The bus test is usually used for business purposes, but it can be applied to your personal life as well. It goes like this: Imagine you got hit by a bus right now. Where would your business (and/or your personal life) be?
Would someone be able to step in so that things could continue to run smoothly while you recovered? (We’ll assume the accident wasn’t fatal.) Or would things be an enormous mess, or somewhere in between?
The point of the exercise isn’t to scare you. It’s to make sure that others know the things they would need to know to keep things running when or if you can’t.
Financially, this means making sure that your significant other knows where things stand. They should know about things like:
- Your investments
- Your bill paying schedule/your normal operating procedures
- When, where and how your income comes in
- How your business, blog, etc. runs
- Your insurance information, medical requests, and will
I realized recently that while I have a good start on many of these things, my system leaves quite a bit to be desired. I may know how and where things are done, but I’ve kind of dropped the ball on communicating it to others. So that’s one thing that I’ll be working on remedying.