A good financial plan will contain many elements: a source of cash flow, assets that are matched to liabilities, tax management, and investment oversight, to name just a few. And while these are important parts of a financial plan, there is perhaps one additional component that is above all else: room for error.

In investing, as in life, there are certain scenarios that can break you - perhaps permanently. So one of the most prudent things you can do is to avoid those situations completely. When your best financial plan doesn't always go according to plan, you must have enough room for error to allow enough time to let the odds fall in your favor.

How, exactly, does that work? Learn all about it from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on today's episode of Managing Your Financial Future!