What's Your Excuse? Break Down Your Money Barriers
Why You Feel That Way
Death. Divorce. Disability. What is it about these d-words that makes us turn our heads? That makes us feel as if we can't—here's another d-word—deal? It's our own sense of superstition, our own sense of impending...doom.
So what do we do instead of thinking and instead of dealing? Not a thing. Instead, we walk through our lives wearing blinders. We don't take action beforehand. We suffer the consequences after.
How to Get Over It
Here's the thing: Thinking about death or divorce or disability or other negative life events is not going to make them happen. Personally, I don't believe there's such a thing as tempting fate. Give me a ladder, and I'll walk under it every single time. But even if you are a big believer in tempting fate, in superstition, let me respectfully suggest that doing nothing could quite possibly make those fate-oriented gods pretty peeved.
The bottom line here is that there are some things that adults have to deal with in this life. It's part of being a grown-up and most certainly a parent. It's part of not leaving a big mess for someone else to clean up. It's your responsibility. And not thinking about or acting on that responsibility can result in some pretty dire consequences.
Life, health and disability insurance; wills, living wills and healthcare proxies; and prenuptial agreements help you protect yourself, without worry, so you can enjoy the rich life you're building.
What else can you do quickly, cheaply and easily?
- Get a will. You can make one yourself with software for relatively cheap, then have a lawyer take a look at it before you sign. Use the search engine at findlaw.com to find a list of lawyers in your area who specialize in estate planning.
- Pick up a disability insurance policy. This will pay out to you if you're unable to work. Look for a policy with own-occupation coverage (this means it will pay if you're unable to work in your chosen field), inflation protection and a 90-day waiting period before your benefits kick in.
- Name a durable power of attorney for finance. This gives another person the power to make financial decisions for you—including writing checks and conduction transactions on your accounts—if you're unable to make them for yourself.
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