Management
Issue No. 61 - October/November 2011
Protecting your wealth creation asset
by Peter Moyle
It is easy to take for granted the fact that you usually have enough money to pay for your mortgages, household bills, children’s education and your lifestyle.
But can you imagine if you had to add the cost of hospital and medical bills for up to six months due to a sickness or injury? Even if the illness or disability suffered is only temporary, your long terms plans can be seriously impacted.
Worse still, what if this sickness or injury, extended past six months or you could not work again? How would you feel if you were not receiving any income because of a sickness or injury? How would this affect your ability to be in control and meet your obligations? How would this impact on your family’s lifestyle, your financial independence and your business? Do you know how much your lifestyle costs?
We all have a pretty good idea of what we earn each week but how much does it cost to maintain the lifestyle you enjoy today?
Difficult as it is to consider, statistics tell us that the prospect of losing your income temporarily is a very real possibility.
More than 60% of Australians may be disabled for more than one month during their working life? And more than 30% of the population will be off work for three months or more during their working life. (Source TNS Research August 2005)
For many Australians, the relaxed approach of “she’ll be right, mate” attitude defines our way of life and that boosts our tourism numbers annually.
However, this attitude is also one that causes many of us to be complacent about planning for the future. For this reason, we are much more likely to be affected negatively if we are dealt one of life’s curve balls, such as a severe sickness or injury. ...
