If you read the news, it’s hard to miss the “You could get up to $20,000 from Equifax” articles circulating. The reality is if you were a part of the breach, you can credit protection or some undetermined settlement amount (apparently there's been such a huge response that number is quickly dropping) with very little documentation, but you don't want to be a $20,000 settlement “winner”—they’ve experienced very serious, painful amounts of fraud and financial loss due to the breach.
I bring this up because 1—if you were part of the breach like me, you can a claim here. But 2- let's learn from this- what are at the Equifax risk factors in your life?
Maybe your practice’s HIPPAA policies aren’t up to date. Don’t be the practice the HSA makes an example of. Maybe you don’t have adequate personal umbrella coverage. A car wreck could wipe out your non-protected personal assets. Or the ultimate breach in managing your personal financial life: you aren’t building wealth outside your practice.
There's a lot of chatter about accurate refraction available on a smart phone. How long will that take? 3 years? 5? 10 years until more disruptive technology comes along? What would your practice be worth if technology significantly changed the model?
I’m bullish on the optometric industry. But my goal for my clients is for them to wake up one day and realize the value of their investments is worth more than the value of their practice. This isn't a "nice-to-have;" typically this is the difference between retiring at a normal age and the need to continue working in some capacity.
Don’t be Equifax. Pay attention to the pieces that make up your financial life. Protect yourself. And if you need help getting started, schedule a call with me HERE and I’d be happy help you develop a Personal Wealth Action Plan to maximize your and your family's financial future and freedom.
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