Personal risk management starts with a frame of mind that puts an emphasis on protecting something from harm through thoughtful preparation and planning. Every risk management plan is different because it is based on a unique set of factors dictated by a person’s lifestyle and asset base.  Once it is determined that a personal risk management mindset will be utilized, the next step is developing a plan that can be executed. 

There are three components to a thorough personal risk management plan. They are: 

1. Prepare and plan
2. Predict and prevent
3. Respond and recover

Each of these areas targets are certain aspect of risk management that should be incorporated into a comprehensive personal risk management plan. This episode goes into further detail about what is involved with this type of plan and how it can be developed.