Financial Preparations to Consider

Financial Preparations to Consider

In life, in order to be ahead of the curve you need to think about what lies beyond the bend. This is where you need to consider every possible scenario. You need to get organized, think about what could slow you down if you need to get out of a situation FAST., your city (terrorist attack), the entire region (storm, natural disaster), think of what might become a valuable commodity - be financially prepared by considering these steps:

1. Don't put all of your money in one bank account.

I suggest having them at least two different banks. For example I have a Capital One in which I can access online but I also have TD Bank which has numerous locations where I could withdrawal my money. A cyber attack could shut down an online bank easily. Look at what just happened with the gas pipeline that was attacked and shut down gas to the entire East Coast. Not everything is safe online, you need a backup.
The reverse could happen as well: your local bank/credit union might be inaccessible because it's declared a area disaster, while a web banking branch could save your monetary tail.

2. Always have some cash stashed away.

You need pigeon holes. Pack that money in placed that are well hidden but have super quick access in case of an emergency. It is obviously best to hide cash, but make sure it is both large and small bills. 

3. Always keep your gasoline tank at least half full.

This is excellent advice because a disaster could hit at any moment and if you're one of those people run their tank all the way down until E before they decide to get gas - guess what? If you have to escape and flee the area, you're not getting far! If you have at least half a tank you can quickly find your family, grab your bag and GO. 

4. Get out of debt. 

This may seem counterintuitive because you're spending money you may need, but I promise, it makes sense. It's important to get and stay out of debt to keep your credit score at least decent. If SITF and you need a significant amount of money fast you will have good enough credit to get a lifeline instead of turning to a hard up lender. Get yourself out of a situation of being slave to a lender so as to maximize financial preparedness and freedom.

5. Consider owning currency from a close-by country.

I recommend having currency from Canada and Mexico, if the U.S. dollar ever lost its value it could seriously threaten your access to certain items.

6. Keep your passport accessible.

Your passport should be the one thing that you know it's location of  - all the time. Keep a file of your families birth certificates, passports, ID's and other important information to reinforce financial preparedness.

Remember that these are only a few of the steps you could take to be financial prepared in case of an emergency situation. As with all things -you should develop a plan to be truly ready to survive any crisis situation.

Tags: financial preparedness, survival tips, prepare for a disaster