Hurricane Harvey, Irma, and Jose have demonstrated the power and wrath of natural disasters. Millions of people have lost their homes and precious valuables. And sadly, some have even lost their lives.
I couldn’t help but wonder as I watched the news and the unfolding events, “how many of them were prepared?” Sure, we do our best to prepare for things to happen, but most of the time we are not prepared for that level of devastation. The main reason, in my opinion, is we don’t really want to see our lives as dispensable or temporal.
When Hurricane Katrina hit, 1833 lives were lost and costing $108 Billion in damage, which they are still today recovering.
The financial devastation to those hit by natural disasters compounds when families who are living paycheck to paycheck are left displaced, or when a primary earner is lost as a result of the disaster.
Often, I refer to unexpected disasters as “black-swan” events and the preparation strategies to curtail the impact of these types of occurrences are strategically planned over time.
One strategic way to prepare your family for any black-swan event is to ensure the assets required to attain basic needs are in place. This means taking a hard look at where you are today, and make preparations to insulate your succession plan in business and life.
You can start by creating a Legacy Chest™, a place where you keep all important papers and mementos. You will need to store your chest in a waterproof / fireproof safe with a combination lock, or for enhanced security, fingerprint recognition. If you have time to evacuate an emergency situation, remove the box from the safe and take it with you.
Here are few suggestions of items you will need to begin building your Legacy Chest™…
- Last Will & Testament – A staggering 64% of Americans DO NOT have a will. You can go to eForms and download a template for free, complete it and have it notarized. No attorney necessary.
- Insurance Policies -8 5 percent of consumers agree that most people need life insurance, yet only 62 percent say they have it according to the Insurance Barometer Study, LIMRA. You can start by getting a FREE QUOTE. With your policy you will want to make sure that the contact information is right on top where your loved ones can see it immediately. A helpful tip is to hand write your instructions for them.
- Birth Certificates/Social Security Cards/Passports
- $1,000 – $5,000 Cash – Small Bills, preferrably, no larger than $20
- 1 oz. Gold Coins/Buillon – The Gold Standard may be obsolete, but the value of Gold is still invaluable. It is the only appreciable asset that can be traded as currency. Having gold coins in your possession during a critical crisis where the financial system is crippled, will protect you. Have as much as you can on hand.
Optional items to include in your Legacy Chest™ …
Heirloom Jewelry – Mementos / Pictures placed in waterproof bags.
Your Legacy Chest™ is a place to keep what is important and to have a reserve of cash in the case of a black-swan event. Your cash and gold will help you to secure basic needs in the event the financial institutions are unavailable or ATMs are non-functional.
Here’s to your remarkable life & legacy!
P.S. – Go Here to Get a FREE Whole Life Insurance Quote – New Clients Receive a FREE Legacy Chest