The Stacking Benjamins Show: What's In Your Financial "Go Bag"? (SB1650)
Release Date: February 28, 2025
Hosts: Joe Saul-Sehy and OG
Guest: Paula Pant from Afford Anything

Introduction to Financial Go Bags

The episode kicks off with Joe Saul-Sehy and OG diving into the concept of a financial "go bag"—a kit containing essential financial documents and items to prepare for emergencies. Joe introduces the topic enthusiastically, although both hosts admit to initially lacking detailed preparation. This candid start sets a relatable tone for listeners.

Guest Insights: Paula Pant on Financial Preparedness

Paula Pant, a seasoned personal finance expert from the Afford Anything podcast, joins the discussion to share her insights on financial go bags. Paula emphasizes the importance of having a go bag even if it remains unused, aligning with the fundamental purpose of insurance and emergency funds.

Paula Pant [03:20]: "I once literally did have a go bag. Never needed to use it, but it's nice to know you've got a little thing."

Essential Components of a Financial Go Bag

The hosts and Paula enumerate and debate the crucial items to include:

1. Cash and Credit Cards
   OG underscores the necessity of having cash on hand during emergencies when electronic payments may fail.

   OG [08:26]: "I want to take my cash. I got credit cards. I'm not taking them all. Just what I got my wallet. That'll be good enough."

   Jesse Kramer adds that an emergency fund should cover at least three to four days' worth of expenses.

   Jesse Kramer [09:08]: "Three or four days' worth, enough to get me to the other side when I can tap back into my bank accounts."

2. Identification Documents
   Jesse highlights the importance of carrying copies of essential IDs such as passports, driver's licenses, and Social Security cards.

   Jesse Kramer [13:55]: "Passport, driver's license, Social Security card, or copies of all those things. Identification would be probably something at the top of my list."

3. Master Password and Two-Factor Authentication Devices
   Paula insists on including master passwords or access to password managers to secure digital accounts.

   Paula Pant [12:38]: "The most important thing is to make sure that you have your master password... and have the device that you use for two-factor authentication."

4. Health Information
   OG suggests including health insurance information and essential health records to ensure access to medical care during crises.

   OG [17:24]: "Take your health insurance information... any health records that you can have electronically."

5. Additional Essentials
   Items like solar chargers, spare keys, and basic survival tools were also discussed, highlighting the practical aspects of financial and physical preparedness.

   OG [23:02]: "Some sort of energy battery power of some kind I think will be helpful."

Password Managers and Digital Security

The conversation transitions to the role of password managers in a financial go bag. Paula advocates for using robust password managers like Bitwarden and 1Password over native options like Google or Apple Password Managers due to security concerns.

Paula Pant [38:07]: "I switched off of [LastPass], went to 1Password... from my experience as a user, it's six of one, half a dozen of the other."

Joe and OG share their preferred password management strategies, emphasizing the balance between security and accessibility.

Joe Saul-Sehy [37:52]: "I use Dashlane... The functionality is pretty good."

Estate Planning and Access Control

A critical segment of the episode explores estate planning essentials, particularly who would have access to financial accounts and digital assets in case of an emergency. Paula suggests entrusting this responsibility to a trusted attorney, while Jesse points to financial planners or trusted advisors.

Paula Pant [44:45]: "If I had an attorney that I was regularly working with... that's the person I would give it to."

Interactive Trivia Competition

Midway through the episode, the hosts engage listeners with a trivia competition, posing the question:

Doug [28:39]: "In what year did Harvard open the first college co-op store?"

The trio offers various guesses, culminating in OG correctly answering 1882.

Doug [37:03]: "Harvard opened the first ever college co-op store on their campus in 1882, making OG our winner."

Practical Tips and Common Mistakes

The hosts share additional practical tips on assembling a financial go bag, warning against overcomplicating preparations or neglecting basic necessities. Jesse humorously cautions against extreme scenarios, reinforcing the importance of balanced preparedness.

Jesse Kramer [48:57]: "Most be oftenly I would suppose it's just that people are underprepared."

Paula reiterates focusing on low-probability, high-magnitude events to ensure comprehensive readiness without unnecessary excess.

Paula Pant [49:11]: "It's always the low probability high magnitude events that you want to keep."

Final Thoughts and Community Engagement

Concluding the episode, Joe and OG encourage listeners to implement the discussed strategies, emphasizing that even minimal preparation can make significant differences during emergencies. They also highlight upcoming content from Paula and Jesse, fostering a sense of community and ongoing learning.

Joe Saul-Sehy [50:37]: "Come say hello... Thanks also to Paula Pant for hanging out with us today."

Notable Quotes

• Paula Pant [12:38]: "The most important thing is to make sure that you have your master password... and have the device that you use for two-factor authentication."
• OG [08:26]: "I want to take my cash. I got credit cards. I'm not taking them all. Just what I got my wallet. That'll be good enough."
• Jesse Kramer [09:08]: "Three or four days' worth, enough to get me to the other side when I can tap back into my bank accounts."

Conclusion

This episode of The Stacking Benjamins Show offers a comprehensive guide to building a financial go bag, blending expert insights with practical advice. By addressing both digital and physical preparedness, the hosts provide listeners with actionable steps to secure their financial well-being in the face of emergencies.

For more information and resources mentioned in this episode, visit stackingbenjamins.com.