Thank you to Cheddar for having me on their morning live-stream this month to discuss How to Prepare Your Financial First Aid Kit Before Disaster Strikes (full interview) and How to Build a Financial First-Aid Kit for Disasters (excerpt from interview and blog post). In this interview, I discuss how The GET READY! Planner walks you through what documents you need to have in your emergency binder in creating your financial first aid kit.
It’s essential to have a “get ready kit” that you can take with you if you are forced to evacuate ーa resource that can also help your friends and family left behind in the event of a worst case scenario.
Here are my tips to Cheddar for starting a financial first-aid kit:
- Buy a binder. It’s old school, but it still works. Put all your relevant financial documents in it.
- List your assets, home, and real estate holdings.
- Organize your retirement plans, debts, personal loans, living expenses, and taxes.
- Document important information for your heirs. Don’t assume they already know it.
- Assemble an insurance portfolio that includes mandatory plans, like car insurance, and any other coverage you have. If you rent, don’t sleep on getting renters insurance. It’s cheap and will cover you when your landlord’s coverage won’t (and it won’t).
- Evaluate your financial readiness. Make regular check ups, and do an overhaul after any major life event ー like marriage or the birth of any children.
The best first-aid kit is the one that you have with you, that goes for financial first aid, too.
GET READY! Be financially prepared!
- Learn how to GET READY with risk protection for your financial life
- Stay READY by maintaining your financial first aid kit
- Keep up with the latest news on financial preparedness