Money in bank accounts

a reply to: booyakasha

May is coming soon. Maybe that may have something to do with it. Don't know.

originally posted by: worldstarcountry
a reply to: ancientlight
You could close your bank account now, request a paper paycheck, some companies still offer it if you push hard enough. An alternative is get a pay card which nearly all companies will deposit to and withdraw all your cash every paycheck. I convert my savings from paper to gold and silver, so it is easier to hide and significantly less vulnerable to physical damage. As an example, a bit of gasoline and a spark can destroy $2,000 of paper currency in the blink of an eye. A single gold coin, not so much. Not to mention the single gold coin is very simple to hide and transport.

As far as vulnerability to thieves, it is as simple as anything else you own of value. Nobody should know about it, and personal responsibility is a virtue of being a mature adult. Believing a third party can always protect and insure your wealth is a big reason of why society has gotten into this problem. Abdicating personal responsibility to another is a flawed choice and only serves to making an adult more reckless and less responsible.

I have not had a bank since 2016. Never seemed like much of a burden. we already own raw land, and plans are already in place as these eventualities have been planned for for the better part of a decade now. Anybody member on this forum that has been here at least ten years and is only now making their plans , well that's not on anybody but one's self.

As for you OP, potatoes, onions and piegon peas are suggested amateur beginner crops that can tolerate some neglect. Aloe plants, hibiscus and eucalyptus are also easy medicine plants for your most basic first aid and various simple ailments needs.

I may just eat my penalty and cash out my 401k soon if things are as bad as y'all suggesting. The money is sitting in funds that will not really suffer in any imminent equities crash. But i keep hearing you folks say banks are about to steal our funds, so I suppose this could include retirement accounts but I have not read anything on the matter.

Are there any plans on the table someone could link to which would indicate funds confiscation would go past bank deposits and include IRA'S , 401's, and/or pensions??

Too much money in retirement funds and baby boomers are now nearing 70 or a bit older. Can't have these people with much money. Game plan all along. Been trying to explain that to close to me. Just not worth it on any of these pension schemes . The only people making money on all the crap is the ones managing and legally stealing your hard earn bucks or yen.

originally posted by: infolurker
a reply to: ancientlight

Easy.

Inflation is coming. Sitting money is doing nothing but losing value and the prices of everything are going up.

Spend it on things you will need for the foreseeable future. Food, water, security, property, etc.

If you already have all that pay off debt, buy tangible assets like gold & silver.

Maybe Put throw away money in crypto just in case. Consider it gambling.

People in Poland realize what you are saying . Those with extra cash are now buying flats. Inflation is hitting Poland pretty hard these days..

Also many of us here may not know this but in Russia, those that are on disability only get about $220 a month. Not much money to live on.

a reply to: ancientlight

One of the richest men I know told me he has no money. It took me awhile to figure that out...lol

He owns property and invests...but I don't trust investments so, I would suggest a few alternatives which you (and others) may not agree with but, well, maybe they'll help someone come up with more viable ideas.

1. Property (not mortgaged, bought and paid for). The definition of property:
Essential Meaning of property
A. something that is owned by a person, business, etc.
B. a piece of land often with buildings on it that is owned by a person, business, etc.

Add the word valuable to definition A and now you open up some new realms that weren't necessarily thought about when you think of property.

2. No more than $100K in any one bank. The feds insure up to $250K per person per account. I want to keep my accounts way under that. (Not all types of accounts are covered and not all banks have this insurance. Make sure you bank at ones that do and make sure you open the right accounts. Most Credit unions also offer insurance.)

3. Physical gold and silver...don't buy the stuff where they hold it in a "vault" for you. I wanted to add copper and nickle to the list too. Basically all the metals our physical money was built off of.

4. Gold backs. These are pretty and have the gold infused into the paper money. So a $25 goldback has $25 worth of gold in it and has the potential to become more valuable over time (Just a few, don't go all in on these..).

4. Visa gift cards. Make sure they are insured, registered, and don't have a monthly fee. They usually have a 5 year expiration date. Don't invest a lot of money in this and do make sure you register them/activate them (create a pin number) when you buy them.

I wanted to mention that investing in your property is also a good way to keep your money. I'm talking about making it as self sustaining as possible. Things like rainwater collecting, solar panels, wood stove, food sources, ect...

I know that's hard to do living in the city but, just throwing some ideas out there to keep the thoughts going..

Just tossing out some ideas...

Thanks,
blend

a reply to: ancientlight
Explore cryptocurrency as an investment. It's decentralized, means government has very little control over it.

I think you should look for assets that will retain value and be able to be traded quickly and easily, no matter what happens. And if nothing does happen, they will still retain value AND have a practical usefulness today.

Probably one reason why guns and ammunition have been selling lately like there is no tomorrow.

If I wanted to buy gold, I would want to buy it in bulk, ball bearing shaped and sized, so I could alternatively use them in my slingshot, worse comes to REALLY worse. There is no law that says that gold will always be of value to everyone who has something that you want. If no one wants your gold after SHTF because they would rather have something they can eat, then what?

IMHO, anyway.

a reply to: Rich Z
There was a time when everyone wanted something to eat because there were no supermarkets or distribution centers or even safe trade routes. There was no electricity or running water either, and much of the water was dirty too. It was most of human civilization up until about a hundred years ago, and Gold was still accepted as money.

Funny how the wealthiest most powerful do a great job reminding people how worthless or pointless it is not only in a modern world, but in some soon to be fictional post apocalyptic dystopia where starving masses prefer food.

And yet, they aren't just giving it all away are they?? In fact they are doing their best to continue accumulating it all arent they?? Even in the plague years of Europe, gold still had worth when the known world was virtually collapsing and ending all around them.

Diversify, but do not for a moment believe there will come a moment in this lifetime gold is treated like a paperweight, apocalypse or not.

a reply to: ancientlight

If you are worried about the bank going under and taking your account with them Gold and Silver does not ever really lose value ancientlight.

originally posted by: CptGreenTea


Regarding banks seizing assets. That would only happen in extreme situations and very unlikely. You could buy physical things like gold / silver. However, if banks suddenly stop working and a societal collapse, then money isn't going to matter much.

That's true. I probably should just stop worrying too much.

So where is a good place to start buying gold ?

originally posted by: ancientlight
So I hear talk online about possible bank bail-outs and that there would be a risk of banks seizing all your money ?

Is there a real risk of something like this happening ?

The chances of this happening are almost zero, there's thousands of things that are more concerning than a random conspiracy that people are spreading around lately.

a reply to: ancientlight

Depends where you hail from i suppose.

You can buy gold bullion online from dealers.

Here in the UK, the "British Numismatic Trade Association" (BNTA) have a registry of all the trustworthy dealers.

Then there is always the pawnshop.

I used to work in a Pawnshop(third job i ever had) back in the day, where people would come in and pawn small gold ingots(generally gamblers) and the like along with jewellery, just be careful as there is always a measure of risk involved buying anything.

a reply to: rickymouse

Oh yeah. I hv 2 homes, no mortgages, no car payments, no credit debts. Wife n I, clear.

a reply to: ancientlight

Fyi...You need to not depend on banks, comptrs, mobiles...you can't run far w a pocket full of gold. In a disaster...someone will come take it when banks and internet go down. Then what?.

a reply to: andy06shake

Gold has been trading in about a ~10 percent range the past year between US $1700 and $1900.
Inflation might provide a lift in gold prices against the US dollar if the US Federal reserve doesn't raise interest rates.

If your gambling days are done, you are stuck in cash which will depreciate some but an FDIC insured account appears to be the lowest risk preservation strategy assuming you already have a paid off mortgage and own your home.
Real estate has 50% price swings and we are at a Case-Shiller price top that may not extend.
Low risk rated bonds usually only go bad in weak countries during times of global conflict but even people with brilliant deductive minds like Emanuel Lasker the German chess champion have lost everything then.
I would be down this morning if I had taken the opening price for FAS above $132 a share.

a reply to: mysterioustranger

In a disaster type scenario someone will always try and take everything you have, be it water, food, money, people, as well as gold.

Certainly agree that to be mobile in such a situation is preferable to the alternative.

After all any cave is a grave.

As to then what, survival of the fittest is apt to be the colour of the day i imagine.

Because without rule of law anarchy prevails, which does not quite do what it says on the tin.

a reply to: fromunclexcommunicate



End of the day its heavy and you cannot eat the stuff.

Humans are fascinated with it all the same, and always have been throughout recorded history.

The banks insure deposits up to a hundred thousand per account I believe. I have not seen much about more big banking bailouts but of course it happens daily, sometimes due to criminal corruption or dumb investments.

I doubt frugal account holders as ourselves are at risk of losing deposits. Banks and governments have been known to freeze accounts for one reason or other but again those of us in the shallow end of the pool have less chance of getting caught up in that.

If during the current world drama of pandemic blazing, war drums rattling, inflation economics and supply chain shorts, any major bank failure could be problematic but unless just worldwide and like dominoes falling, they would reset the big ones, close and payoff the smaller ones so for now I think its safer than the mattress.

Any major failures that break the whole system, its unlikely any mattress money would be good for anything for long. Time will tell.

I personally don't see much value in gold/silver or crypto. It might be a hedge against inflation of the dollar, but both are non-productive assets. A kilogram of gold stuffed under your pillow will always be a kilogram of gold. The same amount of money invested has the ability to generate more money.

Say you invested 10K in Apple. You own a piece of a company filled with engineers, designers, sales and marketing, managers and executives, all of whom are working their ass-off to maintain the company's competitive advantage and ensure profits.

Gold is not a profitable company. If you bought $10K of gold in 1980, you wouldn't have broken even until 2006. Gold is worth the same today as it was in 2011.

If you bought $10K of Apple in 1982 you'd be a multi millionaire today. If you bought 10K of apple in 2011 you'd have more than 100K today.

Crypto, on the other hand, is a lot more volatile. 25% swings are quite common in crypto compared to equities. It's still an unproductive asset, but it's a very ripe speculative market. I do hedge my portfolio with ETH, but a very small percentage.

If you can't stomach losing 25%-50% of your portfolio over a short period of time, you probably should not invest in any of the above. Go for bonds or GICs. You aren't going to beat inflation, but it's a lot better than earning 0.1% interest in a savings account.

a reply to: joejack1949

Spot on.

A S&P DRIP fund is going to produce a significantly better return than putting your money in precious metals.