May 8, 2019 - Published by IAG Wealth Partners

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Flood blog e1557332413959

Today is yet another cold and miserable day this spring, and forecasters are predicting another 1 or 2 inches of rain for southern Wisconsin.

The National Weather Service reports that so far 2019 has been above average for snow and overall precipitation, and we have employees and clients whose basements have suffered from this overabundance of water.

On Monday evening my family experienced some flooding in our home as well, but from an unexpected source.

Instead of a rising water table from below, we experienced a spray from above. The plastic connector that attaches the water line into the bottom of one of our upstairs toilets cracked off, creating a quick flood.

Thankfully we were home. Thankfully my 13-year-old was upstairs and had the common sense and willingness to get soaked that allowed him to turn off the valve. Thankfully there was no significant damage except for a bloated pile of wet towels that need to be washed.

I went to the store to pick up a new connector. When I arrived home one of my children met me with a strange look and a question: “Dad, why did you buy three connectors when only one was broken?”

I am sure you already know the answer to this question and can extrapolate the number of toilets in my home, but it was not intuitively obvious to one of my teenagers.

Yes, I replaced all three connectors because for an additional $8 I can sleep at night without wondering when the remaining two plastic connectors will fail and whether we will be home.

One of the most important outcomes of preparing and updating a financial plan is identifying risks to your long-term goals that you may – like a teenager — not even consider. What important risks are you failing to identify in your future plans?

Are you really maximizing your retirement income? Paying too much in taxes? Over- or under-insured to provide for your family? Is your estate plan outdated? Do you have too much or too little risk in your investment portfolio?

Our advisors and dedicated teams can help you identify, quantify, and address many types of risk to your future plans which should help you better prepare for the unexpected.

Because sometimes it is not the forecasted rain that poses the real risk for a flood.

Quote of the week:  Jeffrey Saut: “In the world we live in, few look at risk. Most only look at reward. The few who do look at risk (the educated, the Street savvy, etc.) make their money at the expense of the great unwashed majority who swallow the noisy nonsense about getting rich quick.”

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through IAG Wealth Partners, LLC, (IAG) a registered investment advisor and separate entity from LPL Financial.

Any opinions are those of IAG and not necessarily those of LPL Financial. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein.

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