By definition, an “emergency” is an unexpected and difficult or dangerous situation which happens suddenly and requires quick action to deal with it.
The unexpected doesn’t wait around for you to get your act together. But does that mean you can’t be prepared for an emergency… even one as devastating as the coronavirus pandemic and lockdown?
Are you willing to play a little game of the imagination and find out?
What if you were forewarned two years ago that in March of 2020…
- We’d be in the grips of a pandemic and there would be a shutdown of virtually the entire economy
- Tens of millions of people would lose their jobs and you could be one of them. And many others would have their hours and pay cut
- The government would step in and provide stimulus, but it could take a month or two or more until you receive it
- Your charge card limits could be reduced or even canceled without warning
- Stock market volatility would return with a vengeance and your plans for retirement could be upended for years or even a decade to come
- People of any age could be debilitated or even die after being infected with the virus
If You Had Been Warned of This Two Years Ago, What Would You Have Done Differently?
[Read more…] “How to Be Financially Prepared for Any Emergency or Black Swan Event”
For two years before the dot-com stock market bubble crashed, my husband Larry and I studied “stock charting” with one of the country’s top technical analysts. It’s one of the 450+ financial strategies and vehicles I’ve investigated over the last 25 years.
Stock charting looks at patterns in the charts of stocks, indexes and various market indicators to determine the best times to buy or sell, based on the knowledge that history repeats itself. (Frankly, I don’t have the patience for that kind of analysis and found it excruciatingly boring.)
We owned a lot of tech stocks, and we’d check our retirement account balance every day because it was growing so fast. Some weeks we’d see such an enormous jump that we’d high-five each other shouting, “We’re rich! We’re rich!”
Yup, back then we were part of the “dumb money” – following the crowd like lemmings blindly following each other off a cliff. But I’m getting a little ahead of myself…
We were paying this analyst a good chunk of change for his coaching. Just when the dot-com bubble was peaking (as we now know with 20/20 hindsight), the analyst sent us this urgent one-sentence message: [Read more…] “Do you feel lucky?”