Do You Have a Financial Action Plan?

Many in the Prepper Community expect someday to experience an apocalyptic economic collapse.  In preparation for this eventuality they may be stocking up on gold, bullets, or even cigarettes to use as currency once money has no value.  If that is what you are hoping for, this article is not for you.  Since no one can predict if or when an apocalyptic economic collapse will occur it may be wise to have a financial action plan that will help you prosper no matter what the economy is doing.  My feeling is that potential job loss or a medical emergency are far more likely than an economic collapse and they can wreak just as much havoc on a household as an economic collapse can have on society.  Simply playing the odds, it makes more sense to have a solid financial plan that does not hinge on the demise of currency and society.

Below is a Four Tier Financial Action Plan Checklist that can help you work toward financial freedom. There is also a free printable Financial Action Plan Checklist at the bottom of this page.

 Four Tier Financial Action Plan Checklist

Tier One – Work Towards Freedom

Much of Tier One is mental (an important element when preparing for just about anything).  It is about making decisions and putting a plan in place.  If you are serious about your finances most people can check off almost every item in Tier 1 within a few days.  It feels good to know you have a plan in place and to feel like you are succeeding as you check items off the firs tier.  It will not happen on accident so make a decision and take care of Tier One this week!

__  Set financial goals (This PDF is a great resource)

__  Use a Debt Elimination Plan

__  Save at least 10% of your paycheck

__  Live within a budget

__  Use cash instead of debit/credit cards

__  Create a two week plan for home cooked meals

__  Work towards having a two week supply of food storage

__  Donate 10% of your earnings to a charitable organization

Tier Two – Create A Shelter

Tier Two may offer a lot of quick wins but depending on your current financial situation it may take years to eliminate all of your debt.  That is okay, you have a plan in place and consistent effort over time makes a huge difference.  There is nothing sexy about paying an extra $50 on your auto loan, this is one of those private victories that result in a public success years down the road.  Delaying gratification can be tough but pause and think for a moment about what you could do if the only debt in your budget were your home.  You will have a flexibility in your budget that many people may never experience.

__  $1000 emergency fund in your saving account

__  Pay off all credit card debt, auto loans, and lines of credit

__  Work towards having a three month supply of food storage

__  Auto Insurance

__  Health Insurance

__  Home/Renter Insurance

__  Life Insurance

__  Will/Life Estate

Tier Three – Build a Foundation

Here we go, now we are getting to a place financially where you are starting to taste true freedom.  Risk is substantially minimized, you are now in a position where you can really start to build wealth.

__  College Degree, Professional License, and/or Trade

__  Own Your Home (Mortgage-free)

__ Self Reliance Plan (Plant a garden and/or raise chickens)

__  Retirement Plan

__  Liability Insurance

__  Disability Insurance

__  Food Storage – 6 Months

__  Emergency Fund – 6 Months Worth of Expenses

Tier Four – Plan for Growth & Economic Changes

You built it, it is yours.  Feel free to stock up on gold, ammunition, and whatever else helps you feel diversified because you can afford to be eccentric now. Congratulations, it was a journey that probably took years of consistent hard work and effort.  Those who know this level of freedom stand by the decisions that they made early on in order to achieve the freedom that they now enjoy. Those that achieve this level say that it was worth the sacrifice.  It will be for you too!

__ Develop self reliance skills to barter

__  Work towards living off-the-grid

__  Food Storage – 12 Months

__  Obtain a renewable commodity to barter (energy source such as solar panels, recharging items for others)

__  Residual Income (business owner, write a book, invent, invest, blog, rental property)

__ Contribute to Retirement

__  Emergency Fund – 12 Months Worth of Expenses

Printable Financial Action Plan Checklist PDF

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