Being prepared

Blog post #432

We strive to design a financial plan for you.

We recommend and build a portfolio for you, that will help you reach your financial goals.

But sometimes the unexpected happens.

A crisis. A health emergency. A death in your family.

Are you and your loved ones prepared?

We are not talking about whether you have life insurance…we are focusing on the more mundane, but critically important ability to handle basic financial tasks, in our high-tech society.

Are you and your family adequately prepared?

If something were to happen to your parent or spouse, does someone know how to access bank accounts and pay bills?

Do you know how to log into all of their devices, such as their cell phone, tablet (iPad), and/or desktop or laptop computer?

As we talk to clients, there are a significant number of families where one person handles all the financial matters….and the other person or children would not know how to handle these important tasks, or does not know the logins and passwords needed to get access or pay bills.

We want to stress to you the importance of talking to your spouse or other family members (children or even grandchildren) about these things so they are informed and prepared, in advance.

We know that many of you are resistant to using password manager programs, even though we have strongly recommended these many times in the past. The issue we are addressing here goes far beyond using a program.

It’s about information…..whether you or others know how to do things, and do multiple people that are close to you have the knowledge, ability and data (logins and passwords) to handle important financial tasks, if you or another family member are not capable of doing these things?

Do a practice drill. Spend 15 minutes with your parents or loved ones. Talk about this. It will be beneficial.

Can your close family members access your computer or cell phone, your primary bank account, pay some bills and view your credit card accounts?

Do you each have credit cards in your own name? Every couple should have at least one major credit card that is not a joint credit card account.

Just the opposite, every couple should have at least one bank account that is joint, or have an individual bank account that can be accessed in an emergency with at least $10,000 in it.

We plan for you. We help to build your wealth.

But you must take responsibility to do these things, for you and your loved ones.

The 15-30 minutes that you spend now to do this could save you a lot of problems one day in the future.

Talk to us about your family. We want to help you, your children, (and even your grandchildren), with any financial matter that is important to you and your family.

If you know of family or friends who could benefit from this type of advice and guidance, please share this post with them, and let them know we are available to help them as well.

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