Making the right decisions after you suffer from a traumatic brain injury (TBI) can be difficult, especially when it comes to your finances. There are several different things that you need to think about, but it is important for you to take the time to figure everything out and make a plan.
A budget is important no matter what type of financial situation you have going on, but it is even more important when you have a brain injury that is going to cost money and might prevent you from being able to work. Not only do you need a good budget, but you also need to think about how you are going to earn money.
There are a few options that you have for dealing with the financial issues that come with a brain injury.
One of these is that you might be able to continue working. This would mean that your income is stable but you still need to plan for increased expenses.
Another is that you won't be able to work but have money to invest into an income-producing portfolio. This could mean that you have some stability but still need to worry about incurring expenses that are out of the ordinary.
Finally, you might not have resources or the ability to work. This could lead to filing for assistance, which still comes with the need to budget.
If the brain injury is the result of another party's negligence, you might decide to seek compensation. This isn't a quick way to get cash, but it might be beneficial in the long term.
Source: Sherman Wealth Management, "Financial Strategies for Individuals with Brain Injury," Brad Sherman, accessed Jan. 03, 2018