How is Your Safety Net?

I doubt that most of us create a sufficient safety net. The Simple Dollar blog recently featured a good article on this. The article is by Trent Hamm. He talks about how life is full of risk. He compares it to a high wire act. We all need an adequate safety net for our high wire act.

I was recently speaking to a friend who explaned how she thought after the children were raised they could save a lot more to build that nest egg for old age. Then her husband got very sick and that wealth building effort did not get going for a long time.

We all face potential problems like this. There is no way of knowing when and where they will strike and I will admit that no one can save enough money to ward off every financial disaster. Life is full of risk.

However as Trent observes if we are careful enough about creating and growing a safety net we are in a much better position to weather those life problems.

On a daily basis we are constantly tempted to spend our money. Billions are spent every day in marketing to tempt us. It requires tremendous self-discipline to limit those temptations and save enough to have an adequate safety net.

Read Trent’s article and think about whether you are saving and investing enough and what temptations to spend you might tackle. And don’t forget to come back and let us know your thoughts…

Wishing you success and prosperity,

Daniel R. Murphy
Helping People Learn to Build Wealth

Wishing you Success and Prosperity,

Daniel R. Murphy

Wishing you well,

Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.