We are all preparing for natural disasters with the packaging bag to escape, to get rid of inventory and purchase insurance. Natural disasters is only part of the life cycle. Just as we prepare for them we have to prepare yourself for those times in our lives as our personal finances a disaster. Like other protective measures, we need an insurance (revenue), inventories (check advance available to financial storm survival) and the plan to escape (in case you have no other choice). This plan will not only natural, but through financial disaster and life.
Let’s plan together.
How do you pack your bags and escape for a financial disaster. In short what this means is that all personal and financial life together and a backup that you save in a safe place to have. Storing items such as your financial documents are also things like pictures and videos of your assets in safe storage of same. At first it will seem like an overwhelming task over, but once you get all your records up to that date only a matter of keeping everything current.
Although not an exhaustive list gives you a place to start:
• Birth, death and marriage certificates
• Social Security cards, passports and credit cards
• Medical records, identification (drivers license)
• The most recent bank statement, a copy of your mortgage (s) and title deeds
• The car titles, insurance policies and insurance information contact
• Three years of the last declaration
• Wills and trust proxy
• Names and phone numbers of the executors, administrators, and caregivers
• List the financial advisor along with the contact
• All user id and password
• A household inventory and costs, and age along with a description
• Copies of receipts for expensive items and items that are hard to replace.
Save the good stuff in the vault or a secure online backup service. If possible use both.
Next to a backup supply. This means a minimum of 6 months worth of monthly cash available. If your income from your personal finances destroyed immediately in danger of collapse. If you have not done up to 10 years to recover.
You must have a minimum of 6 months of sales in the accounts that are available. Do not just 6 months worth spending in this bill, but your total income for 6 months. This way when you need to pull it for a full year you can sit back on your expenses and survive.
Be prepared for this time to part-time work and odd jobs to take to keep using all your money in hand, because when the crisis is over, you have this money to replace.
Finally, how insurance for personal financial disaster? Make a second income or even first income you in control and that your income will continue to offer no matter what happens in your life. Learn to invest in yourself and are responsible for your own destiny.
Today more than ever, can a small business or it’s something you do part time from home or in an online virtual business. Types of businesses require very little capital, but require a lot of time and energy to invest.
Find something you like and can have fun. If you prefer someone else will and they will want to know what you know. What better way to weather the storm rather than something you enjoy. It will also increase your savings and help you build a retirement plan for later in life when a disaster will be difficult to escape. Always think for the future.