5 Financial Checks for Crisis Preparedness

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Typhoon Haiyan had wreaked havoc in Central Visayas, causing unbearable misery and pain to the Filipino people. It also entails a great financial loss on their properties and livelihood which will certainly take months, or even years, to regain. This is such a terrible experience to remember.

Let’s ponder for a moment and think about this:

Suppose that we are residents of Tacloban City and suddenly, a natural disaster like that destroyed our homes and took away our loved ones – How should we respond? Are we really prepared for that kind of ordeal?

Today, let’s assess ourselves and check our personal resources if we really have what it takes to weather that kind of brutal storm.

Let’s ask ourselves and honestly answer these questions:

 

1. Do I have an Emergency Fund, which is worth at least 2 months of my living expenses, for me to survive?

2. Do I have an Auto/Home Insurance that will cover any damages on my house, vehicle and other properties? Do all of my family members, including myself, have medical insurance?

3. As a bread-winner, can my family (who depends on me) still survive in case that I got fatally injured or passed away unexpectedly? Does the coverage of my Life Insurance suffice?

4. As the ATMs in the area were inaccessible and destroyed, do I have a Reserved Cash-On-Hand at home that I can use to evacuate?

5. Do I have another house/ real estate property which my family and I can live in, aside from our humble abode here?

 

Those are the 5 Questions each of us should honestly answer. How do you rate yourself in terms of Financial Preparedness?

The next step for this exercise is to spell a plan of action in order to mitigate risks and strengthen your financial moat against life’s mishaps. And there is no better time to do it than today!

Empower yourself so that you can be able to lend a helping hand to others. Choose to be prepared as early as now for any famine, drought, pestilence, war and other calamities that might come into our land.

Kabayan, let us be a man of means, and not the one in constant need!

Anong say mo?

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