Adulthood often feels like managing an endless to-do list and having to make big decisions with little to no information or experience—but with potentially disastrous consequences. This may sound melodramatic, but everything from buying a home to choosing a health insurance plan to filling out a W-4 form correctly comes with major financial consequences if you make a mistake. Feeling overwhelmed by decision making is probably the reason why many people, especially Millennials and Generation Z, find themselves without adequate insurance coverage.
It’s difficult to find the perfect balance between necessary insurance policies that truly mitigate financial disasters for you or your loved ones but fit your budget. Allowing your mind to wander down the rabbit hole of every potential disaster scenario can easily lead to a panicked impulse to purchase every type of insurance policy. Alternatively, you may feel so overwhelmed that you end up neglecting the task of properly insuring until you somehow encounter a realized risk.