The Covid Lockdown woke up many Americans to how unprepared we are in case of an unforeseen [devastating] national emergency. Nationally and personally!
Financial Strategist Mitch Kramer says it could happen. "It's important that we all have a 'rainy day fund.' Extending upon that - we should actually have cash bills in our possession. We have all become inter-dependent on technology!" He says we should collect a month or two of bill payments in cash because we could lose power from sources like weather or even hackers. Kramer gives a simple example. "Here in Texas not too long ago we didn't have power. You couldn't get money out of an ATM because we didn't have power."
Now, More Than Ever, Save Money!
Where you store it is important. "Some place you can remember and get to. Some place in your house - like in your stored Christmas decorations!" Kramer suggests you keep cash - up to a couple of months of of expenses - in a place you can remember easily that can survive fire, hurricane, or even a massive freeze.
A reserve of funds at your immediate disposal could actually save your life! We should all start saving now!
photo: Getty
Another natural or criminal disaster could take our power away!Photo: Getty Images