Financial planning encompasses many things from working out how to have enough money for leisure and entertainment through to purchasing a home. When it comes to the topic of health – or rather, lack of it – your financial advisor will also be able to help ensure you have money to cope.
No one knows when illness or disease is going to strike, but if it is a serious illness you won’t be able to work until you are better. This may well mean you lose months of income, something that could mean disaster unless you have planned for it. You may think it would be impossible to cope with no income to pay all those bills, but this is where having a financial planner is going to really help.
A good financial plan drawn up by a professional will ensure you have a safety net put into place to deal with the loss of income from illness or accident. This could be some kind of insurance that will give you a payment for some months to get you out of difficulties. For instance, you can get mortgage insurance that will actually pay off your home should the unthinkable happen to the breadwinner.
It can also be a different way of spending and saving so you have more money to save up a nest egg for that rainy day. Many people simply spend all their pay cheque every time they get it, thinking they simply don’t have enough to save. But by getting professional financial advice, you can find it much easier than you thought possible to save regularly. Seeing those savings mount up will give you a great deal of satisfaction, not to mention peace of mind that there is money available for emergencies.
Having a nest egg ready for emergencies can even help you get better more quickly because if an operation is needed you won’t have to go on a long waiting list, but can get into private health care almost immediately. This can actually make the difference between life and death if the disease is a serious one like cancer. By having the operation to remove it quickly, the cancer does not have a chance to spread and go through your whole body.
Without it, you may have to wait too long, then even after recovery from the primary cancer, it is likely to recur as a secondary cancer some months or years down the track. So having a good financial plan in place is not always just about money; it is about your health and the peace of mind in knowing that you and your family will not become destitute due to an injury or the diagnosis of some disease.