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SURVIVING ECONOMIC TURBULENCE
The recent terrorist attack left Americans feeling very vulnerable to loss of life and precious possessions. Many questions have been asked as to whether the economy will fall apart or the great depression set in. The most important thing to remember is DON'T PANIC.
Although the World Trade Center played major roles in the distribution of goods and services worldwide, other major financial institutions remain intact and functioning. In addition the Federal Reserve has been poised for just this kind of disaster and is putting billions of dollars back into the economy. Banks will be granted funds to keep the flow of business, goods and services moving. Oil prices have been locked to prevent rising prices. The Feds are prepared to lower interest rates again when needed. So there is reason for optimism of economic recovery from Tuesdays grim reports. Still when disaster strikes what can you do to protect your family and assets?
Hold a family meeting to review survival procedures and communication protocols. Provide family with written phone numbers and address of primary contacts and alternative care providers in case of separation. Instruct them to keep I.D. on their person at all times. Parents always ascertain where children and older relatives are, where they are going, and when to expect them back. When evacuating the home take head counts regularly. Establish a place to meet if they cannot reach their home.
Disaster Recovery at Home
Turn of gas and unneeded utilitiesAvoid sweeping powdered glass.
Cover glass with tarp, plywood or any other protective material.
Take items off high shelf levels.
Bolt water heater to floor or low walls
Remove flammables from living area
Store clean drinking water as soon as possible
Velcro computers and televisions to tables and desk.
Tape drawers and cabinets closed
Keep plastic bags handy in case of evacuation
Keep absorbent materials handy in case of leaks
Evacuation Procedures
Assign each family member items to take in case of evacuationBlankets, wash cloths, toiletries, clothes, water, food, flash lights, portable radio and batteries, tools, medicine, vital documents and files.
Designate a place to meet.
Vital Records and Documents
Move vital documents and files to a more secure storage space
Check book and bank statementsInsurance documents
Wills
Power of Attorney documents
Tax documents
Paid bill receipts
Deeds of Trust
Leases
Certificates: birth, education, satisfaction, course study, etc.
Mortgage records
Titles
Medical records
List of assets
Certificates, licenses, permits
Financial Issues and Communications
When disaster strikes the most important thing to remember is DON'T PANIC.
Most situations that appear grim can be overcome with a little forethought and preparation.
It's always important to allow adequate time for mailings to reach its destiny. Make advance payments where possible. Use phone payment methods and electronic transfer of payments. Pay bill online where possible. Remember to contact your creditors immediately to set up payment arrangements.
When mail carrier transportation is restricted let creditors know this as soon as possible.
Take advantage of grace periods where possible.
For more information on what consumers in the financial industry are doing go to Mortgage Loan Search
Author: Mark Askew
Editor for the Mortgage Loan Search Network, the MLS Rate Watch Program Newsletter and a host of e-business periodicals
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