dunnan - recession proof your financial life (2009)

[...]... or that you will need if your 8 RECESSION- PROOF YOUR FINANCIAL LIFE house or apartment is destroyed or seriously damaged Among these items are • • • • • • • • • • • A copy of your will A copy of your living will A copy of your power of attorney A copy of your burial plot deed Stock and bond certificates Insurance policies Titles to your house and cars Your marriage license Your divorce decree Expensive... Internet access, you can call the FDIC at 1-8 77-ASK-FDIC (27 5-3 342) If you’re worried about a possible bank failure, you may find the official takeover procedure reassuring It’s smooth and well organized When a bank can’t meet its obligations, the FDIC moves in temporarily and runs the bank for a short time while auction- 18 RECESSION- PROOF YOUR FINANCIAL LIFE ing off its assets to another bank The... $1,500,000 $ TIP To make certain that all your money in an old-fashioned or Internet bank is insured and that you’re not over the limit, check with MS EDIE, the Electronic Deposit Insurance Estimator You’ll find EDIE at www.fdic.gov Click on “Consumer Resources.” If you don’t have Internet access, call 87 7-2 7 5-3 342 to reach a live person 16 RECESSION- PROOF YOUR FINANCIAL LIFE MS EDIE, the Electronic Deposit... FEDERAL CITIZEN INFORMATION CENTER (88 8-8 7 8-3 256, www.pueblo sga.gov) has a wealth of information about managing your assets, including home inventories and tools for creating a savings plan INSURANCE INFORMATION INSTITUTE (www.iii.org) has free software programs: “Know Your Stuff,” for doing your own home inventory and Your Financial House” for evaluating your personal financial situation This page intentionally... find out just how safe your money is When Willie Sutton (1901–1980) was asked by a reporter why he robbed banks, he allegedly said, “Because that’s where the money is.” You, too, undoubtedly have money stashed in at least one bank—most likely your local one Or perhaps you use one down the road from your country house (if you’re lucky enough 14 RECESSION- PROOF YOUR FINANCIAL LIFE to have a country house),... coming due that can be used to purchase a new, higher-yielding CD If rates go down, you can invest the money in highdividend-paying stocks, a mutual fund, or an annuity $ TIP For the nation’s highest-yielding bank CDs, along with information about minimum dollar amounts, check with Bankrate, Inc., www.bankrate.com 20 RECESSION- PROOF YOUR FINANCIAL LIFE HOW SAFE ARE MONEY MARKET FUNDS? Money market funds,... medical personnel regarding your wishes about medical care at the end of your life if you are unable to communicate NET WORTH: The total value of your cash, property, and investments after deducting your liabilities POWER OF ATTORNEY: A legal document that grants another person the right to act on your behalf It may focus on one area (financial or medical, for example) or be all-encompassing A medical...6 RECESSION- PROOF YOUR FINANCIAL LIFE YOUR NET WORTH STATEMENT ASSETS CURRENT VALUE Cash on hand $ Savings accounts $ Checking accounts $ Certificates of deposit $ Money market accounts $ Stocks $ Corporate, municipal, and savings bonds $ U.S Treasuries $ Investment club portfolio $ Mutual funds $ Other investments $ Severance pay $ Life insurance (cash value) $ Annuities... entire meal, turn it into a potluck affair Share membership dues at your gym or Y with a friend Plan to read magazines and check out books, CDs, and videos at your public library Most now have free Internet access plus public computers If you regularly shop for clothes at department stores, switch 30 RECESSION- PROOF YOUR FINANCIAL LIFE to discount outlets and secondhand shops Make only preplanned shopping... companies Veribanc (www.veribanc.com, 80 0-4 4 2-2 657) charges $10 for the first “short” report via telephone, $5 per short telephone report thereafter, and $25 to $110 for longer written reports Bauer Financial (www.bauerfinancial.com, 80 0-3 8 8-6 686) provides a first “highlights” report for $10 and additional ones for $4 each, as well as longer reports for $20 to $99 Bauer Financial also rates banks and credit . publisher. ISBN: 97 8-0 -0 7-1 6639 0-8 MHID: 0-0 7-1 6639 0-8 The material in this eBook also appears in the print version of this title: ISBN: 97 8-0 -0 7-1 6346 0-1 , MHID: 0-0 7-1 6346 0-6 . All trademarks. to do your own re- search using these resources. Perhaps you’ll come into a wind- fall. 10 RECESSION- PROOF YOUR FINANCIAL LIFE • NATIONAL ASSOCIATION OF UNCLAIMED PROPERTY ADMINISTRA- TORS. listed on the bond.  en place a copy of your list in your safe deposit box and keep another at home or at your o ce. 4 RECESSION- PROOF YOUR FINANCIAL LIFE STEP 2: DO A HOUSEHOLD INVENTORY Fires,