Tag Archives: disability insurance

Strokenomics

20 Mar

Strokenomics refers to when you find that you or a loved one has suffered a stroke and are forced to live within new means. Hopefully, you have invested in a supplemental long-term disability. If not, I strongly urge you to do so before someone has an unexpected health catastrophe. It bears repeating: if you have not already done so, buy extra long-term disability insurance, which will provide much-needed extra income if you or your spouse become disabled or chronically ill. Furthermore, it will enable your or the loved one to be placed, should it be necessary, in a private healthcare facility as opposed to one run by the state; or it will offset in-home care, which can be very expensive but can greatly relief the burden of caretaking/enable you to be cared for in your home.

Unfortunately, our timing was bad. Chuck and I were on the verge of buying a policy when he had his stroke, and the difference in our disability income would have been as much as $3,000 per month. Needless to say, I have found ways to economize. I’m sharing in case anyone else in a similar situation might benefit.

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First, I buy 95% of my clothes (and household items such as glasses, pots and pans, etc.) from thrift shops. Even if I could afford to buy new clothes, at this point I don’t know that I would (unless I win the lottery, my secondary plan). An additional benefit is that I’m not supporting outsourcing, and my carbon footprint may be reduced by about 10%, according to Patrick Barkham in an article, “10:10 Fashion: Can I Give Up Buying Clothes for a Year?” in the on-line version of “The Guardian.”

Giving up meat (I’m a vegetarian for moral, ethical, environmental and economic reasons) will reduce the grocery bill, as well as lower your carbon footprint and diminish cruelty to factory-farmed animals. According to a study conducted by the Environmental Working Group, “Lamb, beef, cheese, pork and farmed salmon generate the most greenhouse gases. With the exception of salmon, they also tend to have the worst environmental impacts, because producing them requires the most resources – mainly chemical fertilizer, feed, fuel, pesticides and water – and pound for pound, they generate more polluting manure.”

Some other ways to save include:

  • Eat out less.
  • Don’t go to the movies.
  • Lower your thermostat a couple of degrees by day and even more by night.
  • Recycle paper you use for the printer by using the other side for drafts; or rip them up and use to jot down notes or lists.
  • Sell stuff you don’t want on eBay.
  • Clip coupons.
  • Look for bargains or two-for-one sales.
  • Buy secondhand furniture from consignment stores.
  • Buy a used car, or at least a low-mileage or hybrid vehicle.
  • Don’t get another pet.
  • Buy lottery tickets. (Just kidding. Sort of.)

As I mentioned, I’m sure there are additional ways apply strokenomics. I hope mine help someone out there!

Best, Laura Ann Garren

 

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