Few Habits That Offer Financial Freedom for Disabled Individuals
Disability deprives one of many privileges in life. It is challenging to maneuver in different handles, such as securing decent jobs. It feels more of a discriminatory, empathetic way of living. People don’t believe you’re normal but different. This has quite affected my life, especially in social and financial aspects. I am 25 years living with a manageable condition, Autism Spectrum disorder (ASD). It’s a condition that deprives your will to socialize, coordinate, speak (speech), and have some repetitive behavior. ADS affects all genders but is common in boys. I have lived with the condition for 25 years; it was detected at age 3 back in pre-school. It’s not fun and makes you the center of attraction; I get pissed by small issues. However, with time I have and still learning to manage my condition. Currently, I work with an ASD organization. I also learn to handle life difficulties and integrate with society.
Financial Freedom for Disabled Individuals
The challenging aspect facing many disabled people globally is financial stability. Since no proper job comes our way, it becomes hard to earn or save, mostly depending on government funds (social securities) and family members. All through my parent’s support, my family is loving and makes me feel important and part of the family. I have gone to the best-integrated schools and performed to my level best. Therapies have taken part in my life since I delayed on speech and self-care habits such as toileting. However, I have my special factors very good in numbers, music, and painting.
My parents ventured more on what I can do rather than what I delayed. They introduced me to an ADS organization for which I am currently working. Over the year, I have benefited from government incentives. These are common financial programs for people with disabilities. However, the funds are never enough, and most individuals find themselves begging and lacking basic needs. My parents offered a different life perspective. They empowered me with various schemes to help me lead a financially stable life.
Today I have learned various lessons; disability doesn’t deprive your financial ability. You can save and have financial freedom like any other person. For better and healthy finances, have a good plan to help build your wealth. Disability offers a fact of financial challenges, and every incapability requires special care or medication. In my case, I spend on therapies, special food, and more. I require a proper flow of income to sustain the condition. My parent’s biggest worry is when they are no longer there to take care of me. They have established saving schemes such as 401 (K) and Roth IRAs o help in my old age. I have disability insurance and life insurance for better management.
Why Buy a Disability Insurance
While growing up, my parents had difficulty handling my tantrums. Sometimes they happened on the street, and people would watch in astonishment. I grew up, and still, I would throw tantrums at the age of 10-15. I don’t know how but I get pissed off by anything. We remember one day at the shopping mall; I did some which I can’t remember very well. My mum cried a lot and was shouting to everyone looking at me, “disability is a club anyone can join anytime.” We left, and years later, I now comprehend what mum meant. Anyone can be in fine status, and anything can happen, an accident or severe disease, depression which can lend you disabled.
This offers the need to invest in good disability insurance select the best policy to secure your need. There are two types of policies:
- Short-term
- Long-term
In my case, I have selected a long-term policy with a popular insurance provider. This will cover all my expenses in the future without bothering my family. Invest in a good insurance provider, check the policy terms and conditions to ensure you’re fully covered.
Financial Habits Learned over time.
My organization has helped instill the financial investment value. I have learned not to depend on government securities though I still receive the allocation in my account. I have absorbed several financial habits from my colleagues. They also have special conditions which don’t define their life or ability to live normally.
Extra Income or side income
Besides working in organizations, many of my friends have side incomes. A small business adds an extra income. We all have good salaries and benefits but earning more won’t hurt. It’s a preparation for the future. I know someday my parents won’t be there to care about my needs. And I am all grown and thinking of moving to my apartment. I require more independent funds to take care of my basic needs and health. This might not apply to everyone since some have the severe condition and need complete care. However, your loved one can open a business in your name and save the income in your bank account.
Regularly Saving Money
Learn to save money regularly. A portion of your funds should go to various saving schemes or bank account. This helps when you don’t have work or sick and cannot work. To know the amount to save, I have a planned schedule as follows.
Expenditure list: first, I list down all my expenses (important) from the least to the mandatory, such as medication.
Budgeting: once I am done with the list, I budget and allocate the funds based on the expense. I sometimes forego expenses that I can do without.
Making a plan: from my salary, I save 20% of my total income. You can save any amount based on your needs.
Goals: the actual goal which motivates me to save is to never lack or become a burden to my family in the future. Some people save to build or buy a property and many other deals. However, my priority is to be fully independent.
Priorities are quite different; some need to build, visit the world, or save for health purposes.
Credit History
Disability doesn’t affect any details on credit history. Like any other person, we are required to keep a good credit report. My colleagues always caution me to check my credit and also avoid unnecessary loans regularly. To keep better records, I pay my credit card bills on time and don’t go beyond my credit card limit.
Limit your spending
I only spend on necessary items; this helps me manage my money better. I was introduced to advance monetary apps, which assist me in tracking my spending. Before the apps, my parents taught me about saving envelopes. We would write different expenses on envelopes; each envelope contained a particular expense. For example, insurance money, medical envelope, shopping money, etc. This helped me get contented with what I could manage.
Plan Ahead (retirement schemes)
I don’t how many years I will manage to work in the organization. So I make the most of these opportunities and invest in various saving schemes. My condition is not that bad though I have some repetitive behavior issues. I don’t know how well I will manage myself as I grow older, but I am saving and preparing enough before the time comes.
Investing
Today there are stock exchange markets where you can venture into different securities. Some stockbrokers are of great help. You can get an authorized and experienced broker to work on your behalf. I haven’t ventured into the market, but I will anytime soon. My friends are making it with the stock market business.
These are some of the habits my friends and I practice to manage our funds better. Those with spouses can integrate their children and partners into the saving programs. This helps you have common financial goals.