at workLife can be completely predictable at times. People will always argue on social media, the sun will rise and set each day, and your annoying work colleague will find some way to make everything about them. Always.
As predictable as life can be, it can also throw you a curveball. From being involved in a traffic collision to receiving devastating health news, being made redundant at work, or anything else, life has its major ups and its tumultuous downs.
But when life is throwing you moldy lemons that you can’t even make lemonade with, how do you turn things around in your favor? The key is being proactive, not reactive, and this post is going to share some ideas that can help you soften the blow should life spiral downward.
Emergency Funds
Emergency funds are your first line of defense against life’s curveballs. You can’t predict every twist and turn, but you can make them less challenging thanks to saving even small funds to see you through difficult times. From illnesses to sudden job losses, home emergencies, or anything else that will require navigating, emergency funds, even saving just one month of living expenses, can provide the buffer you need to ease the pressure.
Income Protection
What would you do if your main source of income dried up tomorrow? If you got an email saying not to bother coming into work, the company no longer exists the day before payday, and checks aren’t hitting anyone’s bank accounts — drastic, but it does happen — how would you survive?
Or what if you were in an accident and could no longer work? How would you support your family? Income protection policies can help to cover some or all of your income, depending on the policy you take out. While there will be exclusions, terms, and conditions you might need to satisfy, finding the right coverage can offer peace of mind that even if you’re not earning, you’re not totally financially ruined.
Life Insurance
Life insurance policies aren’t just for people who want their own Dateline show and a lengthy prison sentence. They’re a responsible investment for your loved ones in the event of your death. Insurance policies can pay out to cover things like mortgage payments, household bills, living expenses, education costs, or anything else you need. If you qualify for a payout, your family will receive the sum you are insured for to help them financially through what is likely to be a devastating period of their lives.
Wills, Legal Advice and Compensation Claims
There is no denying that expert legal advice can be a game changer. If you’re wanting to protect yourself against life’s more turbulent times, then you need to know what legal protections you should have in place. This can be discussing how to write a will, or what happens to your estate when you die.
Legal advice can relate to guardianship of children if required, getting advice about investments or the tax implications of certain financial activities you’re engaged in to help protect your family and lifestyle, and talking to lawyers such as Curcio Law if you’re involved in an accident that wasn’t your fault but has impacted your life, to get compensation, minimize the financial damage, and help you move forward.