How Hurricane Dorian Can Help Us Prepare For Life’s Financial Storms
Some storms are so colossal that it’s utterly impossible to be prepared for them. That’s what happened to the northernmost islands of The Bahama Island archipelago over the Labor Day weekend as the category 5 Hurricane Dorian parked itself and its 185 mile per hour winds over the area. Meanwhile, Florida was holding its breath, preparing as much as possible for what could have been equally devastating in the path of that historic hurricane. Fortunately, now Florida is out of danger as the storm makes its way to the north putting others on the eastern seaboard in danger.
Prepare Early And Be Consistent
Life is like that. It presents us with a variety of storms large and small, some expected, many unexpected. Hopefully none as devastating as a category 5 hurricane. The best we can do in life is to begin to prepare as early as possible for health and financial stability. The two go hand in hand. Then we must be diligent and consistent in sticking to our course of action.
The idea is to establish a solid financial plan so that no matter what kind of storm comes, you will be able to survive it. Of course you may have minor setbacks depending on the nature of the storm, but not total losses.
Be Prepared For Natural And Manmade Storms
Those of us who live in the Midwest do not have to worry about category 5 hurricanes. But we do have other concerns that Mother Nature dishes out from time to time. September is a good time for all of us to either prepare for or review how solid our plans are for the financial storms of life.
The events to consider include but are not limited to the following: what would happen if one were no longer able to collect a paycheck due to illness, accident or termination; skyrocketing inflation; running out of money before you run out of life; stock market crashes; rising health care costs; premature death.
The Best Laid Plans…
All any of us can do is prepare to the best of our abilities and the abilities of the financial planners we trust. If you would like to review your financial plan, give us a call. We will gladly check to make sure there are no glaring weaknesses that could make you vulnerable in any storm.
For The Survivors
Our hearts and prayers go out to those who survived the wrath of Hurricane Dorian. It is clear that no amount of financial planning can make up for the loss of lives and property the Bahamian people suffered through and will continue to endure well into the future.