Steps for Financial Planning for a Pandemic

[sharon sanders]

Steps to take to financially plan for a pandemic:

Assess your employment situation. The most important asset in the pandemic will be your income. For most people this will be your job. Businesses in demand will be in the following areas: communications, health care, education, repair, bicycles, mopeds, delivery, agriculture, fisheries, cattle, pawn shops, auction houses, legal services (some), and security services. Think about other skills that you have that can be used if your primary job is not needed. All kinds of repair services will flourish.

Protect the assets you have. The safest investments in the United States are U.S. treasuries and financial instruments that are FDIC insured. Diversify your banks. Pick regionally strong ones. Keep your business planning short term. Avoid debt. Sign only a short term office lease. Conserve on cash. Tighten credit terms you may be offering customers. Divest yourself of unprofitable or marginal enterprises. Reduce cost.

Assemble enough cash for 90 days of living expenses, at least. This cash should be easily accessible.

Do not pay off your home, car, or credit cards. You may need all the cash you have. Lenders will accept payment arrangements in an emergency situation.



This is not advice. This information is not warrantied. It is for entertainment uses only.

 

[Laidback Al]

Re: Steps for Financial Planning for a Pandemic

Also, remember that financial planning for a pandemic is just one aspect of pandemic preparation. Make sure that you have adequate supplies of food, water, medication, and other personal needs. Don't assume that if you have cash to cover 90 days of living expenses, as Florida1 suggests, that you will be able to go out at the last minute and buy all of the items you will need for a prolonged period of isolation or self-quarantine.

 

[sharon sanders]

Re: Steps for Financial Planning for a Pandemic

Al is totally correct. See the steps to prepare for your health and safety first BEFORE you financially prepare. The cash you have should be spent on the essential preparations first. Time estimates for the duration of a potential pandemic range, with the longest period of time being estimated at 18 months of disruption. The disruptions will be across all spectrums of the economy, so expect delays in food distribution, among other delays.

If you expand your job skill set, get the basic preparations for 90 days of health and safety, and make the above financial preparations, then you will be able to cope with the economic disruptions better.

No one knows, for sure, if or when, the pandemic might occur. But it is only prudent to make a 90 days preparation.

 

[Bondii]

Re: Steps for Financial Planning for a Pandemic

Assemble enough cash for 90 days of living expenses, at least. This cash should be easily accessible. ]

A couple of questions
Is the 90 days cash in excess of stored food?
Should the cash be 'in the bank' or 'under the bed'?

 

[sharon sanders]

Re: Steps for Financial Planning for a Pandemic

You should have 90 days of food and other essential preparations, as well as, 90 days of living expenses in cash near you (not in the bank).

For many this level of preparations is an economic burden. Just do the best you can to get close to this level of preparations.

 

[sharon sanders]

Financial Preparations for a Potential Pandemic

Financial Preparations for a Potential Pandemic

Also consider the following:

First, persons must use their available financial resources to secure their health and safety,

Second, you must evaluate whether your income is secure,

Third, shift your financial assets into FDIC or treasury backed instruments,

Fourth, do not pay off your bills. Financial institutions will "make deals" if you have financial trouble during a major crisis,

Fifth, keep your house, if you have one. You have to live somewhere,

Sixth, do not sign any long time rental or lease agreements.

 

[Laidback Al]

Re: Financial Preparations for a Potential Pandemic

Re: Financial Preparations for a Potential Pandemic

Florida1 has posted a short succinct list of financial preparations for a pandemic or any kind of large catastrophic event. These suggestions have been distilled from a lot of background discussion about financial preparedness. If you have questions about any of them or why you should follow them, just post your questions and someone will expand on the thoughts that have gone into these suggestions.

 

[Binkerbear]

Re: Financial Preparations for a Potential Pandemic

Re: Financial Preparations for a Potential Pandemic

Maintain a hidden stash of cash and collect a supply of your favorite barterable items.