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How small inconveniences suddenly turn into major catastrophes

Last updated on: August 12, 2020 by David Lewis Filed Under: Financial Planning, Risk Tagged With: financial planning, risk management

When Hurricane Isaias came up the coast, we temporarily lost power. Normally, it’s not a big deal because… people still go to work, emergency power systems normally come online for big commercial buildings, and life goes on. 

But… most people are working from home these days. And… most people don’t have backup generators. They also don’t have access to backup internet when cell service goes out. And, since public spaces are closed or restricted in many areas of the country, work environments are very fragile right now. Entire businesses can be taken off line for several hours because of a Cat 1 hurricane.

To the casual observer, this is a “weird” one-time event. 

And… that’s kind of the point. 

Uncertainty is part and parcel of life. 

Those “weird” one-time events happen all the time. Sometimes, it’s a minor annoyance. Other times, it’s a major catastrophe.

If you were to ask me what kind of uncertainty can you expect in life… that’s sort of an unanswerable question. If it were known, it wouldn’t be uncertain, now would it?

On a related note, this is exactly why people buy insurance… to protect against uncertainty. 

There’s lots of stuff a person could do with the cash values tucked inside their insurance policy, to prepare for uncertainty in life. It doesn’t necessarily have to stay tucked inside their policy to be useful. 

Anyway, I’ve probably said too much. 

If you want more information and advice that I don’t publish to the blog, then join my email list below.

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