Do you believe in aliens? 👽 Have you ever seen a UFO? Would you survive an alien invasion? We heard you might be able to bribe them into becoming servants with some Jack Daniels and a bag of Fritos. 🥃😵 It’s worth a shot (pun intended)!
Before we ever get invaded by aliens, we’re bound to get hit with another major natural disaster. 🌪️⛈️ Are you financially prepared to weather the storm?
Here’s Five Fast Facts on natural disasters and your finances:
- ⚡ Damage Control - Just how much of an economic punch do natural disasters pack? So far in 2024, the US has been hit with 24 weather or climate disaster events with losses over $1 billion. To break it down further, we’ve had 17 severe storm events, 4 tropical cyclone events, 1 wildfire event, and 2 winter storm events.
- 💰 Paycheck Peace of Mind - First up on your list to prep your finances for a natural disaster: insurance. Make sure your home and car insurance is up-to-date and is enough to cover all your valuables. If you’re in a high flood area, you may need a separate flood insurance policy. Also, make sure you have good health insurance for you and your family.
- 🔌 Power Hour - When disasters hit, many of the services we rely on shut down. Power outages mean ATMs won’t work and you won’t be able to get cash out if you need it. Keep some emergency cash in safe keeping to grab in case of an emergency. Set aside enough to cover your needs for at least a few days.
- 🔒 Lock It Up - If you keep your important documents in your home, you might want to get a safe deposit box at your bank instead. Things like titles to your home and car, birth and marriage certificates, and passports could all get damaged in a house fire or flood. Another tip: keep backup copies of your key docs on a thumb drive…and remember where you put it!
- 🆘 In Case of Emergency - In a widespread disaster, your ability to earn an income may get put on hold. Your workplace might get shut down or you could become injured. Make sure your emergency fund is nice and full. A good rule of thumb: have at least six months worth of expenses stashed away.
🔥Bottom line: Getting your ducks in a row before disaster strikes could help you stay afloat financially. All it takes is a little extra planning here and some savings there. Are you upside down on your car loan? Many Americans are in the same boat. Check out the latest in this article.
Are your paychecks prepared for a natural disaster?
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