You’ve probably had your credit card rejected at the checkout station once or twice. It’s not fun, especially after you’ve unloaded a week’s worth of food and need to leave it all behind.
A phone call usually puts you back online, but it’s a hassle you could do without. And when disaster strikes—let’s say from an electromagnetic pulse attack or solar flare—then you can kiss your credit card goodbye.
Are you prepared for such an event?
This type of stuff is what legislators in the Wyoming House of Representatives are kicking around. Last week, they introduced a bill to help the state prepare for a collapse of the U.S. government and economy. It was narrowly defeated. Detractors suggested the state buy an aircraft carrier.
“I guess a lot of people think if you’re trying to prepare for a disaster, it makes you seem crazy,” cosponsor Kendell Kroeker said. “I was interested in it mainly because I don’t think there’s any harm in being well prepared.”
Wyoming is in great shape fiscally. In addition to its $14 billion in savings and assets, it has a low unemployment rate of 5.8%, and over $1 billion in a rainy-day fund. As you can see on Richard Young’s Liberty and Freedom map, there’s a lot to like about the Cowboy State.
Rather than being foolish, you’d be smart to think of your household as a mini-Wyoming. There is no harm in being well prepared. Start with this question: Do you have adequate cash on hand in case your credit cards don’t work or your bank can’t open?
Dedicating 1% of your investable assets to disaster prep would put you 1,000% ahead of your neighbors. Plus, what’s the downside of having cash on hand? Personally, I like silver coins and Canadian dollars mixed in with my greenbacks.
Having some hard assets stashed away can make all the difference in the world. If you had to leave town, you could be a welcome guest rather than an unwanted liability.