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Unconventional Risk Management

In: Teachers Can Be Financially Fit

Author

Listed:
  • Tawni Hunt Ferrarini

    (Lindenwood University)

  • M. Scott Niederjohn

    (Lakeland University)

  • Mark C. Schug

    (University of Wisconsin–Milwaukee)

  • William C. Wood

    (James Madison University)

Abstract

This chapter begins with the story of Penelope who suffers a crisis unexpectedly – the loss of her husband in an accident. Nothing could have prepared her for that. And yet with sound money management and a smart relocation, Penelope finds a secure job. As a single mom, she goes on to successfully raise her son, send him to college, and become financially secure. There was no getting around it. Life can throw you curve balls including damage from natural disasters, job loss, divorce, and addiction. These risks can’t be eliminated and the purchase of insurance (Chap. 11 ) might not apply. How can you be ready for the unexpected? Here are some steps to consider. Most importantly, you need an emergency fund or rainy day fund. Place all important documents in one place. Have an updated will. Decide on advance directives regarding end-of-life matters. There are also strategies to help manage different types of risk including expense risks (explains debt-to-income ratio), credit and debt risks (including identify theft) and asset risk (also addressed in Chap. 7 ). With a solid financial plan, you are better prepared to handle what is thrown at you.

Suggested Citation

  • Tawni Hunt Ferrarini & M. Scott Niederjohn & Mark C. Schug & William C. Wood, 2021. "Unconventional Risk Management," Springer Books, in: Teachers Can Be Financially Fit, chapter 12, pages 129-141, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-49356-1_12
    DOI: 10.1007/978-3-030-49356-1_12
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