We’ve been preparing for a beach vacation, and every detail had been arranged and crafted for a sun-soaked visit to the Gulf Ocean. That is, until Hurricane Barry rained us out. Not only would the hurricane/tropical storm flood our pathway to the beach, but the riptides have the beaches closed. The excitement of the beach trip was stifled; my young kids were understandingly disappointed.
So how did we respond? We called a vacation audible, and booked a trip to the mountains! Success! Shorter drive, beautiful scenery, theme parks, water parks, lakes, and shows at our fingertips!
Sometimes in our financial planning journey, there are changes, and we have to call an audible. Those changes might be an unexpected job change (maybe a promotion), loss of a job, birth of a new baby, loss of a family member, or many other possibilities. It’s hard for me to suggest irrevocable plans because the basis of the plan should ideally be nimble to change as life happens and changes. Some sound planning tips are to keep liquidity an emergency or opportunity, and to place a premium on protection through insurance and legal documents. You never know what hurricane might swoop in and steer your plans in different direction!