Bridging the Financial Gap For Dentists

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Protecting Your Assets

Imagine that your goal is to go from point A (where you are today) to point B (some period in the future – let’s say, at a point of financial independence). The round ball you are looking at is your investment portfolio (or perhaps your net worth). Your job is to roll the ball uphill. As long as you roll the ball uphill it will grow larger and larger. This is good, because as the ball grows, your net worth increases and you get closer to reaching your goal of financial independence.

But let’s say for some reason you are no longer able to roll the ball uphill, due to an illness or an accident. Well, without having someone who is capable of taking over for you, the ball is going to start to roll in the opposite direction (downhill). In this case however, the ball will begin to grow smaller and begin to break apart. Or perhaps you were to face some other catastrophic event such as a fire, a serious illness of a spouse or child, or any number of unfortunate events that could cause the ball to roll downhill and break apart.

One way to keep the ball from crashing to the bottom would be to install a braking system on the ball; the braking system in this case is insurance. If you have ever gone snow skiing you know that snow skis have a braking system to keep the ski from crashing down the hill should the ski come off when you fall. Insurance works the same way as a brake on a snow ski. Insurance catches the investment ball (your net worth) and keeps it from rolling to the bottom of the hill. The key is to be sure you have the braking system in place before you actually need it. Does this make sense?

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