One best action step you can take to build wealth is to keep good records. I just experienced a small earthquake near my home and it made me think about if I was prepared for a disaster. Of course, I have all of my insurance in place- health, property,life and disability. But there are many important papers that should be secured off site or on a disc that I can grab and go. Instead I have a pile of papers in a file cabinet. I started a list of important documents that I will scan or make copies and put in my safe deposit box in another city. I will update these records once a year. That is a small step I can take and part of a good financial plan to build wealth. I will gather these records:
Copies of the purchase and sale of any home or property and receipts for improvements
Copies of the first two pages of the individual and business tax returns
Copies of the car titles, registration, driver’s license and insurance information
Copies of marriage certificates and birth certificates, social security cards, green cards, and passports
Copies of all insurance policies (medical, life, home, auto, health)
List of important phone numbers
Digital copies of important family photos
List of important prescription medications
Photograph of inside and outside of the home
List of important family members phone numbers and emergency phone numbers
List of investments,credit card numbers, bank account numbers, etc.
Preparation can help ease the anguish caused by disaster. It can also hasten the task of recovery. The is an important step to build wealth and maintain it. Don’t think it is unnecessary or it won’t happen to you. Statistics will prove you wrong. Build wealth with your own personal evacuation box.