What We Can Learn from Hurricane Irma About Financial Planning
When Hurricane Irma hit Florida in September, many residents were left with the difficult decision of whether they would stay at home or evacuate. Those who did leave the area likely worried about what the state of their homes and properties would be once they returned.
With the storm now in our rearview mirror, there are some important lessons about money and financial planning we can learn from it. Below are a few examples:
- Always plan: Create an essential list of items you would need in the event of another major natural disaster, along with a plan for where you will go. Having a plan your entire family knows can help you better navigate a difficult situation.
- Know the risks: When it comes to financial matters, many investors focus on “worst-case” scenarios, which could include significant drops in the stock market. However, making investments based on fear alone can be a big mistake. Remove emotions from the equation and make financial and investing decisions based on careful assessments.
- Have cash on hand: If you can expect an emergency to arise, make sure you have cash available. There is always a chance that banks, ATMs and credit card readers will not be operational in the hours and days after a storm. Cash allows you to purchase supplies without a credit or debit card.
- Remember what’s important: Ultimately, while we people will understandably be concerned about their homes, properties and money in a disaster situation, what’s most important are family members, friends and pets. Keeping everyone safe should be the top priority. You can rebuild damaged or destroyed homes and recover from financial losses, but your loved ones are irreplaceable.
For further tips and guidance in the wake of Hurricane Irma, meet with a skilled Florida estate planning attorney at The Charles Law Offices.