"Everybody is talking about the weather but nobody does anything about it" - Mark Twain
I want you to remember today, September 27, 2011, the day Typhoon "Pedring" battered the country. This is almost exactly 2 years after, Typhoon "Ondoy" devastated the Philippines...one thing for sure, this is not the last time that strong typhoons like this will hit our land...
In my previous Internal Audit world, we identify risks and controls in companies...so please allow me to use this analogy...some risks may or may not apply depending on your circumstances...
When there is a typhoon, there is higher risk of:
- Accidents - so please be safe and better stay at home...if you're studying or working, take the day off...the cost of accident will be higher than your daily rate...
- Flooding - secure your vehicles and belongings to higher grounds. Make sure your car insurance have that "acts of God" clause. If you know that your area is being flooded everytime it rains, is it time to do action and start planning to move to a better place for the sake of your family?
- Brownout/Blackout - make sure you have sufficient supply of food, water, candles, batteries for radios/flashlights."Panic" buying on the day of the typhoon will just be more costly...
- Destruction of property - We live in a country that is visited by storms/typhoons XXX number of times in a year. With regards to your houses or business establishments, your fire insurance should include endorsements for typhoon and flood.
- Loss of lives - You have car insurance and fire insurance for your house, why not have a life insurance as well for yourself and family (for the breadwinners). Which is more important, your car/house or yourself?
Lastly, set up that "emergency" fund which is equivalent to 3 to 6 months of your salary. It pays to be "liquid" when your house is under water...=)
"Be Prepared... the meaning of the motto is that a scout must prepare himself by previous thinking out and practicing how to act on any accident or emergency so that he is never taken by surprise." - Robert Baden-Powell (founder of Scout Movement)
Hope this helps and stay safe always...
Ge
Gerald Cantor is a Registered Financial Planner graduate and a Financial Consultant of Pru Life UK. He is also a Certified Public Accountant and a Certified Internal Auditor. Ge is proud to be an ex-OFW, a "career-shifter", a baller, a newby entrepreneur and most importantly, a "proud" dad of Gia (4yo) and Clarie (2yo).
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