Episode 31 – Dealing with Financial Shocks
In this episode we finally take a look at one of the five basic principles of Financial Wellbeing – dealing with financial shocks. Join Chris, David and producer Tommo as they discuss how the ability to deal with financial shock creates wellbeing and the various financial shocks we may face in life. With practical ideas and some great tips from #tightasstommo this is a podcast not to miss.
0:15 – Welcome & Introductions
2:42 – Wellbeing Words from Around the World – Japanese Words
Age-Otori – looking worse after a haircut
Boketto – staring into space
Koi No Yokan – the sense you have upon first meeting a person that the two of you are going to fall in love
Tsjigiri – trying out a new sword on a stranger
Tsundoku – when you buy a book but do not read it
6:00 – #TightAssTommo
Taking a look at great but quirky ways to save money, with holiday house swaps, homemade wedding cakes and cheap working spaces to be found in London.
Tip of the Week – Always return your refundable cup, along with any others you can find along the way!
11:25 – The ability to cope with financial shock.
Taking a look at why it is important to wellbeing, what shocks to look out for and practical tips to take away.
12:40 – Why is the ability to cope with financial shock important to financial wellbeing?
14:28 – Wellbeing is increased if we know we have the ability to cope with financial shocks
14:48 – Black swan events
19:15 – What financial shocks might we face?
20:43 – Practical ideas to take away
23:44 – Longterm illness and inability to work
25:40 – Life Insurance – get the right amount of cover to the need
29:10 – Thinking about repayment of debt, short term needs and replacing income lost
29:30 – Chip away, add a little each month to savings and it will all add up.
If you would like to purchase a copy of The Financial Wellbeing Book please visit Penny Brohn UK shop
Do you have any financial wellbeing questions you would like us to answer? Or do you have a #tightasstommo money saving tip you would like to share with our listeners?
If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop