The American Red Cross plays a vital role in communities across the country, providing immediate assistance to families affected by disasters, maintaining a critical supply of donated blood, supporting military members and their families, and teaching lifesaving skills such as CPR, first aid, and water safety.
Powered largely by dedicated volunteers, the Red Cross can respond quickly when people need help most. At its heart, the organization represents neighbors helping neighbors and gives people an opportunity to make a meaningful difference in the lives of others.
The Red Cross has deemed the month of September to be “National Preparedness Month”. If you check out that link, you’ll find all kinds of useful tips about preparing for emergencies and natural disasters.
We at Patel & Sciabica Financial Group, LLC have always believed that a higher level of preparedness is one of the best things that we can help our clients achieve. Life comes at you fast, and it’s important to be ready for its curveballs.
They’re not only bad things, like disasters, injuries, and illnesses. Sometimes unexpected things take the form of an unexpected home purchase, an opportunity to buy into a business, or an unforeseen job promotion.
You’ve often heard us say that you ought to be prepared for whatever life throws your way: good or bad; planned or unplanned.
How can you best do that? Keep in mind a few key principles:
- Your income is your most precious financial resource.
- The loss of your income is your greatest financial threat.
- The way you manage your income is your greatest financial opportunity.
Regarding #3…remember that there ought to be a hierarchy around how you manage your income:
- Protect your income and your assets.
- Become a world-class saver and sock away the right amount of money.
- Maintain sufficient liquidity – assets that you can get your hands on without penalties or other adverse consequences; this should be equal to at least one-year’s income.
- Minimize the cash flow drain of debt and taxes.
- Invest for long-term growth.
Follow these few guidelines…in that order…and you stand a very good chance of achieving financial success.
Not sure how to get there? Or how to get started? Or how to get back on track? Reach out to us…we know the way.