As I was doing a little research for this article that I’ve been wanting to write about, I never knew that the term “financial triage” was a real term and had an actual definition. I had always thought it was coined by people in the debt management field. I think it has something to do with hospital patients and their ability to pay their bills. Regardless, I’d like to discuss with you my own version of financial triage, including when it should be performed and how to do it the right way.
What is it?