Marion Syversen was in for this week’s Finance is Fun to talk to us about the top strategies for you when you’re providing for others.
‘Responsibility requires action’ – This quote is both succinct and insightful. The responsibility of dependents requires you to act on their behalf, to both protect them now and in the event you cannot take care of them. Let’s give this some thought.
Short term or long term – It is obvious that we would handle short term problems differently than long-term issues. So if there is a job loss, what’s the plan of action? If you become temporarily disabled, what then? Long-term requires different solutions. What if you die before your time or are perhaps forced to retire early than expected? These events would impact income and the way you care for your dependents.
Finances- Typically, though not in all cases, when we speak of planning we are thinking of finances. If you are the family breadwinner, your role is to provide many types of support: emotional, physical care and financial assistance. These people need you. What is the state of your finances? Can you make a strategy to corral the wayward bits into a simplified and frugal plan so that you are more prepared, and perhaps very prepared, for the unexpected? I think you can.
Physical Care – Taking responsibility means choosing a guardian in the event you could not care for your dependents yourself. YOU choosing means you have a voice in what happens to your dependents. You know what’s best for them and you care deeply about their welfare. Please take the time to choose a wonderful caregiver.
These people, these dear loved ones, are counting on you to responsibly protect them as you are able. Take the action you need to make them safe.
Responsibility requires action- http://www.scu.edu/ethics/publications/cblp/responsibility/middleschool/breadwinner.pdf