It doesn't matter if you have $ 1 million or $ 1 set aside, the New Normal has us all firmly in its grasp. Wealth Hazards was created to provide guidance on issues related to Investing, Saving, Credit, Retirement, Insurance, Taxes, Health and Career. We intend to share with you our "take" on what Wealth Hazards are and how they can be better understood by individuals who want to manage their financial health more proactively.
What's a Wealth Hazard? Basically, it's a risk or threat to your financial health. They come in all shapes and sizes and very often in disguise. A few examples include; loss of job, saving too little or saving too much, uninsured medical claims, retiring too early, identity theft, and poor credit management.
Which of life's Wealth Hazards are Avoidable, Manageable, and Recoverable? That's what this website and our new book is all about. Here is what we mean when we talk about life's wealth hazards and how to Avoid, Manage, and Recover from them.
Avoid. To identify risks or threats to your financial health and to take steps to prevent or reduce the early effects of the event. When you attempt to Avoid a wealth hazard, you are on the offensive.
Manage. To address the effects of the wealth hazard and take action to contain it, re-direct it, and eliminate it if possible. When you try to Manage a wealth hazard you are on the offensive.
Recover. Sometimes a wealth hazard is so fast-moving that there is little or no time to Avoid or Manage it proactively. In that scenario, you must react to Recover from it's effects. The process of repairing the damage from a wealth hazard may be lengthy or it may be quick. The key question is how seriously it impacted your financial health. While you Recover from a wealth hazard, you are on the defensive.
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