If you’re like most people, then you have a pretty good idea of where you stand financially. You know what your income and expenses are in general, you know how much debt you’re comfortable having, you know how you use credit cards, and you know approximately where your savings account stands regarding your current standard of living. With all that information, you can have a consistent economic viewpoint. However, there are a few specific occasions in life that can put a dent in your pocketbook.
Think of four of them that have significant effects on your finances. If you are involved in a personal injury, not only will you have to pay hospital bills, but you may be out of work for a time as well, reducing your income and incurring expenses. If you decide to go back to school, that’s tens of thousands of dollars that you will soon owe. Coming down with the disease can bankrupt many families quickly, especially if health insurance is not involved. And, getting married is great, but if you don’t budget accordingly, that can put you into debt very quickly.
What happens when you are involved in a personal injury? What happens if you slip and fall on a sidewalk and break a leg? What happens if you get injured at your workplace? What happens if you are in the car accident and get whiplash? All those instances, there will be medical bills and more hits to your finances. Especially if the incident is not your fault, you need to contact a personal injury lawyer immediately, but even then, you’ll notice that your financial stability is going to go crazy until solutions are found.
Going Back To School
It is extremely expensive to go back to school. You’re trying to go to college to get a better career. You’re trying to go to college to learn deeper knowledge about some specific topic. But whatever your intent is, it’s going to put you back tens of thousands of dollars. It might not feel like any difference because you’ll probably initially be getting loans, but those loans will come back to bite you later.
Onset of Disease
Cancer is a terrible disease. But not only does it affect health, social habits, lifestyle, and everything in between, it’s also incredibly expensive to treat. For many families that don’t have the best healthcare, one family member getting any form of cancer, and it can quickly bankrupt the entire family unit. There is no real protection against this, especially if the cancer happens because of a genetic disposition.
Getting married can be one of the highlights of a person’s life. The right marriage ceremony and reception can be a beautiful experience. Unfortunately, this beautiful experience often comes with a hefty price tag. Unless you budgeted for your wedding far in advance, you’re probably going to go away from it many thousands of dollars poorer than when you started.