What if you get hit by a garbage truck tomorrow?
If that question didn’t catch your attention… frankly, I don’t know what will!
But I don’t ask without a reason. In fact, I want to start by telling you a story to bring this whole thing into perspective.
The other week I had the extreme privilege of meeting a man, we’ll call him John, at a recent event. Aside from just being an all-around great guy, he has an incredible story to share, and I was lucky enough to hear it.
Never Say Never
John works for a domestic airline company and on a layover to Orlando, he thought he’d take advantage of the visit to spend some time with his girlfriend. Together, the couple set out to walk around and explore Orlando, until the worst possible happened.
The couple was hit by a garbage truck on a crosswalk. John sustained severe injuries to his whole body, including head and neck, and spent the next three weeks in a coma. His girlfriend was instantly killed from the impact.
The worst thing you could ever imagine happening to yourself and your love, happened to John. But the story doesn’t end there. Insurance wasn’t enough to cover all of John’s medical bills, and his parents were forced to spend every dime they had (plus a lot more) to save his life.
That was before 2008 and the crash. Right around that time, John was relearning how to walk, eat, speak and regain his basic human functions. Finding a job and earning a paycheck was the LAST thing on his mind.
You can imagine the financial impact it had on him and his parents. In fact, to add to it all, the bank foreclosed on their house, and they were left homeless for a period of time.
Even now, nearly 10 years later, with his parents in their 70s, they still have yet to recover from the financial devastation.
While John is back and in full health, every cent he earns he uses to happily support his parents and the remainder of their livelihood.
Why Should You Have Passive Income Combined with Proper Asset Protection?
Now I don’t tell you this story just to make you sad — there’s a point!
Let’s imagine a different reality where John or his parents had a financial back-up plan, that is, some form of passive income that could supplement their working income. In addition, if they had had their assets properly protected, they could have saved a heck of a lot of hurt, heartache, struggle and pain after John’s accident.
I know what you’re thinking! “But what about his disability insurance? Surely THAT could’ve covered him.”
There’s one essential thing wrong with this idea.
Yeah, sure we need life insurance and disability insurance, and you’re doing the “right thing” by buying it all these years. But ask any doctor, dentist or medical professional who has applied for disability insurance, how simple or even POSSIBLE it is to collect on it, and they’ll tell you it is extremely difficult!
Those guys will fight you tooth and nail NOT to pay you for your disability insurance.
Bottom line: it’s not the only solution and DEFINITELY not something to rely on.
Listen, it’s not just about having a Plan B income or not relying on your insurance, it’s about planning for the unplanned. Hoping for the best, but expecting the worst and covering all your bases along the way.
What If … You Could Plan for the Unplanned?
Let’s entertain another thought. Imagine back in 2008, when John’s parents were struggling to scrap together every last dime to save their son, while also losing everything they had in the market.
What If they had their funds in a sort of vault, protected from creditors, away from it all, in a safe, closed environment — how could their financial situation have differed?
When I heard John’s story, when I started putting the puzzle pieces together, and pondering the “what ifs”, I knew I had to share this with you all.
But, on top of that, I want to give you an opportunity to TAKE ACTION, to create a back-up plan, to know your options, and learn a lot.
My good friend, George Antone, is the mastermind behind the Fynanc Academy, a group of self-proclaimed “financial nerds who love to find and share financial shortcuts.”
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