Wednesday, September 07, 2005

Protecting your funds in the event of a real emergency

Many of us are fortunate enough that we will never have to endure a natural disaster on the scale of Katrina, making it difficult to contemplate a financial strategy in the event the unthinkable occurs.

As I read about the Department of Homeland Security providing victims with debit cards worth $2,000.00 I'm think it is worth pointing out a couple of strategies that may help you in the event of an emergency.

While "rainy day" funds are great, they do not do much good sitting in the bank in the event of a real emergency.

Thinking back to the great eastern blackout and a couple of system meltdowns at my bank, and I was grateful that I had a few days cash on hand.

In the wake of Katrina, I think more than a few people are considering keeping a stash of cash around the house but, that presents a problem too.

Several years ago a friend of mine experienced a break-in where a large sum of cash was taken (including the safe). Since there is no way to track the money, Insurance won't cover it and he was essentially out of pocket a very significant amount of money.

In his case, hind sight is 20-20 and the best way to keep emergency funds on hand and protect yourself from theft is, travelers Cheques.

When banks and credit card processing does not work, the often overlooked American Express travelers cheque can still be cashed by many merchants without any kind of electronic verification and, the best part is, as the ad says they will replace it if lost or stolen.


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