How to Build a Financial First-Aid Kit for Disasters
*By Carlo Versano*
The wildfires in California have demonstrated, among other things, just how quickly a natural disaster can upend your life. Unlike most hurricanes, which are relatively predictable and slow-moving enough for days of preparation, wildfires can ignite out of nowhere ー and they're no longer confined to "fire season" in the parched west. Residents of Paradise, Calif., a town destroyed by the Camp Fire last week, did not even receive evacuation orders until they smelled the smoke. For dozens of them, it was too late.
But the tragedy can serve as a reminder of the importance of financial readiness, said Tony Steuer, author of the financial preparedness guidebook "Get Ready." In that book, he argues that everyone should have a "get ready kit" that they can take with them if they're forced to evacuate ーa resource that can also help the friends and family left behind in the event of a worst case scenario.
Here are his tips to Cheddar for starting a financial first-aid kit:
1. Buy a binder. It's old school, but it still works. Put all your relevant financial documents in it.
2. List your assets, home, and real estate holdings.
3. Organize your retirement plans, debts, personal loans, living expenses, and taxes.
4. Document important information for your heirs. Don't assume they already know it.
5. Assemble an insurance portfolio that includes mandatory plans, like car insurance, and any other coverage you have. If you rent, don't sleep on getting renters insurance. It's cheap and will cover you when your landlord's coverage won't (and it won't).
6. Evaluate your financial readiness. Make regular check ups, and do an overhaul after any major life event ー like marriage or the birth of any children.
"The best first-aid kit is the one that you have with you," Steuer said.
That goes for financial first aid, too.
For full interview [click here](https://cheddar.com/videos/how-to-prepare-your-financial-first-aid-kit-before-disaster-strikes).
Recent data reveals that streaming giants are struggling to retain subscribers in the months following a major release.
According to data from Antenna, subscriber trends show that users will subscribe to a given streaming service just to watch a particular show, and then cancel those subscriptions shortly after. This comes as the streaming space continues to heat up as new entrants crowd the space. Jon Christian, Founding Partner + Digital Supply Chain Leader at OnPrem joined Cheddar's Opening Bell to discuss.
As airlines continues to face massive pilot shortages, United Airlines is opening a training academy for future pilots. United projects that the academy will train around 5,000 new pilots by 2030. David Slotnick, Senior Aviation Business Reporter at The Points Guy joined Cheddar's Opening Bell to discuss.
Stocks opening mostly higher to close out a wild week on Wall Street. It comes as investors continue to digest comments from the Federal Reserve, as well as the latest slew of earnings. Gene Goldman, Chief Investment Officer at Cetera, joined Cheddar's Opening Bell to discuss.
Jim Lacamp, Senior VP of Investments at Morgan Stanley, recaps the headwinds markets faced over the last four weeks and what to expect from this month's Jobs report.
Stephanie Akin, Politics Reporter for CQ Roll Call, breaks down
Senator Manchin's donation pool, and highlights what this support means for the conservative Democrat as well as the Republican party.
Julie Gillespie, Trading Analyst at TipRanks, breaks down Apple's record-breaking quarter and highlights areas of the business where the tech giant may see potential growth throughout the year.
The global oil benchmark surpassed $90 for the first time in more than seven years. This comes as growing tensions between Russia and Ukraine add to concerns about the already-tight market. Jay Hatfield, Chief Investment Officer at ICAP, joined Cheddar to discuss what this benchmark means for the oil industry, and what might happen if Russia does invade its neighbor.
The EU relaxed its Covid travel restrictions for vaccinated individuals among the union's 27 member states, doing away with testing or quarantine requirements for travelers. This comes soon after the World Health Organization said the omicron variant could help make the pandemic more manageable. The new rules take effect February 1st. Bryce Conway, Founder, 10xTravel joined Cheddar's Opening Bell to discuss.
