A strange ringtone blurts from my IPhone, it’s just after 8am in Waikiki – Hawaii and our family holiday mood changes to panic. The message reads “Emergency Alert: Ballistic Missile threat inbound to Hawaii. Seek immediate shelter. This is not a drill” it’s amazing how quickly life changes.
Adrenaline kicks in, survival takes centre stage. We get the kids up and moving (no easy feat for teenagers on a Saturday morning in school holidays) and head for the hills as far away as we can drive. It seems like an eternity before a second message arrives “there is no missile threat or danger to the State of Hawaii. Repeat. False Alarm”. It really did feel that we escaped our fate and it certainly put what’s important into perspective. We quite simply were not prepared.
For me as a Financial Planner this saga highlighted so many issues. My mind was racing;
- What happens to our assets?
- Where’s the will? Oh no, we are all together. Who inherits it all then?
- My Business?
- Where are all the important documents?
This crisis showed that you can’t be prepared enough. We do have wills that nominate our kids as beneficiaries but what happens if we all go together? In regards to the business, a clear succession plan that address all the “what ifs” is important.
Whilst a financial plan won’t save your family or business from a missile strike it does make you consider all the risks and possibilities. It is far too easy to get caught up in our busy lives and put these thoughts on the back burner. Strategies for wealth creation can be formulated alongside management and avenues for protecting it now and in the future.
To discuss any concerns, you have about your future financial health and your plans in a crisis (or how to avoid a missile headed straight for you) please feel free to contact the office for an appointment.