Time to get back to this, and need to do at least one more related post, maybe tomorrow.
NOTE: This is a (very) rough draft
Finances And Preparedness
This is going to be a very short chapter, as unless you are interested in investing in bridges, oceanfront property that you can get to at low tide, or magic beans, I’m the last person you should look to for financial advice or investment advice. If I knew what I was doing, I would be writing this on my tropical island lair being waited on hand and foot by a very attractive female staff. Since I’m writing this from the basement bunker with the landlord’s cat stalking me to demand attention…
My advice is to do a better job than I did on financial preparedness, and use professional help if you can get it.
That said, there are a few things to keep in mind. Practical preparedness applies to finances large and small. Are you prepared if the card readers at the grocery store go down, and they can only take cash? That happened to someone I follow online recently, and because they had taken the precaution of keeping some cash hidden away in their wallet, they were able to get their groceries and head home.
At a minimum, it’s a good idea to have enough on you to make a purchase and then make it home. It may be $10 and bus fare, or it may be more plus a tank of gas. You need to be prepared so that things like this aren’t a disaster, just an annoyance.
As noted in the previous chapter, at this point it’s about building up to meet the larger disasters in life. It’s being able to cover an emergency car repair or other not-so-minor problems in life. It’s about having the cash or credit to cover even larger expenses. For the first, build it up over time. Have it as both cash and other valuables, on hand and in a bank account. For the second, work on that credit score. My thoughts on credit scores and how they view things is best left unsaid, but it is a game you need to learn how to play so as to use it to your advantage. There is a lot of good, and free, information and help available on improving your score. Get good advice and do what is best for you.
As for the on-hand, keep in mind you may not be able to access your accounts in a timely manner during an emergency. Power could be down, the card processing network could be down, you might be miles from an ATM. This is especially true during a bug-out situation. Fire, flood, chemical spill — it doesn’t matter. What matters is getting out ASAP and being prepared to pay cash for things you need later.
Also, diversify if you can. Right now, given inflation, I wish I had invested in gold. Look at precious metals or other items of value that are low volume/size but hold or even increase in value. If something really bad happens, paper currency can become worthless overnight even in this day and age; electronic assets can be erased; banks can fail quite rapidly (as we’ve recently seen); and, well, there’s an almost endless litany of what can go wrong. But, just as with the premise with everything else, it’s not the type or number of disasters, it’s how you can prepare pretty much comes down to one thing: save. Having cash or other valuables you can use in an emergency is essential.
One final thing to consider is that governments can and have banned private ownership of gold and other valuables. Our own American government did so under FDR, a tale of which more people should learn. So, choose wisely and remember the first rule of Preparedness Club. Also, don’t have everything in one spot.
For this tome, that’s all I’m going to say about finances. Getting good, sound, and professional advice on your situation is what matters, so you can be as prepared as possible.
I so thought those beans were going to be a good investment. Sigh.
Getting hit by lightning is not fun! If you would like to help me in my recovery efforts, which include moving once we have medical issues cleared up, feel free to hit the fundraiser at A New Life on GiveSendGo, use the options in the Tip Jar in the upper right, or drop me a line to discuss other methods. It is thanks to your gifts and prayers that I am still going. Thank you.
The book as it goes:
Preparedness Pays: Draft Introduction
Preparedness Pays: Draft Chapter 1A
Preparedness Pays: Draft Chapter 2A
Preparedness Pays: Draft Chapter 3A