Financial security ranks high, if not the highest, on
everyone's list of priorities.
Especially for us women.
Today, we begin a 3-part Money Matters series that aims to
empower and enlighten us, on how to build a stronger financial
future.
Joining me is Trisha Brown, from Bright Peak Financial, as we
look at ways to create a financial safety net for life's
what ifs, and unexpected events.
It's so great to have you in the studio.
Thank you.
I'm really excited to be here.
This is really important information.
So, I want to start right off the bat.
It seems like money, saving money, is such a challenge for
people.
Why do you think that is?
You know, you're right.
Almost one in four American families don't have any
emergency savings, at all.
And, it's even harder for families with children.
They're being squeezed from all directions.
High child care costs, high housing costs, student loan
debt.
Sure.
The challenge of that, beyond just impacting their wallet, is
that it impacts other parts of their lives.
That sense of financial insecurity, people carry around
everywhere.
Sure they do.
What are some of the safeguards that people need to take.
There are really two kinds of safeguards that families think
about, and feel like they want.
The first is the things that they want in place to really
care for the people they love.
Those are things like a will, and a guardianship to make sure
your kids are taken care of, as well as life insurance, to make
sure that no matter what, their financial needs are cared for.
The second kind of thing are things that you kind of do for
yourself to make sure you have the freedom to make the choices
you want, and the freedom to get your plans and goals met.
So, those are things like emergency savings, health
insurance, disability insurance, and having a good support
network, you can turn to that can pitch in with child care or
a meal, when things are tough.
You know, that is so important, and sometimes we put off doing
that, but we can't.
What's the potential impact of that unexpected event that just
happens?
Huge, if you're not prepared.
Right.
So, it takes something as simple as a car repair.
$1000 if you have cash.
If you don't, and you haven't saved for that, it can be well
over $2000 if you're paying with a credit card and making minimum
payments.
That's something as simple as a car repair.
Something bigger?
Right.
Like getting sick or ill, and being out of work for six months
to a year?
Big time.
That's when people start to lose their homes.
In fact, the foreclosures in the United States, many are caused
by things like this.
Wow.
So, share some ideas about developing a financial
protection plan for your family.
The most important thing is to get started.
A really easy way to do that is with emergency savings.
No matter the family situation, you can get started with a
little bit of emergency savings.
The first thing you do is just pay yourself first.
Yay.
Pay yourself first.
Yeah.
BEfore you pay anybody else, pay yourself.
Right.
Another important thing to do is to protect yourself from
yourself.
(laughing).
Yeah.
So, having a different institution that you put your
money in, that makes it harder to get that makes you have to
think twice before you spend it, is a really good idea.
That online shopping can just really get me.
Yep.
Alright, so having a financial safety net is really empowering
though, isn't it?
Yes.
It is.
It's amazing how good people feel when they have the right
things in place, and they know their kids are covered, and when
they know that no matter what, they're going to have some
choices available to them and freedom to make those choices.
Now where can our viewers learn more about BrightPeak?
Well, they can go to our website.
They have a lot of great resources at
BrightPeakFinancial.com.
We have some e-books on how to build a financial safety net,
and really evaluate your own financial situation.
And you have a lot of free things on the website, right?
I was taking a look.
Yeah, blogs, videos.
It's really easy to learn, and it doesn't have to be as hard as
people think.
It can be a lot more simple and affordable.
We over-think it, and you help us simplify it.
Thanks so much for joining us.
Really important information and discussion to have, especially
for women.
We've gotta grab hold of this and plan.
I agree.
Thanks Tricia.
Thank you.
And of course you can always go to our website
TheBalancingAct.com.
Lots more there for you.
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