Banner

Orange on Green: Risks with Your Money PDF Print E-mail
Written by Tom and Brad Cunningham   
Thursday, 24 June 2010 11:46

Orange on Green:  Risks with Your Money
There are beneficial risks and then there are unnecessary risks.  This week our financial gurus explore some common risks that are just not worth taking.


“Life is short…go for the gusto”
Author unknown

 

Risk and adventure. What do those words mean to you?

 

The greatest discoveries and improvements in human history have occurred because someone chose to take a risk. For example, Marie Curie’s discovery of radioactive elements polonium and radium laid the groundwork for modern medical research and treatment. This was discovered at great risk to herself.

 

We agree with the adage that ‘Life is short and should be lived to the fullest.’ Looking back on your life, do you want to say that you took chances to pursue the career you wanted, the relationship you dreamt of, or the adventures that drove your dreams? Then, by all means, take those risks.

 

There is one area, though, we feel that your risk should be eliminated as much as possible. That is the area of financial security for your family. For years, we have met with individuals and couples who felt their families were protected in the event of the ‘unexpected’ (i.e. disabling injury, lost job, or poorly timed stock market drop). Upon further examination, we discovered that they were actually woefully under-protected. They were walking around feeling secure, but in reality were taking the greatest risk of all. What’s worse is that not only were these individuals at risk, but so were the families depending on them. Can you say with certainty that your family and lifestyle are protected from the unexpected?

 

What can you do to ensure that you are not susceptible to the unexpected? Have a checkup. Just like you wouldn’t skip your annual physical, don’t skip your financial physical. Be sure that the following areas are reviewed:

Auto, Homeowners & Liability [to protect against lawsuit in the event of an accident]. Disability, Medical & Long Term Health Care [to protect against illness or injury]. Life Insurance [to continue your family’s lifestyle in the event you are no longer here]. Legal documents [to insure your final wishes are carried out properly]. Investment accounts [to make sure you are still situated appropriately to reach those ultimate goals].

 

Women who have gone through a ‘financial physical’ tell us they feel confidence, security and a sense of protection for their families. Just as importantly, it allows them to feel more comfortable when considering a change in their lives. Knowing that their families will be cared for no matter what happens gives them the confidence to take on new adventures and risk taking chances in areas like their careers.

 

By all means, take risks and adventure. Pursue your greatest dreams. Create those memories that will add meaning to your life. Just remember to eliminate the biggest risk to your family so you can fully enjoy each leg of your journey.

Tom And Brad Cunningham -

Tom and Brad Cunningham are Cincy Chic's financial columnists, and they are the co-founders of Orangefinancial. If you want to share your comments or inquire for more information, e-mail them at This e-mail address is being protected from spambots. You need JavaScript enabled to view it and This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Read More >>


More articles by this author

Orange on Green: Budgeting for a New Pet
Orange on Green: Budgeting for a New Pet Pets add so...
Read More >>
Orange on Green: Nine Ways to Save on Your Big Day
Orange on Green: Nine Ways to Save on Your Big...
Read More >>
Last Updated on Friday, 25 June 2010 07:44
 

subscribegraphic

eventsgraphic


We have 571 guests online
Banner
Banner
Banner
Banner
Banner
Banner
Banner