Risk Management

We have all heard the adage that most businesses do not survive to the third and fourth generation.

If that is indeed the case, then what is your pharmacy’s ‘transition of care’ plan?

Personal finance, like just about everything else, is mainly common sense. Advice like “don’t spend more than you make; start investing while you’re young; don’t loan money to friends with the expectation of getting it back,” have been around for generations, and most likely will survive the next few generations as well.

Could you list (and accurately value) all your personal property from memory?  In the event you need to file a claim, a complete inventory of all your possessions can help you document your loss.  A written description should include the date of acquisition, original cost, and any improvements.  Serial numbers, if available, should be recorded, and any receipts you have should be attached to the list.

Not sure keeping an inventory is all that important?  You should.  Here is what a former insurance company employee said about how documentation plays a huge role in your claim:

You're probably aware of the importance of having enough life insurance to cover expenses if you were to pass unexpectedly.  If that happened, would your family be taken care of?  Sometimes, a simple benchmark of 10x your salary is sufficient.  A better approach might be a "needs analysis" which looks at your family's most important goals and obligations.  Here are some things to consider when looking at life insurance through a needs analysis.

On the surface, the terms “retirement planning” and “financial planning” might seem interchangeable. But while they are similar in many ways and often do go hand-in-hand, the two are not exactly the same. Each has its own intricacies and fine details that make it unique.

Experienced financial advisors can offer employees in the petrochemical industry financial plans tailored to the unique needs of their occupation.