Life is Unpredictable
The idea that life is full of unpredictable events goes beyond that of a concept or an idea, it is a basic truth of life.
Everyday, there is always another piece of “Breaking News” that gives us that “did it really happen” moment.
While such “Breaking News” always seem to be happening to someone else, the reality is that we can be that “someone else”.
Shock events don’t discriminate and everyone runs the risk of suffering from shock events
if we want to “live life to the fullest”.
When it comes to shock events, there are 2 types – the minor ones and the major ones.
For minor shock events such as the sudden closing down of a bike-sharing service that causes us the loss of our deposit funds and some short term immediate inconvenience, we can generally absorb them and move on.
On the other hand, major shock events absorbs us – physically, emotionally and financially. Major shock events can devastate us and most of the time, our best hope is damage control.
Think of an accident that causes you permanent physical disability, leaving you incapacitated or in a coma. Beyond the insurance claims, there are many other seemingly insignificant matters that needs to be take care of.
- How many bank accounts are there?
- What are the on-going bills that need to be paid?
- Are there sufficient funds for giro deductions?
- Who are the important people the family should contact and what are their contact details?
- Are there ongoing subscriptions services that need to be stopped?
- What are the passwords your family should know?
- How many credit cards are there?
- How many loans accounts are there that needs attention?
- What and where are all the assets?
- What and where are all the liabilities?
- Is there a lasting power of attorney done? When was it done? Who is the person responsible?
There are many more such questions that will run through the minds of your family members as they attempt to navigate and find their way through the many decisions they have to make on your behalf. And, they don’t have the luxury of time.
Having the passcode to your mobile phone by itself will not solve the problem.
Having access to Google will not solve the problem.
Having the “bag” that keeps all your insurance policies and insurance company letters may provide some small relief at best.
What most people do at such “state of emergency” situations like this do is to do what people in actual “state of emergency” situations do – they scramble.
And because everything is so urgent, decisions are make half-blind, with partial information and most importantly, without clarity nor confidence.
Get Your Financial House in Order – Set Up a Fin-ICE Kit
At times like this, what the family members need is just a simple document with all the salient and important information they should know, organised in a way that gives them the clarity and the confidence to make and take decisions on your behalf.
This is what a FIN-Ice Kit does. FIN-Ice stands for “Financial In-Case-of-Emergency” and it is exactly what the names suggests, it is something you use during emergency to help you with your financial matters. What it does is to help you get your financial house in order and have everything organised for major shock events, if it ever happens.
You can start an excel worksheet and start listing down everything that comes across your mind or you can use this Fin-ICE kit that comes with 5 pages of pre-programmed and suggested formats for you to complete. All you have to do is fill in the blanks, print it out and keep it at where you will keep your important documents as let it act as a “Preface” to your personal financial book.
The Fin-ICE kit also includes tips and instructions on where to store the kit, how often to update, the steps to update and other complementary service that you can have access to for being part of the Fin-ICE movement.