Recent natural disasters like Tropical Storm Fred and Hurricane Helene in Western North Carolina highlight the importance of financial preparedness. The following are some actionable steps you may take to safeguard your financial well-being when faced with uncertainty created by a natural disaster.
- Build Your Emergency Fund: Aim for 3-6 months' living expenses in a savings account. Keep some cash readily available for unexpected costs.
- Review Insurance Coverage: Ensure homeowner's, auto, and health insurance policies cover potential emergencies.
- Secure Your Documents: Store physical copies of crucial documents (birth certificates, insurance policies, IDs) in a secure location with emergency supplies. Create digital backups and use secure cloud-based storage.
- Plan for Your Legacy: Estate planning ensures your wishes regarding asset distribution are followed, minimizing stress for loved ones.
- Consider Advance Directives: These legal documents outline your medical care preferences in case you are unable to communicate them and may be crucial during emergencies.
For more detailed disaster preparedness information, visit https://www.ready.gov/
For information on advance directives, visit https://www.sosnc.gov/forms/by_title/_advance_healthcare_directives
As we rebuild our community in the wake of these natural disasters, let us focus on actions we may take to empower and strengthen ourselves. By prioritizing these steps, you may build resilience and navigate uncertain times with greater confidence.
To learn how Wealth Transition Finance can help you develop a comprehensive financial plan, use your phone's camera to scan the QR code in our ad.
Wendolyn Forbes is a CERTIFIED FINANCIAL PLANNER™ with Wealth Transition Finance, A Member of Advisory Services Network, LLC. Wendolyn is a fee-only financial planner and member of the National Association of Personal Financial Advisors (NAPFA).
CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the U.S.
This material is provided as a courtesy and for educational purposes only. Advisory Services Network, LLC does not provide tax or legal advice. The information contained herein is general and is not exhaustive by nature. Federal and state laws are complex and constantly changing. Consult your own legal or tax professional for information concerning your individual situation.
Originally published in the November 2024 issue of Positively Haywood.