Life is known for throwing money curveballs when you least expect them (and are usually unprepared for them).
You may recognize the name, Sharon Epperson. She’s CNBC’s Senior Personal Finance Correspondent, author of the book The Big Payoff, and the first woman of color to report on the commodities market. Life was great until Sharon suffered a brain aneurysm that almost took her life and her career. It was at this moment that Sharon knew she had to redesign how she wanted to live her life and teach others how to prepare for those money curveballs.
Get Yourself Ready
Money curveballs are just a fact of life. That being said, there are some steps you can take to make sure you are in the *best* position possible. Take it from a recovering perfectionist, you won’t ever be 100% prepared, just do your best.
One of the best ways to be prepared is to set up your Emergency Fund. Typically, you should aim to save between three to six month’s worth of your fixed expenses in your emergency fund. Don’t let that freak you out. Save what you can when you can. Pro tip: one thing I like to do is put my savings on autopilot so the money just moves out of my account without me having to lift a finger.
It’s always a good time to cover your money risks. Here are some questions to ask yourself:
- Do I have enough life insurance?
- What is the deductible on my health insurance in case I needed to pay it?
- Do I have ample car insurance and enough money saved to cover the deductible?
- Is my renter’s or homeowner’s insurance enough to cover me?
- What other benefits does my company offer that I should take advantage of?
Take a few minutes today and do a little audit of your finances and give yourself a task list for at least one thing you can take care of this month. I know that thinking about curveballs isn’t fun at all (in fact, it’s a total downer), BUT it can also be a lifesaver. Take it from Sharon, being even a little prepared is the name of the game.
What You’ll Learn
- Why we need to prepare for money curveballs (and how to know what curveballs to prepare for)
- The action you can take today to financially prepare for curveballs
- Sharon’s story of suffering a brain aneurysm and how she has since re-evaluated her life
- The power of a post-recovery mindset
- Sharon’s money story of making her way to CNBC and a champion for financial literacy
- Some of the money lessons Sharon has learned along the way that are impactful
- Ask Shannah: What should I do with my inheritance
- Invest in You: Money 101
- Invest in You: Ready, Set Grow
- Sharon Epperson profile
- Sharon Epperson Twitter
- Get Money podcast
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Shannah Compton Game is a podcast host and CERTIFIED FINANCIAL PLANNER of the top-rated Millennial Money podcast. Millennial Money has over 6-million downloads in 164 countries. Shannah’s years of experience as a skilled Certified Financial Planner have set her on a mission to revolutionize how people think, act, and feel about their finances…and have some fun doing so.