The Story
One of the guys I have been working with over the last few months came in the office and said that he was being scheduled for open heart surgery. I asked, “When?” He said, “Today!” I couldn’t believe it. Sure he was a little overweight and out of shape. He isn’t much older than me. I wished him luck in the surgery. Not really sure what else to say, he jumped in, “Who do I talk to about assigning my beneficiary…?”
Boom it hit me. He was at a completely different stage, mindset, outlook. He doesn’t care about me, he doesn’t care about money, he doesn’t even care if he comes to work tomorrow. His only concern is, I might not make it and I need to make sure my family is taken care of.
The Problem
The problem is, when is it too late? For this mid-forties guy, who has worked for the company for over 20 years and is just now taking steps to prioritize what happens after he dies, it isn’t a great time to try to figure it out. The guy in charge of the beneficiary benefit is on vacation and this mid-forties guy is going in for surgery with a possible chance of death.
The Solution
This should stress with you the importance of taking care of your family first.
Work doesn’t matter in an emergency! School doesn’t matter in an emergency! Prepare for the emergency before there is one.
Communicate to Your Employer
Talk to your employer about life benefits and see if there are any loose ends that need to be wrapped up. Make the changes, if necessary, and move on.
With the unpredictable nature of emergencies, it is important to have a financial blanket as well. In this article from CNBC, they explain that debt is a crutch that keeps people from saving. It was also reported that nearly 40 percent of people could not afford a $400 emergency.
Take Action Now
Take action now to save some money. Here is a great article I found on saving some money. They provide some great simple tips to shake things up and put some more dollars in your bank.
Take action, prepare for the worst and hope it never comes.
Our 5 Tips for Getting Cash
1. Social Media Selling
You would be surprised at what people are wanting to buy and there are a ton of platforms to sell them on. Poshmark, Mercari, Facebook Marketplace, and Decluttr, to name a few.
2. Neighborhood Garage Sale
If you are uncomfortable selling online, have a neighborhood garage sale, this could be a hundred bucks in a weekend.
3. Help The Elderly
I have an elderly neighbor that I try to surprise every now and again by doing something for her so she doesn’t have to pay someone (I say this to give an idea that this could be done for $20 bill rather than free which is far cheaper than what they would pay for a landscaping/handyman service). raking leaves, cleaning gutters, trimming branches. Easy stuff. The work has to be done and our older team members need some extra support.
They also would love some conversation with someone they see all the time and spending cash on their valued neighbor, rather than an overpriced handyman or landscape service!!
I still get calls from one of my old neighbors across town to do random yard work, and he still pays for it as well. #extra$100aweekend If you start building a reputation, the weekend neighbor work, which has never amounted to more than a couple hours on a Saturday, usually brings in some extra cash quickly.
4. Consider a Part Time Job
There is always the opportunity to get a part time job. Whatever it is, be sure that it is bringing extra cash at times that won’t be more of a financial drain.
5. Thrift Flipping
One clever idea I have started to see a trend for is thrift flipping. Most of the people found doing this on Social Media platforms focus on clothes, however, old cameras, books and DVD’s (Disney classic VHS’, the original not the remastered, can go for thousands right now), even home goods and furniture (especially refinished furniture) can resell for more than bought at the thrift shop.
Thrift stores usually have a cause in the community and money spent there can impact the community in a great way. Most Thrift Stores also accept volunteers to help. That’s a win to you, win to the business, win to the community.
Stay Focused on the Focus
Remember that the focus is saving and preparing for an emergency. Just because you made a couple hundred extra, don’t count on it regularly. Squirrel it away and have some extra for when you really need it.