Lapsed insurance & a house fire: Lessons learned

Is it possible to prepare for every emergency, stacked like a disaster Jenga? Patrick L. Riley would argue it’s a tall order. During the COVID-19 pandemic, an electrical fire destroyed his home and exposed a lapsed insurance policy. Riley’s battle with insurance companies and reliance on support networks is a lesson in resilience and the importance of solid financial planning. His story also underscores that the standard three to six months of emergency savings may not cut it—especially for those in communities where fair wages are still a struggle.

Hosts and husbands of Living Not So Fabulously, David & John Auten-Schneider, dive into real money stories with activists, allies, artists, tech-gurus, and trailblazers in the LGBTQ+ community to give you tangible takeaways to tackle your wallet woes.

Find this episode's transcripts and more episodes of Living Not So Fabulously at http://finance.yahoo.com/videos/series/living-fabulously/.

Have a money story of your own? Questions? Fan mail? Email us at [email protected].

00:00-Patrick L. Riley joins Living Not So Fabulously

03:00-Riley lost everything in a house fire

05:30-Relying on your community is key

07:30-Importance of emergency funds

09:55-Dumb debt

17:30-Extravagance at a cost

Yahoo Finance's Living Not So Fabulously is hosted by David & John Auten-Schneider, and created and produced by Rachael Lewis-Krisky.

Patrick L. Riley, an award-winning journalist, multi-media personality, and author, is known for his work on BET, NBC, Black News Channel, and TV-One. He spent 13 years as a freelancer and senior field producer for The Oprah Winfrey Show and authored "That's What Friends Are For: On the Women Who Inspired Me."

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