In Sarasota, the potential impact of Hurricane Irma was worse than her actual impact. While we all still have some clean-up to do, we were mostly spared from extreme damage compared to those in South Florida. With Harvey just before and Maria just after this storm, we (once again) find ourselves extremely grateful that it wasn’t much worse.
These past few weeks, it seems every conversation we’ve had starts with “How did you fare during the hurricane?” - as it should - with consideration for others’ health and well-being. And as our team at SRQ Wealth has gotten back to work, our focus has become: “How will these hurricanes affect our clients’ wealth, income, and…futures?”
I recently read Brian Wesbury’s article, “Hurricane Economics” which provides a quick summary of how to view the financial impact of hurricanes. In it, he reviews the hurricanes of the past to help us better understand the likely impact the current ones will have.
I especially like the excerpt he uses from the book, “Economics in One Lesson” regarding the vandalized shopkeeper. If only I was so eloquent and could explain such advanced concepts in such simple terms! I think I’ll be reading that book as well. The author provides a free version of the book on his website.
At SRQ Wealth, as we have done during every recent “crisis”…Great Recession, 9/11, Tech Bubble, Debt Ceiling, etc…we prefer to address clients’ needs in response to each crisis on a one on one basis. Reviewing these events in relation to each existing financial plan is the only way to determine how they will be affected, financially, by this or any event. We want our clients to know that we are standing behind them every step of the way.
Just as with hurricane preparation, those that are prepared when there is no imminent storm are usually better able to handle a real storm when it arises. The clean-up is minimal, and order is restored quickly with little worry. Similarly, those that build a financial plan with a Certified Financial Planner practitioner are able to review their plan, make minor adjustments and quickly move on knowing that their financial lives are likely still on course. It’s all in the planning!
Here’s to a speedy recovery to all of those affected by