Bomb Threat π£
Good morning!
About 2 weeks ago, someone I follow online shared this picture:
He noticed it and took this picture on a recent visit to Ikea.
Something that he (and I) found interesting about this is that it's a checklist.Β β
In other words, someone at Ikea thought it was a good idea to think through and document the steps to follow if a store receive a bomb threat.
I guess in that situation it's best not to wing it.
So now, a question:
How would you handle a bomb threat?
Do you have a checklist?
Do you know what to do first?
Who to call?Β π
What information to gather?
I'm not talking about a literal bomb threat...
No, I'm talking about a financial bomb threat.
While in the past I've referred to these as "life boat drills" the concept is the same.
First, what could blow up your retirement plan?
Second, how would you react and what would you do if you experienced a retirement bomb threat?
This could be the death of your spouse.
Or disability.
Or a long-term care need.
It could be a divorce.
It could be a business that fails.
Or a business that's suffocated by circumstances outside your control, like a global pandemic.
The circumstances above are all largely outside your control.
And they can have a BIG, lasting impact on your life. And the lives of those you care most about.
No, the bomb metaphor isn't very elegant.
But I hope you can get a sense of the importance of one or more of these events detonating in the middle of your life.
Just 2 nights ago, we learned about a friend who was traveling outside the country with his family.
He was out jogging when the car hit him.
It was - and still is - bad.Β
Badly broken leg. Broken ribs. Reconstructive surgery on his jaw and mouth. And more. Much more...
He's relatively young. And fit. And healthy.
He runs a successful business.
And his wife said, "we've literally just been in survival mode since this happened a few months ago."
Now I'm not suggesting that this "survival mode" could be avoided.
You do the best you can with what you have, especially in times of crisis.
But in the back of my mind I'm wondering if he has disability insurance? Many small business owners do not.
Will his business survive without him there for an extended period of time?
What else could "blow up" in their lives as a result of this accident?
I don't share all of this to simply motivate you to update or put your estate plan in place. But you should...
This isn't about buying insurance.
It's not about being afraid to go outside and live your life.
What it's about is recognizing that the best laid plans are just that... plans.
But when they come into contact with our lives...Β
In fact, you may be familiar with the military quote, "No plan survives contact with the enemy..."
Similarly, no financial or retirement plan survives contact with your life.
Because things change.
And your plan will need to change, adapt, and evolve over time as a result.
Another military quote, this time from Eisenhower... "Plans are worthless, but planning is everything."
I've written about this before, so forgive me if I sound like a broken record.
Even when we feel like we're on top of the world and everything is going great, there are always potential bomb threats lurking out there.
The role of a comprehensive financial strategy is to consider these bomb threats and make sure you're prepared.
So you'll know what to do. Who to call. What information you'll need to gather. And more.
Then you can get back to enjoying your life.
Knowing your financial plan is bomb-proof.
Links & Things
Listen to my recent podcast conversation with Tracy Gould Sheinin where we discuss her mediation work, especially as it relates to women dealing with divorce.
Inflation seems to be talked about more and more these days. So check out this Reddit thread on "Shrinkflation" to see another type of inflation. Elizabeth and I have seen this in the grocery store. How about you?
Do you own an iPhone? Or does your iPhone own you? Read this long, but interesting, article about how to better take control of your iPhone. It's a couple of years old but has aged pretty well. I learned a couple of things... maybe you will too.
Thank you, as always, for reading.
Until next Wednesday,
Russ