Financial planning is not only about accumulating wealth but also protecting it. There are three ways that many people — other than you, that is — believe they can get rich quick: inheritance, hitting the lottery and litigation.
That neighbor of yours who comes to your barbecue, has too many cocktails and then falls on your driveway? He could sue you. Have a teenage driver or a pool? Many accidents involving either can happen, after which someone may try to benefit off your hard-earned savings. Is everyone out to get you? Of course not. But you need to protect yourself.
Here's the good news: There is a cheap solution that can offer you big-time protection. It's called personal umbrella liability insurance.