The Most Overlooked Part Of Your Financial Plan

The Most Overlooked Part Of Your Financial Plan

Years ago when i first met god a great bible teacher was teach beginning teaching me the bible i didn’t know anything about it said if you don’t do anything else read a proverb a day there’s 31 of them so you can do the whole book of proverbs in a month it’s the book of wisdom if you just read it over and over again you’ll get wiser not only will you grow spiritually

But you’ll get wiser and if you’re not i read it i mean grasp it understand it think about it meditate on it whatever right learn what the words mean and then apply them oddly enough if you read the book of proverbs over and over again you will have a master’s degree in finance it is all in there everything you need to know so i do that generally read a proverb

A day and i have for thirty years probably something like that and it’s interesting how i seek different things as i go through the different phases of my life and i’m going through the exact same words but i see different things through those same words depending on what’s going on it’s a lot different when you’ve got teenagers and when you’ve got grandkids as

An example and proverbs 13 today right and verse 14 says the teaching of the wise is a fountain of life that one may turn away from the snares of death the reward of wisdom and good planning in other words is a fountain of life and when you think about the context of money on this you reap the benefits of prudence when an emergency comes you’re ready and you’ve

Done stuff like gotten insurance in place gotten your emergency fund in place and you’ve got a good defense in your financial plan that you know because when the snares come the problems come the traps come you can avoid them and i walking around without any health insurance is the number one cause of bankruptcy walking around without car insurance is the number

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One cause you losing a car you know so there’s some basic stuff you got to do and so i mean what if you had a four hundred dollar emergency today how would that if you what if a window breaks your car won’t start you got a doctor’s visit it’s 400 bucks 61% of americans say they could not answer the call for a $400 emergency that’s 6 out of 10 that’s not poverty

People that’s everybody not even $400 the other thing you can do is of course make sure you’re covered with the right kinds of insurance get your emergency fund in place maybe step 1 get your $1,000 emergency fund to get started with a beginner emergency fund now our team wanted to make sure that you figure out what coverages you’ve got figure out what these

Basic things are that give you a defense against these snares traps of life and it’s weird when you’ve got all the proper insurance in place not a gimmicky stuff but the right stuff you got your will in place you’ve got your emergency fund in place when stuff comes at you it’s inconvenient nobody likes to lose a $4,000 battle with the heating and air cover in this

System right nobody likes to write a check but it sure is different when you’ve got the money then when you’re just go into freakout mode so we’ve got a 5-minute coverage check-up tool that’s completely free in just 5 minutes you can get a customized recommendation for all the coverage you need text the word checkup 233 7 8 9 that’s the word checkup 233 7 8 9 or

You can go to dave ramsey com slice checkup and get this five-minute checkup as fast as you can the deal is this i don’t find people who be it build wealth only playing defense but i also don’t find people that build wealth only playing offense if you’re going to win you have to play defense and offense a boxer keeps one fist up in front of his face to block while

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He does damage to the opponent with the other foot with the other fist so you’re always blocking and swinging blocking and swinging so you an offense and that that’s your defense up in front of your face keeping you from getting your block knocked off remember those old robots we had when we were little kids anybody old enough to remember those things right knock

Your block off and that head would pop up when you hit it that’s what happens when you don’t have the right kind of insurance in place that’s what happens when you don’t have your emergency fund in place so what happens when you don’t have your will in place get your block knocked off and then people go well everything was going good until now everything was not

Going good because you were not ready because stuff is gonna happen grandma said save for a rainy day it’s because grandma is old enough to know that sometimes it rains as a matter of fact it’s always going to rain sometimes something’s going to happen you need that gok fund that god only knows fund crap is coming you got to get ready you need your emergency fund

You need your insurance in place you’ve got to play defense but that’s all you ever do and then you don’t use that defensive position to do some offensive strikes like investing that’s fine but you can’t invest and earn enough to be stupid you can’t out earn your stupidity you will get your block knocked off and so you need a life insurance to take care of your

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Family if something happens to you you obviously have your car and your homeowners insurance in place if these basic things done if you’re a you know the number you out there renting a place right now they have zero insurance on all your stuff you did not get a renters policy dumb go get one today two hundred two hundred fifty bucks and almost everybody every state

That’s listening to me right now you can cover the contents twenty thousand dollars where the contents for theft and fire and your little startup i just got married apartment situation you need contents insurance because if you come home and all your craps gone because of a fire or because some bozo kick the door in and decide you want to take all your stuff you’re

Just screwed you get to start over and then you’ll tell the story about how everything was going fine until i was a victim you weren’t a victim you were stupid you didn’t have basic insurance in place you’re a victim of your own stupidity i’ve done and i’ve been a victim of my own stupidity i got a phd in d u and b i know what stupid like i’ve looked at him in the

Mirror a lot but you’ve got to get ready for these things you’ve got to take the time to stop and do stuff like this five-minute checkup and make sure that you’re in make sure you’re in tune you know make sure you’re ready and that you’re ready for bad stuff to come and then it’s not fatal when it comes it’s not financially fatal

Transcribed from video
The Most Overlooked Part Of Your Financial Plan By The Ramsey Show – Highlights