I’ve mentioned financial prepping before. By financial prepping, I don’t mean planning for retirement. Retirement planning may be integrated into financial prepping plans, but it isn’t the same thing. By financial prepping, I mean getting prepared for financial difficulty in your own life. Financial difficulty can come in the form of a lost job, identity theft, a debilitating injury, or the more glamorous zombie appocolypse induced world wide financial collapse. (Yes, I say the last one with tongue firmly in cheek, but life’s strange. Who knows?)
Disclaimer: I am not a financial advisor. This article merely states my opinions and views as a non-professional. If you’re looking for professional advice, contact an actual professional advisor.
One of the most commonly overlooked preps is financial security. Obviously, most people are aware of 401k’s and retirement planning. I’m not talking about these.
In late 2008, the US Fed, Congress, and President all signed on to the first Quantitative Easing. The purpose? The financial markets were in so much trouble that in reality, most US businesses might have lost access to their credit lines. The trickle-down affect would have been much of America going home without a paycheck for a month or more.
This description comes from Republicans and Democrats. I didn’t believe it at the time, but having learned a lot more about how businesses and financial markets work, I agree with their description now, even if I don’t like their “solution.” Continue reading Financial Prepping