What are you doing with your savings?

[FitnessMike]

is it safe to keep money in the bank account?

What says you.

 

[Julles]

I think it is the worst place. Physical precious metals are the best for saving value in the long term. Or else buy stuff you need or long term food supplies or invest in something that will be useful in your future. good land? I would if could.

I have some silver and gold.

 

[PhilParma]

Short term, we're in an Everything Bubble where there are very few timely investments to be made. Medium term, the Everything Bubble will pop in horrific fashion and everyone will be wishing they had more money in the bank to take advantage of crashed prices. Long term, cash will be hyperinflated away and replaced with fully digital dollars and CBDC's. In my uneducated opinion, bank savings will be safe and probably useful in the near to medium term if you have the sack to try to time the market. Or you can focus purely on the long term and just buy gold.

 

[Lollipop2]

Long term, cash will be hyperinflated away and replaced with fully digital dollars and CBDC's.

What about consumer debt?

 

[PhilParma]

What about consumer debt?

Maybe during the crash period a lot of the low hanging fruit like the student loan scam debt will be officially forgiven. Then during the hyperinflationary mania the remaining old debts will be effectively wiped out or rendered meaningless by the sheer amount of cash being metaphorically dropped from helicopters into the outstretched hands of the deliriously happy masses. Or something.

 

[ecstatichamster]

It is safe to keep your money in a bank account as long as you don’t have taxing authorities like the IRS or State after you. And as long as you don’t have lawsuits and judgments.

 

[Arnau]

Yield farm stablecoins in defi

 

[tankasnowgod]

is it safe to keep money in the bank account?

What says you.

Not since the Dodd-Frank act passed. And not since every bank is seriously over-leveraged. Don't think that what happened in Greece a few years back can't happen in the US.

The next time an institution goes down, there will likely be "bail ins," where banks basically take depositors money. You might receive "bank stock" in return, but that will likely be less desirable than the Zimbabwe dollar. I've been hearing rumors this will happen for a while now. It hasn't happened yet....... but that doesn't mean it won't happen soon (like in the next year or two or five).

And don't think "FDIC Insurance" or the NCUA will save you. They only have a few billion to backstop several trillion. Yeah, not exactly "secure." Some credit unions do have private insurance, and R Nelson Nash wrote about a Private Banking concept that some might wish to explore. There are other Private Banking strategies, too.

Having your "day to day" money in the bank is probably okay, for the most part, but if you have your "life savings" there, it could be a disaster in the making.

 

[Makrosky]

Not since the Dodd-Frank act passed. And not since every bank is seriously over-leveraged. Don't think that what happened in Greece a few years back can't happen in the US.

The next time an institution goes down, there will likely be "bail ins," where banks basically take depositors money. You might receive "bank stock" in return, but that will likely be less desirable than the Zimbabwe dollar. I've been hearing rumors this will happen for a while now. It hasn't happened yet....... but that doesn't mean it won't happen soon (like in the next year or two or five).

And don't think "FDIC Insurance" or the NCUA will save you. They only have a few billion to backstop several trillion. Yeah, not exactly "secure." Some credit unions do have private insurance, and R Nelson Nash wrote about a Private Banking concept that some might wish to explore. There are other Private Banking strategies, too.

Having your "day to day" money in the bank is probably okay, for the most part, but if you have your "life savings" there, it could be a disaster in the making.

I think "life savings" should be kept in different very conservative places. Some in cash in a bank deposit. Some maybe on very stable ETFS. Some on bonds. Some on physical silver/gold if you have the place at home to store them securely and discretely, maybe a brief portfolio of shares on the top sp500 companies, etc.

Never put all your eggs on the same bank account unless you live in Switzerland or a similar country.

 

[tankasnowgod]

I think "life savings" should be kept in different very conservative places. Some in cash in a bank deposit.

Third party risk.

Some maybe on very stable ETFS.

More third party risk

Some on bonds.

Third Party risk, yet again.

Some on physical silver/gold if you have the place at home to store them securely and discretely,

Finally, you have some control.

maybe a brief portfolio of shares on the top sp500 companies, etc.

Ugh, Third Party Risk, and you basically can't even own shares of stock, they are all owned by Cede & Co.

Never put all your eggs on the same bank account unless you live in Switzerland or a similar country.

Why not? I don't think diversification for diversifications sake is necessarily a good idea. And splitting your money between five different types of investments that you don't understand puts you at far more risk than investing in 1 that you know incredibly well (there can still be allocation, in in a single type of investment).

I once heard someone say "Don't put all your eggs in one basket? Screw that! Put all your eggs in one basket, and watch that basket like a HAWK!"

If you go to a casino and "diversify" your funds by playing some slots, some roulette, some video poker, some craps, and some some blackjack, you might get lucky, but odds are, most of that cash will end up in the casino's hands. Compare that the Seasoned Poker Player, the well educated Sports Bettor, the Advantage Video Poker player, or the Blackjack card counter who all stick to their one game they know, and they are the ones that (over time) will likely walk out with a profit. The house only wins because the odds are stacked in their favor, but there are some times and games where the Advantage Player can swing the odds in their favor.

Investing really isn't that different. In fact, I would say the Card Counting Blackjack player has a better "investment strategy" than someone who justs puts their money in 5 different things because they feel they should diversify.

 

[Makrosky]

Third party risk.

More third party risk

Third Party risk, yet again.

Finally, you have some control.

Ugh, Third Party Risk, and you basically can't even own shares of stock, they are all owned by Cede & Co.

Why not? I don't think diversification for diversifications sake is necessarily a good idea. And splitting your money between five different types of investments that you don't understand puts you at far more risk than investing in 1 that you know incredibly well (there can still be allocation, in in a single type of investment).

I once heard someone say "Don't put all your eggs in one basket? Screw that! Put all your eggs in one basket, and watch that basket like a HAWK!"

If you go to a casino and "diversify" your funds by playing some slots, some roulette, some video poker, some craps, and some some blackjack, you might get lucky, but odds are, most of that cash will end up in the casino's hands. Compare that the Seasoned Poker Player, the well educated Sports Bettor, the Advantage Video Poker player, or the Blackjack card counter who all stick to their one game they know, and they are the ones that (over time) will likely walk out with a profit. The house only wins because the odds are stacked in their favor, but there are some times and games where the Advantage Player can swing the odds in their favor.

Investing really isn't that different. In fact, I would say the Card Counting Blackjack player has a better "investment strategy" than someone who justs puts their money in 5 different things because they feel they should diversify.

But then basically there is no place to put a large sum of money. Or are you going to buy kilos of silver and hide it on the kitchen cupboard?

 

[Sefton10]

Short term, we're in an Everything Bubble where there are very few timely investments to be made. Medium term, the Everything Bubble will pop in horrific fashion and everyone will be wishing they had more money in the bank to take advantage of crashed prices. Long term, cash will be hyperinflated away and replaced with fully digital dollars and CBDC's. In my uneducated opinion, bank savings will be safe and probably useful in the near to medium term if you have the sack to try to time the market. Or you can focus purely on the long term and just buy gold.

This is pretty much where I'm at. Too heavy in cash for my liking but don't see anywhere to put it at this time that doesn't look like a bubble so sitting on it and trying to maximise what little interest can be got across different accounts. I do drip feed into an all world stock market tracker ISA twice a month too (possibly the biggest bubble of all), but at least it's tax free.

 

[michael94]

how do I invest in oranges and cheese?

 

[tankasnowgod]

But then basically there is no place to put a large sum of money. Or are you going to buy kilos of silver and hide it on the kitchen cupboard?

Sure there are. I suggested investment strategies that you know very well. If you're saying you don't understand any investments, then it's time to start learning about them, or seeking out new avenues. Most people don't know about Vault Services and the Infinite Banking Concept, so it's not like there aren't better options out there, even with third party risk.

 

[LucyL]

how do I invest in oranges and cheese?

land first, i think.

Visit a Nebraska greenhouse that grows lemons and oranges

nebraskapublicmedia.org

 

[Phosphor]

I'm in a situation where this is important to me....retired ten years ago, comfortable now but seeing the actual value of my savings dwindling. The numbers are going up but the value is going down. If the real estate bubble were not so insane I actually would invest there, but it is insane. I could not afford to buy my own house now that I bought five years ago, and wonder if I will be forced to leave it in ten years because the real estate taxes are more than I can afford. (That why CA did a prop 13, IIRC.)
I had a friend talk me OUT of buying gold about 15 years ago and wish I had not listened. Now I think you can't even get the real thing any more, just a paper representation (which means nothing at all in reality.) If things really go blooey....one would want a self-sustaining farmette somewhere quite far out of the way. I am too old for that level of physical maintenance, so perhaps I'll just go down with the ship.

 

[danishstargazer]

real estate ( california ) mutual funds ( nasdaq ) savings accts in a few diff banks, some crypto .

 

[J.R.K]

Not since the Dodd-Frank act passed. And not since every bank is seriously over-leveraged. Don't think that what happened in Greece a few years back can't happen in the US.

The next time an institution goes down, there will likely be "bail ins," where banks basically take depositors money. You might receive "bank stock" in return, but that will likely be less desirable than the Zimbabwe dollar. I've been hearing rumors this will happen for a while now. It hasn't happened yet....... but that doesn't mean it won't happen soon (like in the next year or two or five).

And don't think "FDIC Insurance" or the NCUA will save you. They only have a few billion to backstop several trillion. Yeah, not exactly "secure." Some credit unions do have private insurance, and R Nelson Nash wrote about a Private Banking concept that some might wish to explore. There are other Private Banking strategies, too.

Having your "day to day" money in the bank is probably okay, for the most part, but if you have your "life savings" there, it could be a disaster in the making.

I found this Dr’s 4 COVID ethics symposium Going direct reset to be informative. I would be curious to the members thoughts on the material discussed. It was new to me but that does not say much.

 

[OccamzRazer]

- Silver, gold, other precious metals
- Land (farmland is great but so are forested areas)
- Moveable living structures (like yurts)
- Greenhouses

All of these things are a work in progress for me...but moving towards them!

 

[J.R.K]

I found this Dr’s 4 COVID ethics symposium Going direct reset to be informative. I would be curious to the members thoughts on the material discussed. It was new to me but that does not say much.

Forgot the link:

View: https://youtu.be/2IHbqzNkjc0