Financial planning is the process that helps in managing your financial resources to achieve your long-term or short-term goals. It entails assessing your current financial situation, establishing financial goals and risk appetite, and devising a strategy to achieve those goals. It helps you in making informed decisions to allocate your funds. By: Tinesh Bhasin

Whether you’re a committed prepper or just thinking about living more strategically, creating a financial plan is essential to prepare for a time when you may no longer have a job, and the banking system — and perhaps the government — no longer function like it does today.

Why might you be facing such a time? Because threats pile up every day. Cyber crime and cyber theft are on the rise. If hackers can steal your identity, is it really a stretch that they could cause a collapse of the banking system or the government?

ATMs could become disabled around the globe as cyber-hackers gain control of your accounts. Governments could be disabled and unable to function — and that’s just the beginning.

Let’s face it. We’ve already seen situations where people have lost their homes in natural disasters, like floods and hurricanes. Others have become sick and unable to work because of radiation, like those in Japan.

Job loss alone is a reason to have a financial plan, but across the world, people have been displaced by war, bombs and carnage. Think it can’t happen here? Think again.

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