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Financial Catastrophe

Financial Catastrophe

| November 01, 2018

Are you prepared for a financial catastrophe?
What would you do if you lost everything?

Nobody saw this coming...

August 28, 2018 seemed like another ordinary Tuesday. But on that day, a little storm developed off the coast of Africa.

Over the next 2 weeks that little storm became Hurricane Florence. And she wrecked the southeast United States with a vicious fury. The lives of millions of people were forever changed. Some folks lost everything.

Have you ever heard the phrase "hope for the best, but prepare for the worst"?

It's one of my favorite sayings. But it's more than just a cute slogan to me. This phrase echoes my deeply held beliefs about wealth management.

I talk to all my clients about this. I push them to build a plan for their best-case scenario... their "dream retirement." But I make sure they take measures to protect themselves from the inevitable risks of life. Unfortunately... not everyone agrees with me on this. A lot of advisors don't encourage their clients to protect themselves from risk.

Risk management just isn't as sexy as picking "the next hot stock."

But here's something to think about... something that broke my heart.

Only 1% of North Carolina's inland counties have flood insurance. On the coast... it's only about 25-50%. With Hurricane Florence... lack of flood insurance could be financially devastating for thousands of families. And we've already had two major hurricanes THIS YEAR. If you don't live on the coast... you may think this doesn't apply to you. But you're wrong. Everywhere in the United States (or world) is subject to Nature's wrath: earthquakes, tornadoes, floods, mudslides, wildfires (or fires in general), snow storms, avalanches, hail, lightning...On and on and on. No place is completely immune from these events.

Retirees are even more at risk. If you're on a fixed income and you have a catastrophic event... that could be $5,000, $10,000, $25,000... or even more money out of your pocket. For many, that would be the brink of financial ruin. An event like this could lead to you back to work... or even relying on family and friends to support you. Nobody wants to be vulnerable like this. And the truth is... you can minimize your financial risk by taking a few precautionary steps. You can plan for the possibility of catastrophes with your finances. You can prepare for it. That way you're not left in ruins because of a disaster.

In other words... "hope for the best, but plan for the worst."

Many of the people affected by the hurricanes probably never thought it would happen to them. Then it happened to them. And now many will have to start completely over. But it doesn't have to be this way for you. If you're not protected (or not sure), don't wait until disaster strikes to do something. We can help you get the coverage you need. We can guide you through the entire process so you sleep easy at night KNOWING that you're covered.

If you need help with this... or just want to find out what your options are... set up a time to talk with us.


Copyright 2018 Odyssey Wealth Design. Odyssey Wealth Design provides financial planning and wealth management to clients in Orange County, Irvine, Newport Beach, and around the country.