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How to Make a Financial Recovery Plan
Financial counselor Rahkim Sabree's six-step plan aids disaster recovery after his home fire, emphasizing emotional processing and financial goal-setting, based on his professional and personal experience.
- Last October, Rahkim Sabree, an accredited financial counselor in the Hartford, Connecticut area, came home to his duplex on fire, rescued his dog, and his home was largely destroyed while he later shared a six-step recovery plan.
- Rahkim Sabree, an accredited financial counselor, drew on his own experience to write Overcoming Financial Trauma shortly after the fire, as he worked through insurance paperwork and rebuilding finances.
- Moving into a rental, Sabree leaned on his community and began sorting bills with the gas company, cable provider, and insurance company while friends helped replace basic items.
- Homeowners insurance helped cover fire-related costs in his case, easing some expenses, and Philip Gallant urges reassessing debt and setting a December 31 target for payments.
- Experts recommend processing emotions before making a rebuilding plan, as financial trauma varies and Sabree urges taking time rather than rushing recovery; advisers also advise pausing big purchases and applying a 24-hour rule.
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16 Articles
16 Articles
How to Make a Financial Recovery Plan
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.Last October, Rahkim…
Coverage Details
Total News Sources16
Leaning Left1Leaning Right3Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
C 60%
R 30%
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