Y2K Preparations

Well, we have one month to go until the new millennium. Preparedness for the initial fallout, if any, is paramount. There are two reasons one should look ahead and prepare. First, scripture outlines our responsibility in providing for our families; and, that includes heeding future possibilities and plan accordingly. If that wasn't so, then why did some of the Old Testament prophets (e.g. Jeremiah) preach of future devastation, repentance and preparation? Second, there will be many in the "church" who were either unable to make financial adjustments or thought the idea was ludicrous. As a result, the Church will be left with the responsibility to help and give support.

To continue from last time, one should strengthen his cash position. This is a normal financial planning concept in preparation for a future unpredictable economic event, such as Y2K. I have read where other financial gurus are recommending converting cash into other "barter" items, such as cigarettes, fuel, food, etc. Why? People will hold onto cash resulting in a "cash deficit." If this does happen, normal transactions of buying and selling will be the exception and not the rule; and, those who have ample supplies of cash will be able to function as normal. It is my belief that no matter what happens from Y2K, one cannot "overdo" it - you will always be able to spend your cash, which is not a book entry at the bank but those pieces of paper with pictures of past presidents.

Gary Ellis, MBA, CFP
Association Stewardship Director