Risk Management: don’t get caught without a backup plan.

Risk management is knowing where you are exposed and having a plan in place for possible disaster. What is your plan?

Legal Risk

Have you ever:

  • Image representing Canadian justice.signed a contract?
  • been involved in family court?
  • received a ticket for a traffic violation?
  • had your driver’s license, medical card or social insurance number compromised?

These are only a few of the risks you are likely to face in a lifetime.

What is worse? Someone using your credit card for purchases; or someone using your medical plan and then you receive life threatening drugs because their history has become yours? When it happens, you need to have a plan in place to mitigate your potential cost. (>>>Click here to learn more.)


Data Risk

Man-CryingDid you know Homeland Security Newswire reported that only 6% of companies survive more than 2 years after a data loss? 43% were out of business immediately. What have you done to protect yourself?

Most business have some kind of backup in place whether tape drives, external drives or thumb drives. Some may even backup to “the cloud” but at what cost?


What happens when:

  • the house or office burns down with all your precious pictures?
  • your computer fails and that’s the only copy of your pictures and documents?
  • someone steals all of your computer equipment?

Setting aside the risks to your data listed above, the average hard drive these days only lasts a couple of years. Make sure you have a good backup plan in place.

Life and Health Risk

This is one area that most people seem most reluctant to address. Buying life insurance means we have to face the fact that we will die. Most of us have someone in our lives that have battled diseases like cancer, heart disease, etc. The rates for disease seems to be increasing with every year. Do you know if you will be one of the lucky ones?

We all like to believe our business has great value. The reality is that many of us are the business. When we die the value is gone. If one of the heirs happens to want to keep and operate the business, will there be funds to create a bridge to new ownership? Are your will and powers of attorney up to date?

Mortgage risk, now there’s a big one. We tend to believe we’re covered when the banks and lenders sell us “Mortgage Insurance”. A friend of mine lost his wife and when he called the bank, he was told that there was no insurance because his wife had a pre-existing medical condition. In a case like that, the bank refunds the premiums paid if you’re lucky, and that’s it. Make sure you understand what you are buying.

Involve your financial advisor/life insurance agent in your life and health risk management review.

What is your risk management plan?


Make it a great day,


P.S. What am I thankful for today? I’m thankful for what I learned as a financial consultant. I’m thankful for alternatives to banks. I’m thankful for all of the great people I met in the financial services industry.

What are you thankful for today?



Social Media Can Be A Mine Field, Tread Softly!


1196px-Facebook_like_thumbThese days, you need to have a social media presence.

Not too long ago, many older people were saying they had no interest in being online.  At the time, I believe it’s because the learning curve was too steep.  Between Microsoft, Apple and all the software developers, they have made computers pretty intuitive and easy to use.  Now Grandma and Grandpa are on Facebook!


Make sure you are aware of the risks.  Now you have family and friends watching.  Business associates and friends want to see what you are doing and even strangers have voyeuristic tendencies.  This is a double edged sword.  It’s wonderful to be able to update everyone on your activities and share your thoughts.  By the same token, you always need to remember that your life is on display for all to see. Continue reading