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HOME > Money > Suviving Economic Turbulence

Surviving Economic Turbulence

The 9-11 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

  1. Turn of gas and unneeded utilities
  2. Avoid sweeping powdered glass.
  3. Cover glass with tarp, plywood or any other protective material.
  4. Take items off high shelf levels.
  5. Bolt water heater to floor or low walls
  6. Remove flammables from living area
  7. Store clean drinking water as soon as possible
  8. Velcro computers and televisions to tables and desk.
  9. Tape drawers and cabinets closed
  10. Keep plastic bags handy in case of evacuation
  11. Keep absorbent materials handy in case of leaks

Evacuation Procedures

  1. Assign each family member items to take in case of evacuation
  2. Blankets, wash cloths, toiletries, clothes, water, food, flash lights, portable radio and batteries, tools, medicine, vital documents and files.
  3. Designate a place to meet.

Vital Records and Documents

Move vital documents and files to a more secure storage space

  1. Check book and bank statements
  2. Insurance documents
  3. Wills
  4. Power of Attorney documents
  5. Tax documents
  6. Paid bill receipts
  7. Deeds of Trust
  8. Leases
  9. Certificates: birth, education, satisfaction, course study, etc.
  10. Mortgage records
  11. Titles
  12. Medical records
  13. List of assets
  14. 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
. 2005. All Rights Reserved.