Introduction and Alignment
Now listen, you who say, “Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money.” Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes.
Life is a risk. There are many unknowns, and there is much uncertainty involved in financial decisions. However, this uncertainty doesn’t mean we can’t be prepared, nor should we become paralyzed by our fears. Once we understand the risks we face, there are measures we can take to protect ourselves.
In finance, we say risk is a function of two variables: (1) Probability, and (2) Severity. The combination of these variables helps determine the appropriate response. The probability you will be involved in a serious car accident is low. However, the severity may be high. Therefore, the proper response is to always wear your seat belt. Similarly, we can identify risks to our financial planning and then take appropriate actions to avoid or mitigate those risks. For instance, for the same reasons we wear our seat belts, we should also consider automobile, health, and life insurance.
Upon successful completion of this assignment you will be able to:
For this assignment, you take an important first step in developing your personal financial plan. You will first identify and explain the financial risks you are facing. You will then determine appropriate actions you can take to avoid or mitigate these risks.
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