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).
Attack surface management startup CyCognito recently raised $100 million in its latest funding round, valuing the company at $800 million. CyCognito offers cyber security through its attack surface scanner, which uses artificial intelligence to identify weak spots in an organization's network. The new funding comes as companies around the world continue to add new defenses to the growing rise of cyber threats and attacks. CyCognito co-founder and CEO Rob Gurzeev joins Cheddar News' Closing Bell to discuss.
Roshan Jhunja, head of retail at Square, joined Cheddar to talk about the financial services company's second annual Future of Retail report. Square expects the massive shift to e-commerce to continue into 2022 as more consumers get used to the online shopping experience. For Square, soon-to-be renamed Block, which began predominantly as a digital payment platform, Jhunja said the company is also helping sellers with automation amid ongoing labor shortages.
Facebook is undergoing more than a name change. The company, now known as Meta, has also seen an exodus of executives this year. While the timing of some of these resignations came before whistleblower allegations, it's undeniable the tech giant is undergoing big changes. Doug Astrop, Managing Partner at Exponential Investment Partners, joins Cheddar News' Closing Bell to discuss Facebook's current state, possible regulatory scrutiny, the impact of Instagram chief Adam Mosseri's Congressional testimony, and more.
Businesses are likely to increase salaries budgets in 2022 by 3.9 percent according to a study by The Conference Board. Gad Levanon, head of the Labor Market Institute at The Conference Board, joined Cheddar to provide additional details about the survey's findings. He attributed the anticipated salary hikes to companies looking to retain current employees, a desire to attract a new crop of workers, and surging inflation.
Fast AF, a premiere quick commerce retailer for products and brands just announced the close of its Series A investment round. That round puts the value of the company at $200 million. The company gets items to customers ranging from masks to sneakers and is now launching its own in-house delivery service. Lee Hnetinka, founder and CEO of FastAF joins Cheddar News to discuss the announcement.
Carolina Navas, Snap's head of AR product strategy and product marketing, joins Cheddar News to discuss how Snapchat's augmented reality is changing the shopping game this holiday season.
Steve Case, Revolution Ventures CEO, joined Cheddar to discuss progress venture capitalists have made over 2021 and where investors are looking beyond Silicon Valley. Other locations VC firms are exploring include Los Angeles, Philadelphia, and Chicago among others. "Historically there's been a brain drain in a lot of these cities, people leaving for opportunity elsewhere. Now, people are staying," he said of the emerging tech hubs. "There tends to be a collaborative effort in the community to really support startups to recognize the future of the community."
A new study by Pfizer-BioNTech found that a third dose of their COVID-19 vaccine is effective against the emerging omicron variant. The pharmaceutical giants also look to manufacture a vaccine specific to the omicron variant by March 2022.
