Are You Ready for Doomsday? The Mayan Calendar Says it’s Coming
When the New Year finally arrived millions of people around the world began to start a year long collective “walk on eggshells†as doomsday watchers and people who follow the Mayan Calendar view 2012 as an apocalyptic year.
You may not believe in doomsday prophecies or end of the world talk but the question that you should ask yourself is: where would I be financially if the world were to end tomorrow? How much money and resources would you have for the next six months to one year? If the answer is zero or not enough then it’s time to start a “doomsday†money management strategy.
Savings
Your goal should be to save at least enough income to carry you and your family through for at least six months to one year. Depending on your job situation you should focus on saving at least 10% out of every paycheck now so that money will be there when you need it.
Debt
How much debt are you carrying? Now is the time to be thinking of credit repair. If you have more debt than income coming in you should consider selling or trading in some of those cash hogging debts like your home or car. This will enable you to have more money in the long run and be less dependent on friends or family members if you weren’t able to pay your bills.
Financial Clean Up
Start paying off any outstanding personal loans for people with bad credit that you’ve only been paying the minimum amount on for the last few years, consolidate your credit cards into one card, pay off the lease on your vehicle and stop paying for that expensive cable television or cell phone service that you haven’t really used in the last year.
Assets
One of the best ways to be prepared for any “apocalypse†is to have plenty of assets on hand that you could sell during tough economic times. Some assets to consider are jewelery (especially gold and silver), artwork, sculpture, weapons, land and antiques.
Pool Resources
If your relatives live nearby and they are renting a home or apartment like you one of the best ways to save money is by contacting those family members then coming up with the idea of renting a home together. When family members or friends live together under one roof they have the opportunity to pool resources and save money by sharing expenses rather than paying for everything themselves.
The apocalypse may not come in 2012 but it never hurts to be prepared for potential disasters by taking a renewed look at your finances and being ready for anything.