Continuing with their partnership with Bank of America, Sands Academy hosted a Team Member workshop focused on preparing for the unexpected. The workshop emphasized the importance of being prepared financially, while creating safeguards for your assets.
“The main items you need to be prepared with are an emergency fund, insurance for yourself, your car and your home and also having an estate plan,” Thomas Gough, Assistant Vice President, Financial Solutions Advisor at Bank of America, said. “It’s so important to be prepared for unexpected events to offset having more issues because you had to borrow against your 401K or charge an emergency on your credit card. It’s imperative that you have enough money set aside for anything that comes up.”
Gough focused on having six to nine months-worth of living expenses in an emergency fund, while also telling Team Members to pay attention to their insurance coverage. He said that having the wrong type of coverage could leave you paying more out of pocket than you’re prepared for in case of an accident or damage to your home. With estate planning, Gough said having a will in place and naming the correct beneficiaries was very important to prevent any issues for your family.
“I’ve seen where a beneficiary had not been changed on a will or on a life insurance policy,” Gough said. “The current spouse was left with nothing, while the ex-spouse received the assets because the beneficiaries’ names were never updated. If you don’t pay attention, your assets could end up in the wrong hands.”
For Nikisha Proctor, a Team Member in Resort Services, it’s important to her that the company helps Team Members not only professionally, but personally, providing courses that are important to her and that can guide her in the right direction.
“I really like the fact that they offer classes on a topic that I’m struggling in and I’m offered strategies to solve the problem,” Proctor said. “It’s very important to me to have a professional to consult with. It’s extremely helpful and beneficial and I feel like I can make changes and plan ahead. These types of classes make me feel empowered.”