This week on Wisdom on Wealth Byron talks about our need for financial life boats such as insurance, legal documents, and savings.
He compares the famed Titanic to our lives saying,"after you hit your an ice berg, it's too late."
The crew of the Titanic were not prepared for the possibility of the iceberg, so they did not have enough precautions or training when such an event happen.
In our own financial life Byron reminds us that, "you trade the certain but small loss of protection for the possible but horrific loss if tragedy strikes."