Hi folks, and welcome to the Meaningful Money Podcast, this is season 22, episode 8.

Hello, hello, welcome back, welcome to you all, and welcome also to the

jammy to my doger, Mr Roger Wicks. Hi Pete, and thank you from the wagon to my wheel.

Oh, there you go. I'm already sensing we may have a bit of a pattern developing here, but that's okay.

So today we want to cover a topic which is to say the least subjective to each individual

circumstances. I think you said that for most of this actually, but we're going to talk about

whether you should take out insurance for a given risk or whether you should use some of your

own money in case that risk occurs. We'll see. Yeah, and this should be an interesting discussion,

hopefully. But as usual, after the main part of the show, we'll read a review that's been left

by a listener, answer a question, and announce what we'll be talking about the next time.

Usual drill. So remember notes and links from today's show are at the show notes,

just as they always are. And this is the only link you need to remember. MeaningfulMoney.tv

slash TT8, that's for this or that, episode 8. MeaningfulMoney.tv slash TT8. Okay, as always,

let's have a look at what you need to know first. I think we need to define risk first,

Roger, would you? Yeah. Well, risk as many forms really, we're not now talking about investments

clearly. But for our purposes, we can think of risk as the impact of a certain event happening.

But the important distinction is not the likelihood of something happening we were talking about.

It's, although that's really part of it, is the impact of that event on your personal

and in our particular case, financial situation? Yeah, yeah, it is an important distinction. We need

sort of hammer that home. Riskeys are just talking about a multifaceted word. But in this case,

likelihood is one thing, but it's impact on you. And that's really the sort of subjective part.

That's where everybody's sort of going to be unique in the risks to them. So, for an example,

...