2FD 011: What’s Your Money Backup Plan?

Life happens.

But you don’t want unexpected changes in your life to wreck you finances. This is why having a backup plan is important but what is the best plan for you?

It’s important to routinely evaluate your money risk in life and build a plan based on the variability in your career and lifestyle. Are you in high demand? Are you at risk of injury? Are you too comfortable in the same job? CHA-CHING!

Tune In Now!

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Discussion Points

  • Sean wrote a book!
  • The reasons why you need a backup plan.
  • How much money to keep in an emergency fun.
  • Keeping yourself valuable.
  • Knowing your earning potential if you need to come up with money.
  • Diversifying your income.
  • How to build up passive income streams.
  • Early retirement as a backup plan.
  • Saving your first $1,000.
  • Job demand and income variability play into the buffer you should have.
  • Your house is not an investment.
  • The types of low-risk investments for your emergency fund to combat inflation.
  • Investing in yourself and building your network for job security.
  • How to move up the salary ladder and not let comfort hold you back.
  • The importance of insurance in your backup plan.
  • How to figure out how much insurance you really need.
  • Short-term disability when having a baby.
  • The importance of a fiduciary advisor.

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