By: Cason, Phuong, Emma Preparing for the Worst
What is it? • It means to be prepared for something bad to happen economically so you will be able to remain financially stable.
Step one: Understand that stress may play a part in all preparation. WARNING: • Realize you cannot do it in a short amount of time. Be sure to have a fall back plan incase of a job loss or an emergency.
STEP TWO: • Plan well in advance and have money set aside in case of an emergency. REMEMBER: • The money you save is a family decision.
STEP THREE: • Have a short term plan ifsomething minor is going to happen. And have a longer term plan if something major is going to happen. You need to have separate savings for each event.
EXAMPLES: • SHORT TERM: • Job loss • Student loan debt • Doctors • Car payments • LONG TERM: • Cancer • Stock market crash • Car accident • Mortgages
SOURCES • theeconomiccollapseblog.com/.../warning-signs-that-we-should-prepare-for- the-worst • www.nena.org/?page=PrepareWorstCourses • kimt.com/2014/03/.../hoping-for-the-best-but-preparing-for-the-worst • www.wikihow.com/Prepare-for-the-Worst • content.time.com/time/magazine/article/0,9171,837226,00.html