When someone throw up this question to me i was speechless for some minutes trying to understand how can we protect our finances. Protection is our ability to protect what we have, however relating it to finance is a way of protecting our financial life.
Financial protection is very important thing that everyone must put in order to maintain a healthy financial life, especially for the wealthy people. In fact it's very important for individual and that's the reason why people thrive to earn more with what they have, even rich want to have more money and this is not because they are greedy but because they want to protect their financial life.
Being financial stable is a critical position that have to be secured properly, and that is why anyone with money thrive to have more to be able to stable and maintain their current lifestyle.
We have heard many story of people that have money but later went broke, some are broke because they dont protect their financial level well, and that cause the reason they can't maintain stability. However if you're successful financially and you don't secure the wealth you have either making more money or doing things that will bring in more money you might lose your financial level.
Financial protection sometimes has to do with creating a saving scheme for our emergency or having money in different ways working for us. I see having money in all areas can also help to protect the one we already have.
From your own view what is financial protection, and what impact does it have on individual?
Thanks for your attention