Dealing with Periods of Crisis

Transcript:

A crisis is a turning point, a time when you have to make crucial decisions that will affect your future.

While you can’t have a plan to deal with all possible risks, you can plan for likely and unlikely events.

Any plan you make for dealing with a future crisis should be flexible.

One good approach is to plan for a worst-case scenario.

Click here to subscribeDownload the full report: Dealing with Periods of Crisis

A key component of planning for a crisis is organizing your records and personal papers.

Set up a filing system and give a list of your important documents and advisors to a trusted friend for safekeeping.

Planning for a crisis usually also means planning for your finances.

It’s important to keep an emergency fund equal to at least three months worth of expenses.

Cut out all luxuries, and determine the least amount of income you need to survive.

When you plan for a future crisis, don’t be too general.

Instead, be as specific as possible and write down your options.

Act, but don’t react.

To the extent possible, collect information and advice and formulate a plan.

When you have to plan in a hurry, the easiest way is to make a simple list of things you have to do. Then, as you do them, check them off.

Even if you’re alone in the world or if you don’t want to burden your loved ones with details, there are community resources and individuals (paid and unpaid) who can give you general and specific advice.

When you’re sick or hurt or caring for someone else who is, it’s vital to have a support network.

If you own your own disability insurance policy, check your coverage and contact your insurance company for claims information.

If you were hurt or became sick from job-related causes, you may be able to collect benefits from workers’ compensation.

If your disability is expected to last a year or more (or even result in your death), you may be eligible for Social Security disability benefits.

If you have limited income, you may be able to qualify for Supplemental Security Income (SSI) benefits or other government programs.

Talk to your employer about what benefits you are entitled to in the event you are disabled.

If you work for a company that employs 50 or more people, you may be entitled to take up to 12 weeks unpaid leave under the Family and Medical Leave Act of 1993.

Set new priorities and goals for the future.

If you’re terminally ill, the next step is critical.

You may need to quickly revise your financial and estate plans.

You may be tempted to make a drastic career change, start your own business, or continue your education.

Be careful. You may be reacting emotionally rather than logically.

If you’re married, you may be tempted to rely upon your spouse for support.

The most loving spouse in the world can’t solve all your problems.

Share your burden with your friends, a support group, a career counselor, or your relatives.

If you’ve lost your job through a layoff or because you were fired, immediately contact your state’s unemployment office.

If you know that you are losing your job a few weeks or months before it happens, you’ll have time to restructure your debt, take a part-time job, or borrow against your savings, home, or investments.

If your job loss is sudden, however, you may need to rely upon your savings and find ways to reduce your payments on bills.

If you’ve dealt with unemployment before, you probably know the drill: update your resume, check the want ads, begin to network, etc.

When your spouse or a family member has died, you may need to plan the funeral, organize finances, and claim life insurance benefits.

You may need to serve as executor of your loved one’s estate, and you may need to be familiar with estate settlement procedures.

If you need to Stress Test your portfolio to see how it fairs in unfavorable conditions, give us a call at (310) 824-1000 or click here.

Schedule a conversation

© 2022 Confidence Wealth Management LLC. All rights reserved.

 

Investment Advisory Services offered through Confidence Wealth Management LLC, an SEC registered investment adviser. Confidence Wealth Management LLC (CWM) and Confidence Wealth & Insurance Solutions LLC (CWIS) are two separate affiliated companies. All investment advisory services are provided by CWM. All insurance products and services are provided by CWIS. CWIS does not provide any investment advisory services. CWM does not sell any insurance products. For complete information regarding Confidence Wealth Management’s services and fees, please review our Form ADV Part 2A Disclosure Brochure, which can be found at adviserinfo.sec.gov or requested by calling us at (310) 824-1000. Information provided herein reflect Confidence Wealth Management’s views as of the creation date. Such views are subject to change without notice. Information provided herein is for informational purposes only and should not be considered investment advice or a recommendation to buy or sell any securities. No investment decision should be made based solely on any information provided herein. Confidence Wealth Management has not taken into account the investment objectives, financial situation or particular needs of any individual investor. There is a risk of loss from an investment in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor’s financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. This is designed to provide general information on the subjects covered. Pursuant to its circular 230, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that the information given does not give legal or tax advice. Should you have any tax or legal questions, you are encouraged to consult your tax advisor or attorney for any tax or legal matters. Not affiliated with the U.S. Government or any governmental agency.

 

Terms of Use  |  Privacy Policy

[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]