2 and 4 don’t make sense together. If one is “financially afraid” and wants to learn about how to invest their money, they would do well to use “qualified and vetted” professionals to help them invest properly. It’s not a sin to not know but it’s probably a sin to do nothing and thus make nothing due to fear (assuming growing your nest egg is important to you).
It also leaves out a few crucial “life events” which happen to everyone, at one time or another:
(1) death of a “breadwinner” spouse who could not get life insurance or could not get very much life insurance;
(2) having a “pre-existing condition” and thus be unable to secure an individual healthplan without being gouged;
(3) divorce, no matter who sued whom;
(4) having a child with special needs or one who is severely disabled from birth;
(5) having to support grandchildren into your old age due to their parent(s) being incompetent, indigent, incarcerated, addicted, critically ill or a combination of these factors exist;
(6) having an immediate family member who gets into a terrible accident and the other party at fault did not have insurance and the injured party’s UI/UIM coverage maxes out;
(7) having a family member get severely injured on the job and their employer’s worker’s comp coverage was insufficient to pay the lifetime medical bills of the injured worker;
(8) having a spouse who has a secret addiction and spends or gambles your assets away before you realize what happened;
(9) having a spouse who secretly converts joint-account proceeds to themselves or closes joint accounts and then can’t or refuses settle up with you when confronted;
(10) and, having an adult child who needs legal help and/or getting bailed out of jail, help obtaining necessary rehab for an addiction or help getting a divorce and/or child custody.
Believe it or not, a CA divorce judge isn’t going to give one whit about the damages one party suffered because 8 and/or 9 happened to them. This is a “community property” state and you are on your own. You should have left them sooner :-0
I could go on. There are SO MANY VARIABLES in life that if one does everything right and even keeps constant tabs on their finances, even just 1-3 of these events happening to a “millionaire” in their lifetime could wipe them out.
The article is a “pie-in-the-sky,” pollyanna, trite explanation for why people who “should be rich” are NOT rich.
