Risk Management Final Project
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Transcript of Risk Management Final Project
The Family Risk and Risk management
plan
Nafiseh Rezaei Lahiji
Family Risks
Illness Death Incapacity Losing job Financial Crisis
Risks that Family deals with
Even the best investment and finanacial plans can crumble if you have not properly prepared for the risks that exist for every family. By having insurance policies, estate planning cinsisting of wills, Trust, Health care investment, power of attorney for financial issues, will face and cope with above issues much more smoother. Each family should plan different investment/saving for different purposes:
Risks that Family deals with
Education Planning
Every child dreams about what they will be when they grow up and a college education can be most important factor in that dream becoming a reality. Although the available education planning choices is important but can be confusing as well.
So it is important to know how your saving will affect your child's ability to qualify for financial aid as well as the implications for your incomes and tax situation. So you need to identify how much money you need to send to children, determine how much you need to save and how this investment fits with your overall investment management plan.
Special situation Planning
Throughout your life, as you pursue your long-term goals some expected or unexpected needs will come your way, whether it is planning for a wedding, deciding to buy a second home, along care need due to an Illness, taking a spur of the moment dream Vacation or facing unexpected expenses due to unforeseen event.
So every family should plan for these unexpected situations and find a Path to get through whatever financial challenges or opportunities arise.
Retirement Planning
People who entering retirement are facing concerns that did not face 20 or 30 Years ago for example they may need to improve their Health care program while life expectancies rise.In addition to the concerns that exist, it is important to first establish a clear vision of what retirement to yourself.
• Will you continue to work part time?• Will be travelling around the World?
Then according to level of assets need to fund your vision of retirement such as level of income you can plan for it.
How can Families be informed about the Risks?
Government: Government has a key role in both informing the families as well as train them to handle the Risk. In order to improve family general knowledge about Risk & Risk management advertisement will be useful.
How can Families be informed about the Risks?
Media: The Media play an important role in increasing of public awareness and formation their views and attitudes toward certain issues.Television has its own viewer in different age categories with different taste. Radio has more specific addressed than the Television and contains limited range of Society. Different people read Newspaper for different reasons. The Media in general and the Newspaper in particular play a great social role in shaping a Society. They are in constant interaction with the people by providing News and Information.
How can Families be informed about the Risks?
Social Media:Nowadays, Internet resources are one of the most common means of communication -especially for young generation- as mass Media.With the proper formulation of the issue and placing posts in the blogs, social Networks and Forums, the discussion on the topic can continue for months and attract more attention than other types of Media
How Families can Handle the Risk?Family Member:Each of the member of Family is important in handling the risk e.g. by using their experience or using their ingenuity to solve unexpected problems, also the young members who study in College or University maybe has unique information about Risk or handling way. Or even Parents can simply be informed about different issues by Colleagues or group of friends. By gathering all the information and discussing about it in family, based on the family position and income situation the best plan can be implemented.
Experts:Experts (e.g. Insurance expert) also can help family to define different level of risks and family plan for managing them. Experts can determine the best way of investment and saving considering current level of family income and asset.
An Example of Social Media Role to Improve the Family Knowledge:
https://www.youtube.com/watch?v=4mTV4KK2Pd0&feature=youtube_gdata_player