I.C.E. Bucket Challenge | Marvin Germo

I.C.E. Bucket Challenge

By: Marvin Germo | September 1, 2014

We all must have seen some of those ice bucket challenge videos, including foreign and local celebrities.  This latest craze is to raise awareness about a disease called ALS.

Ice Bucket Challenge

(c/o of Jimmy Fallon’s tonight show)

In another “ice” related news, you may have received a tip to add the letters I.C.E. (In Case of Emergency) to the person or number on your cellphone that you’d like to be contacted – in case of emergency e.g. ICE – Mommy, ICE – Wife.  This simple action will help the police or hospitals notify your loved ones asap in case something happens to you.

Now in terms of our pursuit for financial freedom, may I also suggest a “bucket list” or a list of things we should do before an emergency or an unexpected/unforeseen situation strikes us.

Insurance.  Life Happens.org describes it as:

“Life insurance is a simple answer to a very difficult question:  How will my family manage financially when I die?  It’s a subject no one really wants to think about.  But if someone depends on you financially, it’s one you cannot avoid.”

Create an In-Case-of-Emergency Everything Document.  Lifehacker.com recommended some tips on how to organize your records in case of emergency:

“If you were hit by a bus today or were otherwise incapacitated, would your loved ones be able to quickly locate your important information or how to handle your affairs?  Many of us have a great handle on our finances, but our record keeping systems might not be obvious to family members or friends who might need immediate access to them in times of emergency.  For the step-by-step guide to organizing your vital information, please see http://lifehacker.com/5817021/in-case-of-emergency-how-to-organize-your-important-records-in-a-master-information-kit”

Emergency fund.  Investopedia.com defines emergency fund:

“…as an account that is used to set aside funds to be used in an emergency, such as the loss of a job, illness or a major expense.  The purpose of the fund is to improved financial security by creating a safety net of funds that can be used to meet emergency expenses as well as reduce the need to use high interest debt, such as credit cards, as a last resort.”

It seems pouring ice-cold water on our head is easier than the above I.C.E. bucket “list” challenge.  However, for the sake of our families and loved ones, should we still procrastinate or are we ready to accept the challenge?

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Gerard CantorGerald “Ge” Cantor’s mission is to help Filipinos save and invest for their future while protecting themselves and their families for the present.  Ge is a Financial Adviser of Pru Life UK, a Financial Planning Advocate of Personal Finance Advisers Philippines Corporation, a Registered Financial Planner graduate, a  Certified Public Accountant (CPA), a Certified Internal Auditor.

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