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Financial Prosilience – Preparing for Financial Success

We are all familiar with the term ‘resilience’, which refers to the ability to recover or ‘bounce back’ after a challenge or set back. ‘Prosilience’ is a less well-known, but equally important skill for future financial success: being prepared intentionally for future challenges and possible setbacks.

While resilience – the capacity to recover quickly from difficulties or adapt well to the challenges of life – is certainly a crucial skill in building financial security, prosilience ensures that you are prepared to face these difficulties or challenges before they arrive.

“Before anything else, preparation is the key to success.” – Alexander Graham Bell

Financial prosilience is intentionally preparing yourself to deal with financial setbacks and challenges. Being prepared – or prosilient – will certainly help you to unlock financial success.

Join us for this month’s challenge as we become more prosilient in our financial lives.

Top tips for building financial prosilience

  1. Assess how ready are you for common financial setbacks.
  • Are you prepared for the death of a loved one?
  • Can you survive the loss of a job or an income in your family?
  • Are you able cover hospital bills in a medical emergency?
  • If you become critically ill or disabled, will you be taken care of?
  • Can you cope financially if you suffer damage to or loss of your home, your car or major appliances, like your laptop or the fridge?
  1. Do a mini insurance audit
  • What covers do you have? Check all your current insurance and protection elements, including your life insurance, medical aid and top up cover, short-term insurance, and income protection policies.
  • Do these policies cover your specific requirements?
  • Is the amount of cover on each policy sufficient?
  • Do your policies reflect your correct details and status?
  • Have you met all the insurers’ requirements?
  1. Keep your level of preparedness sharp
  • How else can you prepare for future financial success?
  • Have you drafted an updated Will?
  • Have you checked that all beneficiary nomination forms are current?
  • Do you have emergency savings equal to at least six month’s savings?
  • Are you putting away a portion of your income for your retirement?
  • Are you saving for holidays, further education or to realise a dream?
  • Have you invested in assets that will allow your wealth to grow?

Becoming prosilient means getting prepared for life’s expected and ‘unexpected’ challenges – and you can get started right now by simply reaching out for help.

Remember, your financial coach is available to guide and assist you in every aspect of becoming prosilient in your financial life, from assessing your financial requirements and auditing your existing insurance policies for relevance and affordability, to helping you find the right cover for those challenges you are not yet prepared for.

Simply contact your Interface financial coach here for amazing support as you build the prosilience that will ensure you can successfully meet any challenges and setbacks on your financial journey and achieve your financial goals.