Mon 14 Jul 2008
Light Posts This Week – Moving Money Around
Posted by RichSlick under Financial Safety, Watch Out
[5] Comments
Won’t be posting too much this week as the whole banking system is completely on the verge of collapsing. I’m moving money around all this week and it is a slow and painful process. Moving to treasuries, real estate and brokers AWAY from bank deposits. I’ll post a follow up later in the week if I get done.
Good luck.
5 Responses to “ Light Posts This Week – Moving Money Around ”
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Pingback from FDIC Will Raise Limits, Do You Want To Know Why? » Get Rich Slick
October 30th, 2008 at 4:00 pm[...] Of course, now you start wondering if any bank is safe or which one will be gobbled up next and if a bank is really the best place for your money. Perhaps you take that cash and pay off your mortgage…..or perhaps you start buying gold with it…..or perhaps you decide to pay off those auto loans, HELOCs, and other debt…..or perhaps you buy real estate in a foreign country….or buy US Treasuries. [...]
July 14th, 2008 at 7:46 pm
See for example:
July 14th, 2008 at 9:18 pm
What do you recommend to others for moving their money? Into which banks/where?
I’ve already been hearing lots of people asking about this. I wonder if this is the last straw on the camel’s back. There’s a lot of public uprising and confusion, it seems.
July 15th, 2008 at 7:37 am
FDIC insurance is great until FDIC goes bankrupt. $49 billion to insure trillions? Give me a break. Ever notice how when a hurricane blows through the gulf of mexico and hits Florida or Texas, insurance companies file for bankruptcy?
I’m moving money into three asset classes: US Treasuries, Real Estate and Equities (ETFs).
US Treasuries won’t go bankrupt because the government simply raises taxes to cover the obligation.
Real Estate is a hard asset that can produce income by renting it out during hard times.
Equities will be a bargain as long as you have a long enough time horizon. NOW is the time to buy stocks if you have the cash. Who says you can’t time the market? If you have a big wad of cash buy some now.
July 15th, 2008 at 7:40 am
What difference will it make when we’ll all need a wheelbarrow full of money to buy a loaf of bread?