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Edelman Financial Services CEO Ric Edelman on how to financially plan for a potential disaster.
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In focus tonight Wall Street -- -- reopen for business today but many investors are still on edge.
Shares closing mostly flat aftermath of the monster storm sandy close -- Wall Street over the past two days.
Overall though the Dow down two and a half percent for the month of October alone.
-- -- away and Rick -- chairman and CEO of Edelman financial services hey Rick it's always great to see you thanks for coming on board YouTube you know.
People look at this have month and the results and they're not happy with that what do you tell people out there who say.
I've seen this movie before and I don't like the way it ends.
Well maybe you like good movie last month or the month before -- of the month for about a month for about a month for that I mean this -- been a pretty darn good year.
And for people say I'm unhappy any time the market goes down while you know get a grip the market goes up the market goes down.
And it's been going up an awful lot over the past four years.
I like that tab vote of confidence in the markets.
Let's talk though about something very real -- people are facing right now maybe not thinking about your portfolio may be your thing about the safety of your calm the safety of your family a lot of people out there of have losses tonight.
The financial advice would you give people who are concerned about just the fundamentals right now.
Well it would be a whole lot better of people prepared in advance ironically or may be politically we have an article an -- newsletter in October saying how to prepare for the next disaster -- -- as it was gonna come this past.
We'll be this serious but you need to make sure you have proper insurance protection lot of people don't realize that.
Floods are not covered by most homeowners policies he needed separately -- for that.
You need to make sure that not only -- adequate homeowner's insurance -- that your financial papers are safe.
So that if the house does suffer damage you can get a hold of your financial documents that if you have to leave work for a period of time because of the tragedy.
Your employer knows where you why aren't you aren't going to suffer too much of the banks of clothes like we experienced this week.
Financial transactions were hard to do because Wall Street was closed so you need to make sure that you can weather the storm financially as well as physically.
Predicted that -- -- concerning -- Wall Street being down -- -- have a lot of time left in this segment.
But I had a lot of people coming up to me the -- saying I'll know what are we gonna do the markets down when will bring real concern out there.
I wasn't worried about it I was annoyed you -- think that the New York Stock Exchange would have a better contingency plan so that -- jail facility that was below sea level got flooded they'd still be able to do business to support the global economy song annoyed him a little disappointed.
In the performance of NYSE officials.
All right Rick thanks for coming on tonight it's always a pleasure to see you we're all little bit frustrated with that appreciate your time.
We'll be right back.
