{"id":8737,"date":"2017-10-30T10:59:33","date_gmt":"2017-10-30T17:59:33","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=8737"},"modified":"2017-10-30T10:59:33","modified_gmt":"2017-10-30T17:59:33","slug":"client-collisions-unexpected-meets-unprepared-planning","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/client-collisions-unexpected-meets-unprepared-planning\/","title":{"rendered":"Client Collisions: Unexpected Meets Unprepared Planning"},"content":{"rendered":"

What could go wrong?\u00a0 You have a plan, right?\u00a0One thing I know is that you never get hit by the bus you are watching.\u00a0 You only get hit by the bus that you are not<\/strong> watching.<\/p>\n

Basic planning has its place, but let\u2019s step outside the boundaries of basic planning.\u00a0 There is no shortage of news to find about unexpected events affecting families in our communities.\u00a0 Behind each event are real people with real struggles.\u00a0 When you are on the receiving end of an adverse unexpected event, it can result in a financial stumble, a fall or much worse.\u00a0 It can greatly impact your financial trajectory to the point that you completely miss an important target.\u00a0 Bad things happen to good people.\u00a0 As life reminds us, the things that one may be least concerned about, or those things you don\u2019t bother to consider, are trap doors along the path to worry free finances.<\/p>\n

When it comes to planning, the difference may not be the questions asked, but the questions that you don\u2019t ask.\u00a0 Frankly, some questions create discomfort to ask.\u00a0 So, do you want your head in the sand, or talk about it?\u00a0 In life, there are really two ways to manage any type risk; either keep the risk or transfer the risk.\u00a0\u00a0 There are hazards on both sides of that double edged blade.\u00a0 It is only when you are able to acknowledge the unexpected could actually happen, you are equipped with information, and have thoughtful solutions that you can make the best decision.\u00a0 If you fail to plan, you plan to fail.<\/p>\n

Just a few weeks back, Hurricane Irma passed over my house in Miami.\u00a0 My first concern was family safety, then protecting our home.\u00a0 We evacuated to a safe and faraway place with family; that box is checked.\u00a0 We followed all hurricane preparedness procedures; check again.\u00a0 On the way out of town, I was most worried about the wood fence being blown away like a potato chip, and that all of the tender and newly planted trees would be destroyed.\u00a0 Well, we sure missed this one.\u00a0 The wooden fence and new trees were just fine.\u00a0 However, a 50 year old, 40\u2019 mango tree fell right into our house and knocked down a 50 foot length of a 6 foot tall cinderblock and concrete wall.\u00a0 Well, we didn\u2019t see that bus coming.\u00a0 In this case, we are able to transfer the risk to our insurance company; that\u2019s exactly why we maintain hurricane and flood insurance with coverage levels and deductibles that match our needs.\u00a0 However, some of our neighbors have no insurance on their home, and they are not very pleased right now.\u00a0 In fact, I\u2019m not pleased either since there is joint property damage in which they have no insurance to cover.\u00a0 So they have effectively transferred that risk to an innocent bystander if I want repairs completed.<\/p>\n

Here are 10 tough and unexpected scenarios that I have witnessed in the past 25 years.\u00a0 Have you thought about these, or do you have an emergency plan to address these?\u00a0 This is not a doom and gloom outlook, but a reality check for you and a mirror.\u00a0 It is only your level of preparedness that determines the final outcomes and ability to achieve financial prosperity:<\/p>\n

\n

Table of Contents<\/p>\n