GUEST EDITORIAL: We can't stop the storm, but we can learn to weather it

New Mexico has endured its fair share of disasters that put our resilience to the test. In 2022, the Calf Canyon/Hermit’s Peak fire, the worst in state history, devastated northern New Mexico’s forests, farms, ranches and homes. More recently, Ruidoso residents endured back-to-back disasters: fires followed by severe flooding. These incidents and many others destroyed hundreds of homes, displacing families, closing businesses and upending lives.

While some circumstances were beyond our control, we must turn adversity into opportunity to strengthen our community and create generational wealth. That’s where financial education comes in, a critical yet overlooked part of disaster preparedness and recovery.

When we discuss emergency preparation, we often focus on immediate needs such as food, water, shelter and evacuation plans. But when the smoke clears, those affected face a different kind of crisis: navigating financial ruin. How do I maximize the funding I receive for the needs that I have? Can I rebuild without going into debt? What am I leaving behind for my children? These are real questions people are asking. Too often, they don’t get clear answers or know where to find them or who to ask.

As a daughter of San Miguel and Mora counties, I witnessed the devastation, heartbreak and trauma that we have faced. As your state treasurer, I know how critical it is to equip communities with the financial tools they need not just to survive but to thrive. One way we’re doing that is through the Local Government Investment Pool (LGIP), which helps local governments across the state work with a skilled team to earn stronger returns with safety, liquidity and yield, in that order.

Simultaneously, we must also recognize the heavy emotional toll disasters take on individuals and families. Losing your property or business is traumatizing, and that trauma is compounded when families are forced to make high-risk financial decisions under extreme stress, often with limited support and confusing information. And unfortunately, predatory lenders and scammers are waiting to take advantage of victims at their most vulnerable. That’s why financial education can mean the difference between going under and surviving.

Recovery goes beyond public investments; it’s also about empowering community. When funds arrive, people should be equipped to use them wisely, not just to rebuild what was lost, but to build security and wealth. However, this goal faces a significant obstacle: culturally, talking about money remains as taboo as talking about sex. We simply don’t have open conversations about finances which prevents people from accessing the support and education they need. Our state has the resources necessary to overcome these challenges, and we must work together to share information. By having open conversations about finances, we can transform financial trauma into financial strength.

I’m inviting New Mexicans to join our free Financial Empowerment Summit on June 10, 2024. It’s open to the public, and there’s no solicitation. We are bringing New Mexicans with expertise in specific financial topics to discuss financial wellbeing in a comfortable and welcoming environment. Food will also be provided. Whether you’re recovering from disaster, planning for the future, or simply curious about helpful resources and tips to manage your finances, this summit is for YOU! Contact outreach@sto.nm.gov or 505-629-2919 to RSVP.

Sign up. Bring a friend. Engage. Take control. We can’t stop the storms, but we can prepare together.