The Finance Geeks Podcast

Episode 006: Your Financial Force Field - Plan for the unknown and protect yourself

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Does life sometimes feel like a rogue asteroid hurtling towards your financial well-being? Don't panic! This episode equips you with the tools to build a Financial Force Field, deflecting the unexpected financial blows that can send your budget into a black hole.

We explore the importance of an emergency fund. Think of it as your personal starship's warp core reserve.

We'll also blast off into the world of Income Protection. This isn't just your average illness and injury insurance, it's your financial deflector shield against lost income. Whether you're battling a surprise space slug infestation (illness) or a malfunctioning replicator (disability), Income Protection ensures a steady stream of income to keep your financial starship afloat.

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Chapters:

0:00 - Intro
4:03 - Hot off the press
10:47 - The focal point: Planning for the unknown  (Emergency Cash, Income Protection and PMI)
39:20 - Two Pennies Worth
43:38 - Quotes & Anecdotes

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Podcast Reference Links: 

ADX Karting at Rye House 

https://www.adxkarting.com/

ONS CPI data

https://www.ons.gov.uk/economy/inflationandpriceindices

S&P reaching new highs

https://www.investing.com/indices/us-spx-500

S&P vs Dow vs Nasdaq

https://www.investopedia.com/nasdaq-vs-sp500-vs-dow-5213252

Daniel Kahneman

https://en.wikipedia.org/wiki/Daniel_Kahneman

What is Income Protection?

https://www.moneyhelper.org.uk/en/everyday-money/insurance/what-is-income-protection-insurance

The Top 10 Private Medical Insurance (PMI) Providers in the UK

https://www.thanksben.com/blog/who-are-the-top-10-private-medical-providers-in-the-uk

Statutory Sick Pay (SSP) Overview

https://www.gov.uk/statutory-sick-pay 

Most commons reasons for PHI claim

https://www.lv.com/income-protection/faq/what-are-the-most-common-types-of-claim-you-pay

Cancer statistics

https://www.macmillan.org.uk/about-us/what-we-do/research/cancer-statistics-fact-sheet 

Difference between illness and injury insurance and proper income protection

https://www.legalandgeneral.com/insurance/income-protection-insurance/

Reassured Q&A and stats on income protection plus calculator

https://www.reassured.co.uk/income-protection/income-protection-claims/

How will your measure your life (Book)

https://tandemfinancial.co.uk/book-reviews/how-will-you-measure-your-life-book-review/

Thinking Fast and Slow (Book)

https://tandemfinancial.co.uk/book-reviews/thinking-fast-and-slow-by-daniel-kahneman-book-review/

Headway Book Summary(App)

https://makeheadway.com/

Blinkist (Website)

https://www.blinkist.com/en/home

One Life (Film)

https://www.imdb.com/title/tt13097932/

George Bernard Shaw Quote

https://www.flickr.com/photos/tandemfinancial/23818046318/in/album-72157687946672833/

Quote about Wealth

https://www.flickr.com/photos/tandemfinancial/37412928250/in/album-72157687946672833/

Thomas Fuller Quote

https://quotefancy.com/quote/759580/Thomas-Fuller-Health-is-not-valued-till-sickness-comes

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The Finance Geeks PodcastBy thefinancegeekspodcast