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At work, our Director of Product Management was presenting when he mentioned the term “fallback” in context of our products. That term struck a deep note because your success in your personal finances depends to a large extent on the fallback mechanisms that you have in place.
I can immediately think of these fallback mechanisms:
- Emergency Funds
- Health Insurance
- Life Insurance
- Support from Friends and Family
Can you add to this list?
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.