Today I want to talk about something near and dear to my heart—our pets—and how they tie into one of the core pillars of financial planning: risk management.
At Black Dog Wealth, our mascot (and namesake) has recently had a bit of a rough stretch. And by rough, I mean orthopedic consults, joint injections, surgery… and yes, a lot of dollars flying out the door. We even considered renaming him from “Bandit” to “Money Pit” (Millennials, ask your parents ?).
This unexpected journey reminded me of the very reason we plan in the first place: to manage the unexpected.
Why Insurance Exists
In financial planning, the purpose of insurance is to cover events that are too expensive, too sudden, or too emotionally (or financially) overwhelming to handle on your own. Think: flood insurance, homeowners, auto, or life.
These policies don’t exist because we expect disaster—but because we can’t afford not to be prepared when it strikes.
Now Let’s Talk Pets
To condense a months-long saga: a combination of bad genes and an active lifestyle left our dog hardly able to walk. The diagnosis? Elbow dysplasia, bilateral bicep tendonitis, and a torn ACL—all at once. There was a moment when we genuinely thought we’d end up with just a torso and a tail… that kept eating.
We learned: pet orthopedists are real. And no, they are not cheap.
When my husband (who didn’t grow up with pets) heard the phrase “dog orthopedic surgeon,” he looked at me and said, “What The Fiduciary?!”
Fortunately, We Had a Plan
We didn’t have pet insurance—but we did have a strong emergency fund. Even so, this experience was a stark (and expensive) reminder: pet ownership can become a financial curveball, fast.
Should You Get Pet Insurance?
Here’s where the financial planning lens kicks in. Ask yourself:
- Could you cover a $5,000–$10,000 emergency vet bill without impacting your lifestyle or long-term goals?
- Would you want to pay that bill out of pocket?
- Do you have multiple pets or a breed prone to health issues?
If any of those questions make you pause, it might be worth exploring pet insurance. Like human coverage, policies vary—some include wellness and preventative care, others focus strictly on emergencies or chronic conditions.
It’s not for everyone, but it’s an often-overlooked tool that can bring both peace of mind and financial stability.
The Bigger Picture: Planning for Your Life
At Black Dog Wealth, financial planning isn’t just about retirement accounts or investment portfolios. It’s about creating a life that reflects your values and protects what matters most—including your furry family members.
So whether you’re a seasoned dog lover, a first-time pet parent, or just someone trying to connect the dots between “money stuff” and real life—this is your reminder: financial planning is personal. And sometimes, it has paws.
Until next time, give your dog (or cat!) an extra belly rub—and maybe take a few minutes to check that emergency fund or consider whether pet insurance deserves a spot in your plan.
Disclaimer:
This article is provided for educational, informational, and illustrative purposes only. It does not constitute tax advice, investment advice, or a recommendation to buy or sell any security. The content is general in nature and may not apply to your individual circumstances. Please consult a qualified tax professional, financial planner, and/or legal advisor for guidance specific to your situation.