What's Your Contingency Plan?

In prior articles we have focused on ways to save money, manage risk, reduce taxes, and maximize investments. However we missed a very important subject, Contingency Planning.

With the economy in trouble and layoffs becoming common place, individuals need to ask themselves what should, or what will, you do if your income and benefits are suddenly impacted? If you receive dreaded news, do you have a plan in place to adjust your expenses? Do you know how long can you maintain your lifestyle? Have you evaluated your expenses and listed out the things that can be or should be immediately reduced or cut? Do you know what options are available to you?

Our answers to many of these questions is NO. Therefore, we will be building our contingency plan over the next few weeks. Articles focused on building our contingency will be placed in a new category called "Contingency Planning."

It's our belief that contingency planning will allow us to sleep better at night because we have faced our fears and made a plan to manage them.

Do you have a contingency plan?