major events will happen like loss of employment or changes in the stock market. I’ve been meaning to set up a portfolio, so I think I’ll look for a planner who is available 24/7.
That sounds like a good idea to make financial goals with your significant other so that you have the same idea for the future. My husband and I just got married, and I’m starting to think that it’s time for us to get life insurance. We’ll have to find someone good to get it from using your suggestions.
Even if you don’t want to acknowledge that disaster may strike, putting in the investment will be well worth it in the case that it does. Thanks for sharing!
I like that tip to have a periodic insurance review. That way you’ll know your current insurance covers your needs. People go through different seasons of life like newlywed, children, and empty nesting among others. Make sure your insurance covers you as your circumstances change.
I like how you said that nobody likes to think about potential catastrophic events or “what if” scenarios. Having a financial planning service at your disposal that will be willing to talk to you about those potential futures is essential to helping you have a more sure future. Getting their opinion on what kind of insurance to get and what kinds of problems could arise could save you a lot of stress or heartache down the road which could help you live happier now.
Great article! Insurance is really the best way to protect all your assets and income.
Some people, especially the very young, seem to think that insurance has no relevance and that one only invests in auto insurance when one has the money to spare. Obviously, they are gravely mistaken, and in this article, I will tell you why. So here are the main reasons why you should appreciate Auto Insurance.
I know many people have trouble with the consistency part of things, but this is great advice that myself and my clients can use moving into the future. Thx for the article.
Thanks for the great financial planning tips. I like how you said that financial planning is a group effort, not an individual goal. My family hasn’t been good at planning, but we’ll do better now.
Thanks for sharing these amazing tips. I will follow them all. Planning for the future is easy, sticking to the plan is the difficult one.
Thanks for helping me understand more about insurance planning and financial services. I was unaware that the difference between saving a dollar every day and spending a dollar everyday was that drastic — I will reconsider my dollar purchases from now on! With that being said, maybe I need to meet with a financial planner who can help me understand more little tricks about saving money. Thanks again for the help!
Tanks for share this topic. I have get a many of necessary information in this article. I want to get more information about life insurance. Just waiting for another article in life insurance.Thanks a lot.
My husband and I are trying to take better care of our finances. It’s good to know that financial planning is a team effort and that you should talk things through. Another thing to do is to get a financial planner that is close by, so that you can get help quickly when kinks happen in your plan. http://www.eppsforensics.com/service/financial-forensics/litigation-support/
All very good points! Insurance costs, but the benefits far outweigh the cost, and it is a vital component to any sound financial plan. The ability to plan for financial setbacks, and the peace that results, is truly priceless.
I like what this article mentions about life events happening whether you’re prepared or not. It makes sense that it could be good to plan effective insurance to protect the most likely and costly problems that might happen. It’s something I’ll have to remember when looking at my finances and planning them out to ensure we’re protected enough that a disaster won’t be too hard to deal with.
This article makes two MAJOR assumptions that end up fooling hundreds of thousands of Americans, every single year. The first assumption is that every person reading this article is in a couple relationship and will REMAIN in a couple relationship, indefinitely. Couldn’t be a bigger obstacle for life planning, EVER! Death, divorce, incarceration, long-term health care placements, and many other factors may end any couple relationship or place it in a state of long-term separation. In addition, plenty of American adults never legally marry, though it appears the author never considered that fact when writing this article. Such are the… Read more »
I really like the point made about having people you can reach out to when you need help with questions you may have regarding insurance. It’s definitely important to be as prepared for future events as you can possibly be. I will be sharing these insurance planning tips with my husband.
Hi ,
Financial planning is a major step towards a better and prosperous tomorrow. Making life insurance policy as a part of your financial plan is a stepping stone to safeguard the future of your loved ones. A life insurance policy offers a bundle of benefits to accomplish your set financial goals with a disciplined outflow of money in the form of a premium.
It is a safe and secure form of saving which needs to be reviewed periodically to accomplish the changing objectives of life.
Thanks