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Episode 006: Your Financial Force Field - Plan for the unknown and protect yourself
Manage episode 410280927 series 3553421
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Does life sometimes feel like a rogue asteroid hurtling towards your financial well-being? Don't panic! This episode equips you with the tools to build a Financial Force Field, deflecting the unexpected financial blows that can send your budget into a black hole.
We explore the importance of an emergency fund. Think of it as your personal starship's warp core reserve.
We'll also blast off into the world of Income Protection. This isn't just your average illness and injury insurance, it's your financial deflector shield against lost income. Whether you're battling a surprise space slug infestation (illness) or a malfunctioning replicator (disability), Income Protection ensures a steady stream of income to keep your financial starship afloat.
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Chapters:
0:00 - Intro
4:03 - Hot off the press
10:47 - The focal point: Planning for the unknown (Emergency Cash, Income Protection and PMI)
39:20 - Two Pennies Worth
43:38 - Quotes & Anecdotes
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Podcast Reference Links:
ADX Karting at Rye House
https://www.adxkarting.com/
ONS CPI data
https://www.ons.gov.uk/economy/inflationandpriceindices
S&P reaching new highs
https://www.investing.com/indices/us-spx-500
S&P vs Dow vs Nasdaq
https://www.investopedia.com/nasdaq-vs-sp500-vs-dow-5213252
Daniel Kahneman
https://en.wikipedia.org/wiki/Daniel_Kahneman
What is Income Protection?
https://www.moneyhelper.org.uk/en/everyday-money/insurance/what-is-income-protection-insurance
The Top 10 Private Medical Insurance (PMI) Providers in the UK
https://www.thanksben.com/blog/who-are-the-top-10-private-medical-providers-in-the-uk
Statutory Sick Pay (SSP) Overview
https://www.gov.uk/statutory-sick-pay
Most commons reasons for PHI claim
https://www.lv.com/income-protection/faq/what-are-the-most-common-types-of-claim-you-pay
Cancer statistics
https://www.macmillan.org.uk/about-us/what-we-do/research/cancer-statistics-fact-sheet
Difference between illness and injury insurance and proper income protection
https://www.legalandgeneral.com/insurance/income-protection-insurance/
Reassured Q&A and stats on income protection plus calculator
https://www.reassured.co.uk/income-protection/income-protection-claims/
How will your measure your life (Book)
https://tandemfinancial.co.uk/book-reviews/how-will-you-measure-your-life-book-review/
Thinking Fast and Slow (Book)
https://tandemfinancial.co.uk/book-reviews/thinking-fast-and-slow-by-daniel-kahneman-book-review/
Headway Book Summary(App)
https://makeheadway.com/
Blinkist (Website)
https://www.blinkist.com/en/home
One Life (Film)
https://www.imdb.com/title/tt13097932/
George Bernard Shaw Quote
https://www.flickr.com/photos/tandemfinancial/23818046318/in/album-72157687946672833/
Quote about Wealth
https://www.flickr.com/photos/tandemfinancial/37412928250/in/album-72157687946672833/
Thomas Fuller Quote
https://quotefancy.com/quote/759580/Thomas-Fuller-Health-is-not-valued-till-sickness-comes
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