By: PanzerGrenadier
Protecting your means is to talk about the risk of the greatest income producing asset, YOURSELF, being taken away from this earth through acts of God, nature of man. One of my readers, DSEA, through his insightful comment gave me another perspective on financial freedom, i.e. I also need to consider the need to protect my means even as I strive towards the three core pillars of financial freedom. So financial freedom can be seen in the following bubbl.us map:
Ways to protecting your means To protect your means largely involve insurance. You can insure against death, total permanent disability and ill-health. You can mitigate the risks but you cannot totally eliminate them. That is the concept of insurance or transferring some of the risks through paying of premiums to insurers who do risk pooling. Read more...