From the course: Financial Adulting
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Why risk is important
From the course: Financial Adulting
Why risk is important
- Hey there, and welcome to our module on managing risk and buying insurance. We are going to learn about risk and why it matters. We're going to talk about the types of insurance, and then we're going to talk about the three risk techniques that everyone should apply. So I know this module is about insurance, but the first thing you need to understand is risk. Why? The whole point of insurance is to protect against the risk that something bad will happen to you. Understanding risk is important because we want you to become more than just insurance buyers, but risk managers. Why does this matter? Too many people buy insurance without knowing if they actually face that particular risk. And they do not evaluate whether the risk is worth the cost of insurance. Instead, they get sold insurance as a saving vehicle, or an investment vehicle, or whatever. The list goes on. Now, insurance can be all those things, but first…
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