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Are you prepared for emergency – Moneymindz

The best way is to start.

I know that sounds silly, but it’s true. If you spend so much time thinking about emergencies but never do anything about it, then you’ll never get anything done. So, here’s some ideas on how to get started.

Get all of your important documents

In a single location. If you can, get notarized copies of these important documents and put them at another location (your parent’s house, a bank deposit box, etc.) That way, in an emergency, you can access these documents quickly.


Insurance provides security

Insurance provides safety and security against the loss on a particular event. Life insurance provides security against death and old age sufferings. Fire insurance protects against loss due to fire while Marine insurance provides protection and safety against loss of ship and cargo. For personal accident and sickness insurance Financial protection is given when the individual is unable to earn. In other insurance too, this security is provided against the loss at a given contingency.

In Business, commerce and industry, huge properties are employed. Because of slight negligence, the property may be turned in to ashes. A person may not be sure of his life, health and cannot continue the business up to the longer period to support his dependents. By the help of insurance, he can be sure of his earning, because the insurance company will pay a fixed amount at the time of death, damage by fire, theft, accident and other perils.

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Get 3–6 months savings put together :

That’s 3–6 months of your family income. Too many people spend a lot of time preparing for the while neglecting the much more likely event of a personal disaster like loss of a job, etc. Getting together enough money in the bank that you can float for a little while is worth the peace of mind

Learn to use everything in your kit!

I suggest going on a camping trip with what’s in your bag. You’ll get to road test your kit before you ever need it. I’ve seen plenty of people that have never used anything in their bag, only to realize that they don’t know how it operates, and have trouble using it in the field.

These are some basics, there’s a whole internet full of “Prepper” strategy, with advice on how to prepare your finances for an emergency, gardening, long-term food storage, basic first aid, communications by radio, etc. but this is where I would star.

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The post Are you prepared for emergency – Moneymindz appeared first on MoneyMindz.

This post first appeared on Moneymindz - India's First Free Online Financial Advisory Portal, please read the originial post: here

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