Radical Personal Finance 1060-Financial Goals Everyone Should Set (11): Always Be Fully and Properly Insured
Oct 14, 2024
Insurance plays a vital role in shielding against financial disasters. Key types such as health, property, and liability insurance are crucial, especially as life stages change. Finding the right balance between self-insurance and adequate coverage is essential. The historical significance of insurance in personal finance highlights how it adapts with one’s changing wealth and circumstances. Understanding this evolution helps individuals assess their risks and secure their financial future.
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Steps to Wealth
- Follow Joshua Sheets' action steps to build wealth, starting with getting a job and living on half your income.
- Give 10%, pursue a top 20% income career, prioritize education, and build a Roth IRA.
Insurance Priorities
- Prioritize insuring yourself, your stuff, and your liability, in that order.
- Start with health and disability insurance, then cover possessions, and finally, liability.
Unexpected Root Canal
- Joshua Sheets shares a personal story of an unexpected root canal costing thousands of dollars.
- This highlights the importance of dental insurance, especially for young people with limited savings.