What’s Your Financial Weakness – Where’s Your Trapdoor?

April 14, 2008

How many of you have seen at least one movie that involves the security of an impenetrable fortress being compromised?

-Sean Connery breaks into Alcatraz in “The Rock”

–Will Smith flies an alien craft into the mother ship in “Independence Day”

–Saruman’s Orcs breach Helm’s Deep in the “The Two Towers”

–Luke Skywalker slides a proton torpedo down a heating vent to destroy the Death Star in “Star Wars – A New Hope”

Okay, so this is just Hollywood, not real life but I think these stories represent a very real concept.  No matter how secure we feel about our finances, we all have a weakness somewhere.

In all of these cases, the people on the inside of the protective wall thought they were safe but found out otherwise.

In reality, no one is safe.  Given enough time and dilligence, marketers or just bad luck will find the trapdoor into your wallet.

So if it’s inevitable, what can we do about it?  First off, don’t be overconfident.  Don’t assume, “that won’t happen to me”, or “I’d never do that”.  Review your financial defense for potential holes.

  • What are the things you’re most likely to spend money on with impulse purchases?
  • Are you over-weighted in a certain investment?
  • How stable is your job, your company?
  • Is your home/apartment and health insured?

Then follow up your analysis by beefing up your defenses in the appropriate areas and making contingency plans for situations where something like a Jedi Knight or nasty orc slips through the cracks.

Ben

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Ben

Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn’t like the other kids… His addiction to personal finance has paid off for his family and now he’s helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.


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Comments

One Response to What’s Your Financial Weakness – Where’s Your Trapdoor?

  • Kelli Myers

    I agree that no one is fully secure but a good financial planning can keep the odds out. Instead of assuming “that wont happen to me”, if we think the other way round and keep ourselves prepared for the bad time, i’m sure that will help us for a better future.

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