Back On Your Feet- How To Financially Plan After A Career-Ending Injury

Back On Your Feet- How To Financially Plan After A Career-Ending Injury

On average, roughly 2.8 cases of workplace injury occur in 100 full-time employee industries, according to the U.S. Bureau of Statistics. Some of these injuries, while nonfatal, have been rather serious, and even career-ending. In such an instance, your finances are directly at risk, so it’s important to know where you can save around your home. Beyond that, it’s also good to come up with a financial plan. How can you do so?

Gather All Important Documentation

Once you are safely back home, the first thing you should do is to gather all your important documentation. Documents like tax returns, payslips, legal contracts, insurance claims, and different proofs of your identity are crucial in creating a financial plan, says LPL Financial. These documents will give you a good sense of what your financial responsibilities are so you’ll know how much you have been spending and can see if you have any incoming money in your future.

Determine Whether You Can Sue

In 2019, the average cost of workplace injury on a worker came to about $1,100, according to the National Health Council. For a career-ending injury, not only will you find yourself out of pocket, but you lose future wages as well. The victims of personal injury absolutely deserve to collect the maximum compensation to help fund their recovery, according to the legal experts at Consult with a lawyer to determine if you can sue your workplace so that you can obtain just financial compensation for your loss of wages or any pain that you continue to experience from your workplace injury.

Create An Itemized Budget

Moving forward, it’s best to create an itemized budget for all your expenses — from medication to utilities. Having a clear idea of where your money is going can help you shave off any unnecessary spending and direct what money you have towards more helpful avenues like therapy or other doctor visits. An itemized budget should also help you determine how much you may need in order to maintain a comfortable state of living despite your persisting injuries.

Career-ending injuries can be a daunting prospect, but they are not the end. Being financially smart can help you plot out what you can still do in the years to come. So keep a cool head, and draft a comprehensive financial plan so you can get back on your feet financially.

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