Avoid This Disabling Financial Mistake

In the book “How Champions Think” by Dr. Bob Rotella, the author discusses how “champions” have both extreme talent and only think about success. This advice of not thinking about bad things and not being apprehensive may, however, cause people to be unprepared for when disaster does strike. May, is Disability Insurance Awareness Month, and people need to be prepared for when they experience a disability that causes them to lose income. This is a huge problem – approximately 60% of people don’t have short-term disability coverage, and more than four out of every five people feel financial stress of some kind. So, what you can do now is use an Expense Tracker and calculator from LifeHappens.org to first determine your risk in the case you cannot work. Following, adjust the calculator if you need money to handle around 6 months of bills. Then, examine workplace benefits and make sure your salary replacement rate for for plans is about 60%. Unfortunately, while Social Security Disability Income will be able to help somewhat, it cannot do everything. Thus, as early as possible, open up an account, and see how much the benefits are. Don’t plan on relying on SSDI alone, since the application process could take up to 5 months, and strict dependence on it will lower your quality of life. Lastly, think about supplemental coverage, and comparison shop with an insurance professional, if needed.

Key Points:

  • Exceptional achievers don’t let thoughts of anything but success get in their way, which can be dangerous behavior when it comes to financial security.
  • May is Disability Insurance Awareness Month, so now is a good time to get real about just how much trouble a stop in your income will cause you.
  • If you don’t have enough in short-term reserves to handle 4-6 months of bills if you or a spouse isn’t working, answer the wake-up call!

“Sixty-one percent of workers don’t carry short-term disability coverage, and our research found that less than half maintain an emergency fund to pay the bills for a few months while they aren’t working.”

Read the full article at: https://www.forbes.com/sites/financialfinesse/2016/05/22/avoid-this-disabling-financial-mistake/?ss=personalfinance


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