You can’t control if or when disaster will strike, but you can minimize the damage and economic impact with some basic planning. For example, create a family disaster plan and review it so everyone will know what to do in case of an emergency. Always keep an emergency cash reserve of 3-6 months of expenses – this will serve you through job loss as well as if banks and ATMs are not functioning. Make sure you have adequate insurance for your needs, such as homeowner’s, renter’s, flood and earthquake insurance. Keep a central record of all essential household information, including personal identification and licenses, financial and legal documents, and medical information. Consistently review your financial documents and insurance policies for accuracy. Protect your records by storing copies of important documents in safe locations; use password protection for e-files or hard-drive backups and keep both electronic and paper files in a fireproof and waterproof box or a safe deposit box. For more information on how to be financially prepared for emergencies, give us a call today.
Financial Advisor Louisville KY
Wealth Management Louisville KY