In many ways, our financial lives are the most vulnerable parts of us. In other areas, we can practice self-defense, or bulk our muscles to make us look intimidating. But, these efforts do little to protect that vulnerable side. As such, you can be sure that your finances will take a few hard knocks along the way.
Sometimes, there’s nothing you can do about this. You can’t make back that money you lost on stocks and shares, or reverse that lousy investment decision. But, sometimes, your finances will come under attack from things that you can, and should, rally against. You might not be able to protect from these issues, but you can at least rally against them to see justice done. For proof, we’re going to look at three main threats you should never lie down for.
You could argue that becoming the victim of theft is the most obvious risk to finances. Whether someone steals your money or your belongings; your money is sure to take a hit. Many of us fall into the trap of thinking there’s nothing we can do about crimes like these. But, that’s far from true. Again, taking out insurance on physical items can make your money back. What’s more, many bank accounts come complete with theft policies which will ensure you aren’t out of pocket. It’s also worth taking cases of theft to the police. That way, you could either get your property back or receive monetary compensation from the perpetrators.
Road accidents that aren’t your fault
Road accidents can cost a fortune. As well as needing to pay repairs and medical bills, you may also have to supplement time off work. And, that’s not a knock anyone’s finances should take. Protection here starts before an accident happens. You should take out insurance on any vehicles you drive. That way, you’ll clear the costs of repairs. If another driver was in the wrong, it’s also worth considering legal action. This advice applies to drivers of both cars and motorcycles. While the law is less favorable to motorcyclists, you’re still within your rights to protect your finances by contacting a motorcycle injury attorney. While action like this can’t take away what’s happened, it can at least patch the injuries your finances sustain. By the end of legal proceedings, you should be able to more than fill that gap in your funding.
Loss of earnings
Loss of earnings, either through reduced work or loss of your job, can also put your finances at risk. It stops money coming in and leaves you dipping into your funds to supplement the time you aren’t earning. As such, it’s crucial not to accept this type of fate. If you’ve been unfairly dismissed, don’t hesitate to take action against your employer. If your hours are unexpectedly reduced, turn to your contract. It’ll likely state that you should be given notice. That will at least buy you time to find another job, without leaving you out of pocket.