How To Prepare For The 5 Most Common Financial Disasters
The worst financial disasters to affect an individual are often not due to the overall global economy and the bringing about of Armageddon. They are more personal and localized. We have a few tips to help you avoid financial ruin in the event one of these five most common financial horrors were to strike.
Families often have to deal with the loss of jobs and unexpected medical bills. But having a plan in place could help you avoid losing even more of your hard-earned money should the unthinkable happen. Many Americans go about their day with absolutely no care in the world and not even an extra can of peas on the shelf. Many don’t think to prepare for an event, even a localized or more personal one and have often looked down on those of us who have these plans in place. In fact, only 16% of Americans say they are prepared for a disaster like one of the five we will cover.
*Keep in mind, some of these go hand in hand. For example, if you have major medical bills because of a car accident, you’ll also have added car expenses. If you are dealing with the death of a spouse who is employed, you also now must deal with the loss of a job.
Getting out of debt (especially credit card debt) should be the first order of business when planning for any financial crisis. Paying off debt means that in the event of a financial disaster, you’ve encountered a setback and not a game changer in your life. Start by no longer using credit cards. Keep one for emergencies if you can be responsible with it, otherwise, cancel them as you pay them off.
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