The Trump Blog

Why do smart people fail to prepare for unfortunate events in their lives? After all, bad things happen in even the happiest lives. They are predictable. Looking the other way isn't going to offer any safeguards from them. 

You and I might not like to think about it, but odds are that you or I will encounter one or more of the following problems at some point in our lives.

• A financial setback, such as the loss of a job or the failure of a businesses
• An illness that causes us to lose time at work
• A lawsuit that threatens our finanical well-being
• The expense of caring for aging or ailing parents
• A retirement lifestyle that will cost far more than we believed possible

When we fail to prepare, we are usually engaging in some kind of denial.  We look at a problem and think, "It will never happen to me." And that kind of thinking is dangerous. It can cause us to lose the wealth that we have worked hard to achieve. 

The curious thing is, it is usually not difficult to protect ourselves from major financial setbacks, provided we are willing to overcome our denial, admit that we are vulnerable and take simple steps to protect ourselves before problems occur.

I don't want to close this post on a negative note, but let me just say that when we fail to engage in wise estate planning, we are falling victim to the most dangerous denial of all. It might not be comfortable to sit down with an attorney and go through the process of putting together an estate plan, but it is actually one of the most positive things that you or I can do.  It assures that the fruits of all our hard work will benefit the people we love, not be double-taxed and claimed by the government.

I'd urge you to review your your insurance, your retirement planning, your will and the other components of your overall financial plan. Wise planning, not denial, will protect you and your family.