Assembling a ‘Financial Go Bag’
The recent wildfires in southern California emphasize the importance of being prepared to evacuate at a moment’s notice. While many people remember to pack essentials like water, batteries, and first aid supplies, financial readiness is often overlooked. Financial advisors strongly suggest maintaining a “financial go bag” to ensure you have all your important financial information readily accessible during emergencies.
In your financial go bag, include crucial documents such as original Social Security cards, birth certificates, and passports. Vance Barse, the founder of Your Dedicated Fiduciary, advises against storing these essential documents in your everyday wallet. Instead, keep them in your go bag.
It’s also wise to include photocopies of documents you usually carry in your wallet, like your driver’s license. David Alvarez, a financial advisor from San Antonio with PAX Financial Group, recommends having a copy of a utility bill or similar document in your go bag. This can be crucial for re-entry into your neighborhood if access is restricted post-disaster and you need to verify your residency.
Your bag should also contain a comprehensive list of all your account numbers—banking, insurance, brokerage accounts, and contact information for your mortgage company or landlord. It’s crucial to regularly update a document with this information, including online passwords and customer service numbers. Remember, you may not have access to your computer or mobile phone contacts in an emergency.
Don’t forget to include copies of your estate planning documents like trusts, wills, and medical directives. Also, compile a list of important contacts related to your estate and financial matters, such as the executor of your estate, your banker, or anyone designated in your medical directives.
Make sure all your insurance policies are summarized on a single document. Include policy numbers, contact details for any agents or brokers, and customer service numbers. Documenting the contents and value of your home regularly can be beneficial for insurance claims. If you haven’t kept detailed records, taking photos can be a quick alternative, suggests Alvarez.
When deciding whether to keep this information on paper or electronically, opinions vary among professionals. Both Barse and Alvarez favor paper copies for reliability. However, Heather Liston of Clarity Financial prefers digital copies, hoping she could grab her laptop or an external hard drive that contains backups of her important files in an emergency.
Additional Essentials for Your Financial Go Bag
Include a significant amount of cash in your financial go bag—anywhere from several hundred dollars up to $1,000, considering ATMs might not be operational if the power is out. Barse also recommends packing a checkbook.
Don’t forget extra keys for your car, house, and any other properties you own, like vacation homes or storage units. Barse suggests including a padlock, which can be useful if you need to secure items in a temporary relocation spot, such as a tornado shelter that provides storage space.
Keep all items in your financial go bag in waterproof containers, and check them regularly to ensure they remain sealed and protected.
Storing Your Financial Go Bag
Choose a storage location for your financial go bag that is both waterproof and fireproof, such as a safe. If a safe isn’t available, consider a fire and water-resistant file cabinet. Alvarez emphasizes the importance of accessibility, advising against complicated locks that could delay your quick departure in an emergency situation.
Preparing in advance, as Barse notes, can significantly reduce stress and difficulty in the aftermath of a disaster. Taking time to organize and protect your financial documents can save you considerable time and trouble when you least expect it.
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Passionate about analyzing economic markets, Alice M. Carter joined THE NORTHERN FORUM with a mission: to make financial concepts accessible to everyone. With over 10 years of experience in economic journalism, she specializes in global economic trends and US financial policies. She firmly believes that a better understanding of the economy is the key to a more informed future.