Ever gambled? Believe it or not, you gamble every day. Most of our daily wagers are calculated actions with a downside risk, as a result of our propensity to avoid trouble. Unfortunately, many disturbances in life are unavoidable.
Illness, injuries, accidents, storms and even aging are all outside of our control. Look at the following statistics referring to the odds that you’ll need to be covered for a loss:
After reviewing the odds, it’s surprising that we typically don’t think about covering the issues that deliver the highest odds of potential loss. Or, perhaps we do think about it but say, “I’ll worry about that later.” Consequently, waiting oftentimes comes with a cost.
While we are typically required to carry insurance for our largest assets, and agree with the logic to do so, we seldom think about insuring our future productivity, especially if our ability to produce was taken away. It’s like insuring the “Golden Eggs” and neglecting to insure the “Goose” that lays them!
Additionally, we know that someday we’ll be potentially incapable of caring for ourselves without assistance. It’s okay if you’re independently wealthy and can afford to pay for care in your old age; although, after years of wealth accumulation, wouldn’t it be nice to preserve that wealth for more productive purposes on behalf of your legacy? Without wealth to see you through the later years, who will you count on for assistance?
When gambling, sooner or later the casino wins. The longer you gamble, the higher the odds are that the house will take your money. The game of life works in a similar manner for those who wait to prepare for the future.