417: Finance Friday: Why I Spent $100K+ on My Four-Legged Friend
Pet insurance probably isn’t a top priority for you right now. Your budget might have health, car, and home insurance, but pet insurance? Is it really worth the cost? Today we talk to David, an engineer and part-time wilderness trip guide, who was hit with an astonishing amount of vet bills after his beloved four-legged friend, Blaze, was diagnosed with Lymphoma. This unexpected bill damaged David and his wife’s investing plans, but not all hope is lost.
If you have a dog, cat, rabbit, lizard, or other non-human friend (sorry, your kids don't count) living at home, this is an episode for you! We’ll get into the nitty-gritty of what happens when your pet has an unexpected medical diagnosis, leaving you with a mortgage-sized bill to pay every month. While many of us have animal companions that make our life whole, few realize the cost of paying for treatment when a life-threatening disease comes into play. You’ll hear about thepros and cons of pet insurance, whether or not it’s actually worth it, and the hard choices you may have to make when adopting or purchasing a pet.
But it’s not all bones and hairballs in this episode. Our guest David also has some exciting news about a six-figure business he and his wife are building. With David’s wife itching to start taking this income stream to new heights, David is debating whether or not giving up one of their stable incomes is worth the hit to their retirement accounts. Thankfully, Mindy and Scott find a workaround to keep them in a FIRE-first position!
In This Episode We Cover
The true cost of a sick pet and how to deal with six-figure vet bills
Pet insurance pros and cons and what to look for when choosing a policy
Serious side hustles and how to turn yours into a six-figure income stream
Keeping your stable job vs. following your passion and starting a business
Why reaching financial independence fast IS NOT for everyone (and what to do instead)
Cash reserves and why keeping your expenses low will help you deal with medical emergencies
Links from the Show
Pet Insurance Links:
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