Thinking about all of the possibilities for tragedy in life is one of the last things that many people want to do. Unfortunately, recovering from such things as losing a spouse or your parents, or your job requires some forethought and much planning.
Author Cal Brown has written a new book, When Life Strikes Weathering Financial Storms (Brown Books Publishing Group, 2011, ISBN: 978-1-61254-032-0) to try to provide some answers to the financial side of tragedy.
When Life Strikes
Brown writes, “When life strikes, it comes out of nowhere, hits hard, and leaves devastation in its path. The worst strike comes from the death of a loved one, but life strikes in many other ways as well.”
He offers that planning is the only real protection we can give ourselves and planning “is the one of the greatest gifts we can give our loved ones.” Brown answers eight common life crisis or life cycles including what if I lost my:
- Spouse
- Career
- Investments
- Marriage
- Parents
- Identity
- Health
- Mind
The author writes from professional and personal experiences including having over 25 years in the financial services field. He also writes about losing his father, his wife’s mother and about what his son went through when losing his mother (the author’s ex-wife) at a young age. Plus, Brown discusses going through his own divorce.
The Financial Side of Loss
Brown offers sage advice for the financial and recordkeeping side of loss starting with the five essentials for preparing for the worst. Trusts, wills, durable power of attorney, advance medical directive, and life insurance are those items in life that many don’t understand and as such ignore.
While Brown does include many terms that readers may not understand at the start, his writing is strong enough and he breaks it down into layman’s terms so that the reader is not overwhelmed. In addition to the definitions, he includes many tips for planning that puts many of the items into an applicable perspective.
In addition to making complicated terminology understandable, Brown includes many case studies and scenarios that do a good job of apply what he is teaching. A financial toolbox is included at the end of the book that continues with more in-depth definitions. The concepts presented in the book rely heavily on the reader’s understanding of the terms making a vicious circle because most people ignore some of the solutions due to a misunderstanding of what they are and how they apply.
Losing Investments
While the author includes chapters on the eight major areas one can lose big in life, the two chapters on losing investments is highly applicable today. He presents three financial “I” statements.
- I thought I could invest on my own, but now realize I need help.
- I trusted someone that I shouldn’t have.
- I was too greedy.
Once again, Brown goes through definitions of business and investment “vehicles” where monies can go including the few listed below:
- CDs
- Bonds
- Annuities
- Mutual
Staying Focused When Tragedy Strikes
Staying calm in the face of the storm is the main message I take from this book. To stay calm in the storm of tragedy, it helps to have a plan in place, be organized and be ready to face tomorrow on a different playing field. Brown does an excellent job of tackling complex and complicated issues in an understandable manner.
While the topics discussed may frighten some readers, it’s a good book that’s well worth the price. The author writes with compassion that only someone who has been through loss can put on the written page.
