What Are The Odds?
On Monday April 2, 2012, an airplane crashed into the Publix Grocery Store in DeLand, Fl. I do not want to go any further without recognizing the personal tragedy the injured people and their families are going through. One of the victims who was severely burned in the crash is undergoing a painful skin removal procedure today. Human life and suffering is clearly the biggest tragedy of this incident.
Let’s look beyond the immediate and obvious. What if? What if you were one of the people in the plane or an innocent bystander? FactSource says 77% of people today are living paycheck to paycheck. What would happen if you were unable to go back to work for 30 days? Forever? Most folks would suffer financially resulting in serious consequences.
Or maybe you were laid off because the business you worked at is not going to reopen for at least a year. Most families cannot survive on unemployment. How about the adjacent businesses that relied on the traffic that Publix created? Will they survive? Most businesses in today’s economy could not withstand another 20% or greater hit in sales from an event of any kind. And even after Publix reopens, how long will it take your old clients to reestablish their buying habits and come back? What if they never come back? Will you still be open?
The bottom line is life happens. There are ways to prepare for and protect against these life-changing and business-ending events.
Have you Assessed the risks you face or just bought an insurance policy?
Would you know how to Implement a plan to reduce, eliminate or transfer these risks?
What is your plan to Monitor your plan and what metrics will you use to ensure your plan’s success?
Are you having this kind of conversation with your advisor?