Financial Protect - How did you protect your finances?
When someone throw up this question to me i was speechless for some minutes trying to understand how can we protect our finances. Protection is our ability to protect what we have, however relating it to finance is a way of protecting our financial life.
Financial protection is very important thing that everyone must put in order to maintain a healthy financial life, especially for the wealthy people. In fact it's very important for individual and that's the reason why people thrive to earn more with what they have, even rich want to have more money and this is not because they are greedy but because they want to protect their financial life.
Being financial stable is a critical position that have to be secured properly, and that is why anyone with money thrive to have more to be able to stable and maintain their current lifestyle.
We have heard many story of people that have money but later went broke, some are broke because they dont protect their financial level well, and that cause the reason they can't maintain stability. However if you're successful financially and you don't secure the wealth you have either making more money or doing things that will bring in more money you might lose your financial level.
Financial protection sometimes has to do with creating a saving scheme for our emergency or having money in different ways working for us. I see having money in all areas can also help to protect the one we already have.
From your own view what is financial protection, and what impact does it have on individual?
Thanks for your attention
It helps a lot not to soend more than you earn.
People going broke after beeing rich did nit learn this mantra. Best example are sport stars who got loads if money during their active time but neber wirked with it and have a luxiry life style. It is hard to turn that back later in.
So if they did not create new channels for their miney to arive they go broke.
You're right, and that's reason why we have to create more to maintain our level of financial life
Or spend less, when income is reducing.
I paid a big credit and now have more financial flexibility. I use part of it to reduce my work time and work less = reduce my salary. But since I reduced my liabilities before, it is not a problem.
That's good strategy, financial life is what we should handle properly.