Prepare Your Finances For The Worst [What I Do]

There’s so many things you can do to better set up your finances. I try to do ALL OF THEM. Let’s go through everything that I do to prepare my finances for the worst and how you can too.

https://odysee.com/@ScottCBusiness:4/financial-continegency-plan:8

This is my 507th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!

Basic Recommendations:

This covers what you should have set up to start.

·         Fiat

o   Multiple bank accounts

§  I prefer one online bank and one physical bank

o   Multiple stock investing accounts

§  One bank investment account and one third party

o   Savings

§  Have at least 6 months worth of expenses saved

o   Cash stash

§  Have at least 3 months worth of expenses saved

·         Cryptocurrency

o   Most cryptocurrencies if held correctly in a wallet only you have access to provide more security and ownership rights to you than almost any other asset in existence. This is enhanced greatly with a hardware wallet.

·         Scarce Assets

o   Precious metals (gold, silver)

§  Have some stored with you in a safe and some in a vault storage service.

o   Bitcoin and similar scarce cryptocurrencies

§  Access funds through a cryptocurrency ATM

§  Spend and use worldwide with ease

·         Digital Cash Cryptocurrencies

o   Dash, BCH, LTC, and other cryptocurrencies with fees around 1 cent or less

§  Purchasing gift cards

§  Direct payments

§  Pay bills through a service like https://bitcoinwell.com/

§  Access funds through a cryptocurrency ATM

§  Spend and use worldwide with ease

·         Alternative Spending

o   Prepaid Visas

o   Gift cards

o   Payment providers

§  Paypal, Venmo, etc.

o   Crypto VISA card

§  I use Bitvo here in Canada because it’s non-KYC though most do require KYC.

Further Considerations:

·         Taxes

o   Paying taxes

§  Understanding taxes (especially for small business owners).

o   Pay a financial advisor or lawyer to find out how to lower your taxes.

·         Investing

o   In Canada we have a TFSA or a tax free savings account that allows us to contribute up to a specific amount that can be invested tax free. There is also an RRSP account or registered retirement savings plan which is sort of like a ROTH IRA in the US. Many other countries have something like this for retirees. However, to really be prepared for a crisis, I would favor liquidity and not be using a retirement focused account and I personally don’t.

·         Password manager

o   To manage all your passwords which shouldn’t be re-used (so you should have a lot).

·         Backup phone / satellite phone

o   If you lose access to your phone which you use to authenticate or lose access to your cell phone provider. I have a backup phone with a backup activated SIM card that I pay for monthly as well as non-active SIM cards for other telecommunications providers.

·         Safe

o   A fireproof and waterproof safe is key for protecting anything physical.

·         Surveillance and physical security

o   Basic WiFi cameras to monitor your home, locks, insurance, etc.

·         Crypto hardware wallet

o   I use Ledger, you want to have at least 2 though so you can recover quickly after you lose access to one of them.

o   SafePal is a more affordable option.

o   You can spread out risk by using multiple hardware wallets, but the main risk is associated with the seed phrases and how you protect those. Ideally laminate them and keep these hidden away from where you store your wallet.

·         Backups

o   Have as many backups and ways to access your wealth as possible without sacrificing security.

·         Emergency supplies

o   Anything you need in an emergency scenario, including ammunition and firearms.

·         Real estate

o   I’m a bit iffy on this one as the market is crazy and there’s a lot of concerns around where housing is going in the future, but if you can afford it, then it’s better to have than not.

·         Long term deposit boxes

o   You can store physical assets in long term deposit boxes in other countries like Switzerland for example.

·         Use privacy services

o   Use something like a VPN, a secure browser, etc. when you’re accessing your finances as well as not disclosing your finances to anyone (the opposite of what I do).

·         Wealth concentration & authoritative oversight

o   Keep in mind that most physical assets and financial tools that are easily influenced by the government like your bank account can be easily taken from you.

o   Having advanced security and investing most of your wealth into assets that cannot be taken from you will mitigate this risk, namely cryptocurrency.

o   The majority of your wealth should be concentrated outside of central banks and government control

Is there anything I might have missed? Are you practicing any of these? What’s the best way to protect your wealth and prepare your finances for an emergency? Let me know what you think about this in the comments below and don’t forget to subscribe!

*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*

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