All right, let's talk about lifs
unexpected events now and when those happen,
having a plan can really help you out.
Like if you have your credit card stolen
or a spouse suddenly passes awar
maybe you experience a devastating fire,
having not having a plan can
really hurt you financially,
in addition to all the rest of the emotions
that you're going through at that time.
So here, with some simple stepst
you can take to be more prepare,
is money and business expert Derek Kenny.
Hey, Derek. Hi, Jason.
Good to see you. Good to see you too.
I I love that we're talking about this today,
Derek, because it seems like the
are all these things that we dot
think about until they happen t.
And if you don't think about
it until it happens to you,
you're usually thinking about it too late.
So let's start off with credit cards here.
When those get stolen,
as someone who has lost his wallet many
times and not knowing where it ,
it's a really bad feeling.
If you find that your credit cas
have in fact been stolen, thoug,
what step do you take there?
Well the bottom line is there'se
thing you can do to help prevent
the panic and nervousness that s
normal if you lose your wallet,
your purse, or your phone or yor
credit cards are stuffed in.
You want to keep a list of all r
credit cards and most importanty
the 800 number to call to report them
stolen so they can put a freeze on it.
You can do this one of two ways,
either make a copy of the front and back
of your credit card and sort in a safe place.
Safe deposit box,
a safe at home or just keep the
800 numbers in your phone.
That way if something happens,
maybe you put under their crisis as the
category you know the exact numbers to call,
which can save you time and a lf
emotional energy to make sure tt
nothing happens to your credit cards.
If the worst does happen.
I probably should have saved
those numbers a long time ago,
Derek, because you know,
mine haven't been stolen,
but they have been lost,
which is just as bad because
you still have to go through all
of these different procedures.
Let's talk about this next one.
And, and this is something that you know,
nobody wants to think about,
but how do you help to prepare
yourself financially in case yor
spouse unexpectedly passes away?
What do you do there?
There's actually a couple steps here,
and this can really bring the anxiety down
in the moment of most crisis that occurs.
Let's say it's you or your
spouse that passes away.
You want to have an UpToDate wil
that specifies where things go d
especially the objects that are important
to you and members of the famil.
So there's not the bickering
and the the argument after your
death of where do they go?
But also you want to have the discussion,
where is the will?
You don't want to have a scavenger hunt
for your family of, my gosh, they've died.
Now we can't find their stuff.
The other piece very, very important is.
Know what your wishes are about burial.
This is going to sound so funny,
but a client came to the
office from another firm.
We brought them in.
They said Derek,
our parents, we buried them,
but we found out later because we couldn't
find the will they wanted to be cremated.
And so it creates all kinds of issues.
Have the dialogue ahead of time,
but on one sheet of paper in
an easy to find place.
List out your wishes.
It'll save a lot of stress from the family.
Derek, one last thing I want
to talk to you about today.
And and and I've known somebody
who's been through this where
they lost everything in a house
fire and it was devastating to
them on so many different level,
and that devastation lasted a long time.
What step do you take there to protect
yourself, at least financially?
Yeah, you're going to go through
the emotional stuff,
but what about protecting
yourself financially there?
Well, this hit home, this happened to some
close family friends of ours just recently.
So it's very, very personal.
Two things, make sure that when
you call your insurance company,
your home is covered for what's
called replacement value,
not just the value you think it's worth,
but what it would cost to replace it in
today's economic times with high inflation,
the cost of lumber etcetera.
But also do this one thing and that is
either take pictures or take a video.
Jason, get this.
Of the entire house.
And here's why.
Your insurance company will depend on
you to verify every item you had in that
house if you want to be reimbursed for it.
So take pictures room by room.
Just say over the next seven da.
I'm going to cover one room of y
house and save it on the cloud.
So if the crisis occurs,
hope it doesn't.
You're protected and you've got easy ways
to validate what you want to replace.
Some
great advice there, Derek,
And that only takes a couple of
minutes to have covered that in
in a Right on the money report.
And as you accumulate more stuf,
take new pictures and video bece
that's the stuff that you would
lose in the fire if that happen.
Derek, thank you so much
for for these tips today.
Again, these are things we don't
think about until it's too late.
My pleasure, Jason. Thank you.