As a younger guy still establishing himself in the world, I've always been concerned with the conflict of disaster prep vs. financial security. On one hand, I’ve been inundated with checklists of things I ‘need’ to have in case of an emergency. On the other hand, the sensible side of me worries that I don’t ‘need’ these things, certainly not more than I ‘need’ money in the bank or a 0 balance on my credit card. And I suspected that many of my peers who brag about their well stocked homes and fancy bug out bags may have not been making the best financial choices. Well, I finally got evidence of my suspicions.
A client of mine is a firearms enthusiast and very concerned with disaster prep. Every year when we meet, he’s sure to give me a rundown of the latest steps he’s taken to prepare for ANY disaster that may befall. Now, he’s by no means the most extreme example I’ve heard of, but this guy had done his homework. Tucked away in his rural NH home, this guy would probably make it though the downfall of modern civilization without breaking a sweat.
He was prepared for any disaster, no matter how unlikely or remote – except for losing his job. Unfortunately this happened shortly before Christmas, and he’s already at the end of his rope. Come to find out, he had burned though most of his savings and then financed the rest of those stockpiled goods, home improvements, and survival gear. And now, save for the small stash of gold and silver coins in his basement, he doesn’t have a dime to his name. Should banks fail and modern currency become worthless he has plenty to barter, but Bank of America doesn’t seem willing to barter grain or ammunition for his home equity loan payments. He’s got plenty of gear to hunt and fish for his good, but can’t afford to pick up a loaf of bread at Stop & Shop.
It’s really a sad situation, and should be a lesson to all of us here. We should be prepared, yes, but prepare for the most likely of scenarios first. What’s more likely, that SHTF, or you get hurt or lose your job? And which are you better prepared for?
A client of mine is a firearms enthusiast and very concerned with disaster prep. Every year when we meet, he’s sure to give me a rundown of the latest steps he’s taken to prepare for ANY disaster that may befall. Now, he’s by no means the most extreme example I’ve heard of, but this guy had done his homework. Tucked away in his rural NH home, this guy would probably make it though the downfall of modern civilization without breaking a sweat.
He was prepared for any disaster, no matter how unlikely or remote – except for losing his job. Unfortunately this happened shortly before Christmas, and he’s already at the end of his rope. Come to find out, he had burned though most of his savings and then financed the rest of those stockpiled goods, home improvements, and survival gear. And now, save for the small stash of gold and silver coins in his basement, he doesn’t have a dime to his name. Should banks fail and modern currency become worthless he has plenty to barter, but Bank of America doesn’t seem willing to barter grain or ammunition for his home equity loan payments. He’s got plenty of gear to hunt and fish for his good, but can’t afford to pick up a loaf of bread at Stop & Shop.
It’s really a sad situation, and should be a lesson to all of us here. We should be prepared, yes, but prepare for the most likely of scenarios first. What’s more likely, that SHTF, or you get hurt or lose your job? And which are you better prepared for?