So... I cut my thumb last week while working in the kitchen. First thought? WORK! How am I going to work!?
I only had to cancel the appts I had scheduled for that day... but it got me thinking about more serious injuries. How would you handle your finances if you were to get hurt? If you haven't thought about disability insurance, you may want to look into it.
Think about it: if you were to break a bone in your hand or arm, how would your business survive while you're on leave to heal? Not only should you have disability insurance, but it's also a good idea to have an emergency fund set aside.
Most financial gurus suggest having 6 month's worth of living expenses saved in case of an emergency. While this is no small task to save up - don't get discouraged if you aren't able to do this right now. Start with a goal of saving up $1,000 for your emergency fund. ($25/week will get you to your goal in less than a year). That in addition to disability insurance can make the difference between an emergency being an inconvenience or detrimental to your business and livelihood.
Most disability insurance plans don't kick in to affect until you've missed 7 days of work or more (depending on your plan). So disability insurance wouldn't have helped in the case of my kitchen accident... but luckily I have a little emergency fund saved up, so missing a day or two of work wasn't difficult to recover from.
LIFE happens - so be prepared!
Do you have disability insurance or an emergency fund? And if so, have you ever had to use it?
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She continues to operate her own private massage practice of 13 years, and has been an associate instructor for Ashiatsu Oriental Bar Therapy since 2007. www.BodyworkBuddy.com