Floods, hurricanes, wildfires, earthquakes, extreme winds, and tornadoes. They all have the potential to create treacherous conditions and cause devastation.
We prepare with insurance, but it is often inadequate. It covers many, but not all natural disasters. Flooding requires flood insurance. And a standard homeowners policy won't cover damages caused if the ground shakes violently.
Disaster can strike with little or no warning. Early preparation is the key.
Today, I want to focus on the importance of building a financial emergency kit. The time to create an emergency kit is today, when the skies are blue and the winds are calm.
Contacts. Who are the important people in your life–family, friends, medical, and professional. Create a list with telephone numbers, emails, or other contact information.
Identification. If disaster strikes, you may be asked to confirm your identity to obtain disaster relief services, file insurance claims, or get access to your property and financial assets.
Important records. We have copies of your financials, but this doesn't preclude you from safe harboring your records.
A password-protected flash drive or file might be safer than hard copies—as long as you have a way to access the files. If you receive electronic copies of bank and brokerage statements, it is advisable to place recent copies in your kit.
What are your valuables? Create an inventory of your personal belongings. Assemble a paper, photo or video inventory, and put it into your emergency kit.
A disaster will take an enormous mental toll on you. Having your financial house and records in order will remove one burden. But what about your children?
Your children's wellbeing will largely be dependent on you. Kids look to Mom and Dad for their security.
Pack their essentials such as medicine and clothes.
Pack their toys, favorite books, music, electronics, and have fresh batteries.
Learn basic first aid skills in case you are your child becomes sick and medical supplies are scarce.
Chat with your kids in ways they will understand. Be honest, reassure them, but don't make promises that aren't realistic. Just as important, let them know there are resources available that will assist your family.
As always, I'm honored and humbled that you have given me the opportunity to serve as your financial advisor. If you have any concerns or questions, please feel free to reach out to me at latoya@latoyamaddox or call me at 678-821-2968 and we can talk. That's what I'm here for.