Where Knowledge Rules

Home:

Personal Finance

Get a Widget for this title

How to build a financial safety net

by M Edman

One's first question regarding this topic might very well be . . . Is it a net or is it a a parachute that one actually needs?

By that I mean, and I'm going use symbolism here, are you a person who has long ago taken off and are presently soaring at altitude, perhaps even on auto pilot? Or are you still on the ground, building your airport, working high up on the sides of the control tower?

Are you trying to get things prepared for a takeoff, or are you sipping champaign and enjoying the scenery from on high?

These are two completely different scenarios, as far apart as east from west, with each requiring it's own very specialized safety precautions. And yes, there are definitely gray and overlapping areas betwixt the two, and obviously the precautions taken must be tweaked here and there to adjust for such middle sky.

I could, of course, now move on into the details as to how one should be properly covered by insurance, well diversified in their investments, and secure in the nest eggs that they are socking away for retirement. Yet aren't we all, generally speaking, already familiar with this simplification?

Such information, important as it is, is usually situationally specific, and any attempt here to lay it out as applicable to one and all would not be that individually helpful. I gladly leave these educational and intimate features to the appropriately trained specialists. You will quickly find that the available choices open to you of sound financial pilots and assorted flyways are quite numerous and readily accessible.

My attempt here is only to impart and leave a lasting visual impression that is absolutely essential . . . That if one is to protect family and self, they must procure and install some working model of a reliable parachute or safety net.

Failures, falls, and crashes occur unexpectedly. Be prepared beforehand with a survival plan. Seek out wise counsel and listen carefully to your ground control and your pilot. Though you may assist, do not try to fly solo here, for the weather often turns quite stormy and dangerous, especially for the novice or the overly proud.

Follow closely the architect's design, that your airport be smartly laid out and constructed so as to best utilize the existing winds. Stay within the proper flyways and flight plans, that your craft be protected from mid air disaster. Think, and "actually plan" for the unthinkable before it is suddenly upon you.

Keep in mind, there is wisdom in the counsel of many and there is safety in the diversity of resources. And yes, it is perfectly OK to also seek that greater counsel of the One who guides all things.



Learn more about this author, M Edman.
Contact this writer Click here to send this author comments or questions.


Below are the top articles rated and ranked by Helium members on:

How to build a financial safety net

  • 1 of 25

    by Boxer Wyze

    Anyone can dig themselves out of debt and build a safety net of financial assets by following some simple rules. I know,

    read more

  • 2 of 25

    by Hal Lillywhite

    What does it take to build a financial safety net? Three things:

    1. Knowledge

    2. Will Power

    3. Won't Power.

    Of these, knowledge

    read more

  • 3 of 25

    by Ann E. Smith

    Given the current turbulent economic times, those who have a financial safety net are fortunate, as they may need to rely

    read more

  • 4 of 25

    by Teresa Meakin

    To build a financial safety net there are various options which you should consider such as:-

    1, Life insurance in case the

    read more

  • 5 of 25

    by John McDevitt

    Are you willing to risk losing all the wealth you've worked so hard to accumulate on a single throw of the dice? Here's

    read more

View All Articles on:
How to build a financial safety net

Add your voice

Know something about How to build a financial safety net?
We want to hear your view. Write_penWrite now!

170382

Featured Partner

International Campaign for Tibet (ICT)

International Campaign for Tibet (ICT) has partnered with Helium, giving you the chance to write for a cause. Br...more

What is Helium? | Buy Web Content | Contact Us | Privacy | User agreement | DMCA | User Tools | Help | Community | Helium’s Official Blog | Link to Helium

Helium, Inc.
200 Brickstone Square Andover, MA 01810 USA