Why worry?
Alfred ENeuman' from Mad magazine used to say “What, me worry?”, and there are many things to worry about today, but a recent survey by Pollara, a Canadian public opinion and market research firm, found that there were three main life events that Canadians worry about the most, The first is saving enough money for retirement: men: 41 percent; women: 28 percent said they were worried.
The second event is the health of their partner. 23 percent and 32 percent of women were worried about the long-term health of their partner.
The third event that weighed heavily was the concern about job loss or your spouse/partner’s job loss? 33 percent of men and 19 percent of women had this worry.
The good news is that most Canadians know the value of having a financial plan, however, sometimes the plan targets are set too low. Your plan should be able to withstand a major decline in the market or have a fallback strategy to account for major life events such as death, divorce, or a major disability/illness.
These are the three “Ds” to stress test your portfolio, disability, death, or divorce
A disability or illness could have a huge impact on your long-term financial plans. Often times people are forced to retire earlier than they had planned to cause a loss of future income and impact to their savings strategy
Divorce is the third item that can blow up your financial plan, typically having a double shock effect of unplanned spending and loss of income. In Canada, the only age group that is seeing a rise in divorce rates are people over 50, now referred to as the “grey divorce group.”
There are, of course, many other events that could have significant financial impacts on a family. Career failure, bankruptcy, whatever life throws at you; try to reduce the monetary distress by proactively planning. Don’t dwell on things you can’t change, focus on the things you can, and never become a slave to your self-doubt.
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Comments
Royce Shook
1 year ago #2
@John Rylance The song is Accentuate the positive by Bing Crosby and the line is You got to ac-cent-tchu-ate the positive
E-lim-i-nate the negative
And latch on to the affirmative
So your mangled version is right on.
John Rylance
1 year ago #1
A great piece the last sentence is very sound advice.
As Satchmo used to sing
Leave your worries on the doorstep and direct your feet to the sunny side of the street.
Forget the negatives, avoid the in-betweens and accentuate the positives. (I know this is a mangled version of another set of lyrics, but I feel it is apt)