Now that I have put my financial survival plans in place for 2020 and beyond, I figured I’d share some of my strategies. A large portion of this post is simply a repeat from the 2007 crisis with some added changes.

  1. Keep your payroll check in MULTIPLE bank accounts
  2. Keep some amount of emergency funds (cash) in your home somewhere safe and sound, don’t assume ATM machines will have cash.
  3. Keep your savings in a SEPARATE account.
  4. Keep well under the 250k limit of FDIC and don’t assume FDIC will bail you out; you’ll learn why later
  5. Forget about money market funds
  6. You should already have a large cash position if investing in the market, if not you’re going to have to ride it out – it took 10 years to recover from 2007 crash.
  7. Keep plenty of food available in your home
  8. Keep you gas tank full at all times when possible
  9. Be vigilant at all times; worry about burglary, robbery and assault at any time from now on until this crisis is over
  10. Have a worst case scenario plan for yourself and your family
  11. If you have large amounts of money buy US Treasuries.
  12. Worry about the “safety” of your safe deposit boxes at the bank and rethink if that’s the best place for your property.
  13. Immediately start thinking about how you can earn some extra cash.
  14. Don’t plan on anyone else saving you. You are on your own.

If you are old enough you might remember the crash of 2001, 2008, and 2020. Keep this in mind when planning your retirement and emergency fund needs.