It's benefits season. What do you need to know to capture the most value and ensure your health and assets are protected?
This week in Austin, Texas has been a rough one for many, including some of us at CAM Investor Solutions. Several cold and freezing days without power, trees down all around our homes and neighborhoods, nearly a week of no school with stir crazy kids – it has been a lot. Not to mention work deadlines and the rest of the world continuing on. It can be very overwhelming!
How do you respond to feeling overwhelmed? I think for most of us the first reaction might be to shut down, feel frustrated and defeated. But there are a few things that can help us not give into these negative feelings and thoughts.
- Focus on what you can control
- Refuse to imagine all the things that could go wrong
- Take action where you can
- Ask for help when you need it
This last one, asking for help, can be very hard for many of us. Sometimes it feels like more work to ask for help than to just take care of something yourself or “just deal with it” or endure it. This week has been a perfect example of people giving back to one another during this ice storm. Nothing like a tragic event to bring a community together, when a collective is enduring the same or similar hardships, humanity seems to bond subconsciously. A simple ask, like a playdate for your kids or a hot shower or to borrow a saw, can take a large load off your mental stress. And usually the neighbors and friends you’re asking don’t see it as an imposition at all. A great life lesson from a mentor has been:
It doesn’t hurt to ask.
These events can also be a great catalyst to inspire us to be ready for the next unforeseen event. Here are a few things you can do now to reduce feeling overwhelmed before the next “life storm”:
- Insurance: home, auto, health and life. Do you have coverage and is it enough? Does it cover possible events that you might experience?
- Cash & Savings: when power goes out, credit cards don’t work. Have some cash on hand to buy things like food and gas in an emergency. Also ensure you have enough saved in an “emergency account” in case you need to pay for deductibles or bills that are necessary to get you out of the worst of your current situation.
- Survival supplies: whatever your “life storm” might be, prepare supplies in advance. Here is a great guide on how to build your own survival kit. https://www.ready.gov/kit
- Support team: think ahead of who you can call for help, whether that be friends, family or neighbors. Also let those you care about know that you can be there “go to” for help when they are in need.
- Documents: ensure that you know where all important financial and personal documents are. Keep them in a fireproof/waterproof safe or place. Storing them digitally online in a secure site is also a great idea.
- Wills, Trust & Beneficiaries: in the event that anything happens to you or a loved one, having a clear plan of who your assets and most cherished possessions will go to, will help your loved ones execute your wishes. The most important of these out of all others is your pre-adolescent children. Legally designating a caretaker for them will provide the best future for them if you’re not here to take care of them yourself.
This list alone might feel overwhelming, which is NOT what we’re trying to do. This blog is to help you get past that feeling – so take each of these suggestions one at a time. If you have just ONE of these items complete before your next life storm, you will greatly increase your ability to handle whatever the storm brings with a little less stress.
If there is anything we can help you with, help lessen your feeling of overwhelm, please reach out. We are here to help our clients and you, create a plan and be financially prepared for whatever life brings your way.
M & A Consulting Group, LLC, doing business as CAM Investor Solutions is an SEC registered investment adviser. As a fee-only firm, we do not receive commissions nor sell any insurance products. We provide financial planning and investment information that we believe to be useful and accurate. However, there cannot be any guarantees.
This blog has been provided solely for informational purposes and does not represent investment advice or provide an opinion regarding fairness of any transaction. It does not constitute an offer, solicitation or a recommendation to buy or sell any particular security or instrument or to adopt any investment strategy. Past performance is not a guarantee of future results. Diversification does not eliminate the risk of market loss. Tax planning and investment illustrations are provided for educational purposes and should not be considered tax advice or recommendations. Investors should seek additional advice from their financial advisor or tax professional.