Are you ready to set yourself on the road to a stronger financial future in 2022? In this segment of Backstage Pass, recorded on Jan. 7, Fool contributors Toby Bordelon and Will Healy discuss some of the top financial steps investors should take to have a financially stronger 2022.
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Toby Bordelon: You may be aware, bad fires lashing the Denver area last week. Over about a 1,000 homes destroyed in suburban areas of the city up to the north.
My brother-in-law’s family actually had to evacuate, they’re fine, their house is fine, so that’s good news, but not great news for a lot of families, losses are expected to reach $1 billion dollars for this. This is not great.
One issue that came out and I don’t know if I saw it today is about insurance. We all know construction costs have risen in the past couple of years. If you’re trying to build a house, [laughs] you’re probably very aware that.
If you’re trying to do renovations to your house, you’re probably very aware of how much materials and labor costs right now. One problem that is creeping up with this loss issue is that some homeowners in the Denver area may be looking at a situation with their costs to rebuild are higher than their insurance coverage.
What do you do there? That’s an issue. That’s not great. I’m looking at this and I’m thinking, looking at insurance is one thing you want to do regularly and it occurred to me, there may be other things that people should be doing regularly with our finances.
We’re at the beginning of the year so let’s use this terrible situation. Let’s use this bad situation as an opportunity to maybe do a personal finance reality check, something that’s probably good to do from time to time.
New year, great time to do it. People are making resolutions. You’re taking stock of things. I want to ask both of you, do you have one or two suggestions for people in terms of financial items that they might want to look at.