Three Lessons I Learned from Hurricane Sandy
The aftermath of Hurricane Sandy is still being felt up and down the East Coast. From Main Street to Wall Street, people are struggling with power outages, flooding, getting to work, getting back home, and in the most devastating instances, coping with the loss of life and limb. What Hurricanes Sandy, Irene, Katrina and others have taught us is that extreme events do happen, and although they cannot always be avoided, we can take precautions to reduce their impact.
Natural, economic and political disasters become personal when they hit home with family and friends. Here are three lessons I have learned to ameliorate their impact:
- Be prepared. Stay informed and do not dismiss warnings as hype. Think broadly about what could happen – that ‘one in 100 chance’ – to plan for the worst and hope for the best.
- Maintain a positive yet realistic attitude. Bad things do happen to good people, and yet the human spirit is an amazing thing. Surround yourself with supportive family, friends and like-minded people.
- Persevere. Put one foot in front of the other and do not be frozen by fear. Recovering from a disaster takes hard work, but others have faced similar challenges before and have succeeded in restoring their lives.
In thinking about these lessons learned, please turn your attention to your financial and investment planning. Have you prepared a strategy to manage risk? Are your goals for growth realistic? Do you have the right support team in place to help you persevere in down markets? Find out by taking my brief (8 questions) Investment Assessment Survey to help you identify the factors that are most important to you in managing your investments in 2013.* As always, your privacy is protected and you will see consolidated results at the end of the survey. If you would like to discuss any of these factors, I would be happy to speak with you at your earliest convenience.
* Please note: My survey is designed to aid investors and asset owners irrespective of depth of experience.