By Michael Kay via Iris.xyz
The devastation to life and property is tragic in every sense.
It is an eye-opening reminder that we are subject to the whims of nature in a most terrible way. There is very little difference that any level of planning can make given the ferocity of certain storms—it is plainly evident and the cost in both human and financial terms is inestimable. In other words, even if the idea were present in advance that a storm of Harvey’s magnitude might hit, there was nothing that could have prevented the disaster or lessened the damage substantially.
The same cannot be said for many aspects of our financial lives. We have the ability to handle and predict much of the potential dangers we might encounter, at least in a financial sense. Some of the biggest life transitions with financial consequence we face are:
- Loss of job
- Need to support family member
- Acts of Nature
Obviously, a boat full of money in your accounts helps, but let’s face it, not everyone is flush with money—and more importantly, not everyone has the ability to mentally deal with the devastation attached to these big life changes. So, let’s devise a plan that puts you on the path towards handling as much as possible in the event that any of these situations arise.
Here are some ideas to ponder:
- What is the likelihood of occurrence?
- Is there anything you can do to prevent the situation?
- What are the financial ramifications?
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