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FINP065 Building financial resilience (551 words)
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FINP065.docx
Description
Building resilience is key to quickly recover from setbacks. While financial setbacks are inevitable, these five tips will help your readers grow and sustain wealth for the longer term.
Introduction
Resilience is the ability to quickly recover from setbacks, and while setbacks can come in many forms most of them will have a financial component. So what can you do to build financial resilience?
Expect the unexpected
Rarely do we get advance warning that something bad is about to happen to us, so the time to develop your resilience strategy is now. And while we don’t know the specifics, we can anticipate events that would throw our finances into disarray. A house burning down or a car being stolen. Not being able to work due to illness or injury. The death of a breadwinner or caregiver.
With some idea of the type of threat we face we may be able to insure against some of them. If you have taken out any type of insurance policy you’ve already made a start on your resilience plan.
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