I would guess that when you read the term “financial shock”, you think of the market crash in 2008. Financial shock actually is an event that hits closer to home. Let me give you an example. In 1985, my father was a construction superintendent working on a high rise project. He got up at his normal 4:30AM to get ready for work, stepped into the shower, had a massive heart attack, and passed away. That is financial shock. He was 50, my mother was 48, and they were not prepared. Sudden death, the loss of a job, or costly medical issues can completely derail your life.
This is what we did to make sure the rest of our family was not caught unprepared:
When everyone was together for a happy family event we discussed these issues. One might think it is in bad form to discuss such depressing topics at a happy event, but it is not. We were all together, happy, and healthy, it was the best time to discuss these issues.
Please make sure that you have a good cash reserve, that your life insurance is up to date, beneficiaries are current, and the death benefit is enough to cover the unforeseen events. Make sure that all of your estate planning papers are in order and current.
Dealing with financial shock can take a huge toll on you emotionally, so please make sure it does not take a financial toll also.

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