I seldom take my own advise, just saying

Don't keep alot in banks, I was raised by a woman, who lived through the depression, saw what happens first hand and taught me not to trust banks.
Smaller amounts maybe series 1 saving bonds paying 9.62 percent currently. I figure if these aren't honored then we have achieved meltdown.
I'm into real estate but don't recommend that at this time.
Others smarter than me will be along.

 

I seldom take my own advise, just saying

Don't keep alot in banks, I was raised by a woman, who lived through the depression, saw what happens first hand and taught me not to trust banks.
Smaller amounts maybe series 1 saving bonds paying 9.62 percent currently. I figure if these aren't honored then we have achieved meltdown.
I'm into real estate but don't recommend that at this time.
Others smarter than me will be along.

You don't recommend buying real estate? That was one of the things I was considering. Although when they had the rent moratorium my friend's son couldn't get the renters out of his house. They said if HE paid THEM $1500 they would get out! I've worked so hard for anything I've ever gotten and that would do me in.

Do you recommend just keeping your money? That's what I'm struggling with.

 

Since all our income is direct deposit it all goes in but only enough to cover monthly bills stays in,


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So you think it's safer at home? I thought about buying a safe but then the money will just sit there and lose value. I'm considering CD's but don't know if they're safe.

 

I think real estate right now is not the greatest. I think maybe a year or 2 may be better, but that being said I don't have a crystal ball. Now.... THAT being said if you are not looking as an investment but a " way of life" so to speak or find a deal, by all means.
As far as renters go, I don't deal with them, just raw land. There are landlords here that could direct you better as far as that goes.

 

I, uh, never had any in the bank to begin with. It gets spent just about as fast as it gets made, sometimes faster. But I don't really trust it sitting in the bank anyway when it could be used for preps and if I'm gonna spend it later I might as well spend it now.

 

You should have a buffer amount saved up - whether you use a bank or keep it at home is up to you. With the civil asset forfeiture laws the way they are, LE can (and will) take anything above $5000, sometimes even if you can show it is honest money. I would suggest keeping at least 3 months income somewhere you can get hold of it. A hidden wall or floor safe, a fake drawer, some in the gun safe(not more than 5k), and try to bolt the gun safe to the floor.
LE can take a full safe if you don't give them the key or combination, but can't take it without an extra warrant if it is part of the house.

 

Doesn’t matter what I have in the bank, everything loses value no matter where it’s stashed.

 

Keep a large amount of cash on you and should the police find out, they will confiscate it, then you have to prove it wasn't ill gotten gains; that happens often. In a financial crisis the bank CAN just keep your money and call you an "investor". That has happened in China recently. Credit unions do not have that ability so they are somewhat safer though the S&L meltdown of a couple decades ago makes me nervous too. Tangible assets like gold can be stolen or confiscated by the police as well. A diverse portfolio is probably the wisest, some land, some in the bank, some in a CU, some in precious metals, some cash etc. That way at least SOME assets should be preserved should part collapse. I am dealing with this dilemma now as well. If anyone has a better solution, let me know. Not crypto though, others may disagree but how that's NOT a Ponzi scheme is beyond me.

 

I've read harrowing stories about police confiscating cash. They don't have to prove you committed a crime either. A diverse portfolio does seem wise.

 

If the banks all fail what is the point of taking out worthless money?If you convert it all into hard assets that help you survive the collapse maybe .

 

Exactly. If the banks all fail, you got bigger problems than fiat and digits on a screen.

 

Some people make pretty good money owning real estate.
But you have to buy it first, and prices now are very high.
Also, consider that the entitlement generation might be your tenants.

Personally, I'd pass on that right now.

Meanwhile, the price (and availability) of stuff that we rely on for a comfortable existence keeps going up. Specifically, things that wear out. If trouble erupts with China, we're really going to be in a tough situation, and it will take years to ramp up production in the US.

I'm "investing" in stuff that I will predictably need, or if I don't, someone else will, and will be willing to pay for. Think about things that you use, and that eventually wear out. When it does, will you have to pay 2 or 3 times what it costs today? Will you even be able to get one? Buying one now might be a better investment than a bank CD.

As an example, I bought a spare well pump. The price has already nearly doubled. Someday, the old one will wear out, and guess where the new ones are made. I prefer not to have to wait for months to get a shower....I'm sure my closest friends agree.

 

Some people make pretty good money owning real estate.
But you have to buy it first, and prices now are very high.
Also, consider that the entitlement generation might be your tenants.

Personally, I'd pass on that right now.

Meanwhile, the price (and availability) of stuff that we rely on for a comfortable existence keeps going up. Specifically, things that wear out. If trouble erupts with China, we're really going to be in a tough situation, and it will take years to ramp up production in the US.

I'm "investing" in stuff that I will predictably need, or if I don't, someone else will, and will be willing to pay for. Think about things that you use, and that eventually wear out. When it does, will you have to pay 2 or 3 times what it costs today? Will you even be able to get one? Buying one now might be a better investment than a bank CD.

As an example, I bought a spare well pump. The price has already nearly doubled. Someday, the old one will wear out, and guess where the new ones are made. I prefer not to have to wait for months to get a shower....I'm sure my closest friends agree.

I can agree to a point but my biggest concern is will the new stuff work when needed,especially bigger ticket items.An example would be someone buys a new special edition gun,never fires it (a closet queen) an in couple years has to sell it an it has problems an won't fire,your well pump goes out ya can't buy them anymore,but,you have a new one ya bought 5 years ago put it in an it won't work...I have had this happen to me many times on a smaller scale,coffee pots,TVs,portable heaters,gas BBQs ctc,etc.Stuff happens an everything is a risk...

 

It must be different for everyone but the risk of being robbed is far greater than losing money in an FDIC insured bank.

 

That may be true but if the S really HTF, 'FDIC insured' might just be a worthless slogan.

 

Invest in food storage, sturdy work clothing, blankets, tools, building supplies, agricultural equipment, health and medical supplies, batteries, automotive supplies, a reliable vehicle, stabilized fuel, ammunition and have all essential dental work done and pay off all debts.

 

Everything is direct deposited to my bank. Credit union, I should say since that evidently makes a difference.

 

Do you think Credit Unions are safer?

 

Since 2010, my bank has been split up and taken over 4x. Have not lost a cent, but rarely had anything in the bank to lose.

 

Who has money to put in the bank these days anyway...

 

Smart people who live within their means.

 

I keep a fair amount out of the bank, but still keep a chunk there as well. Not all eggs n one basket and all. I invest and gold and silver

 

I have a bunch of money in banks, but only because it will all be eaten up over the next 9 months on a build project. After that, I am unsure where my wealth will go. I know FOR CERTAIN, it won't go in the Stock Market. It will not go into GOLD.

Heck... because I am a Christian and I know the future.... I might convert it to the Shekel. Right now the conversion rate is 1-3... and pretty soon it will be much, much better for the Israelis.


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I have a bunch of money in banks, but only because it will all be eaten up over the next 9 months on a build project. After that, I am unsure where my wealth will go. I know FOR CERTAIN, it won't go in the Stock Market. It will not go into GOLD.

Heck... because I am a Christian and I know the future.... I might convert it to the Shekel. Right now the conversion rate is 1-3... and pretty soon it will be much, much better for the Israelis.


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I never bought gold either. Why don't you buy gold? I'm afraid of the stock market too.

 

There's no way as a trucker that I'd feel comfortable carrying that kind of cash around. For crying out loud, I spend a grand every other day on fuel alone. So no. I haven't pulled out of the bank.

 

Thank you for your service!

 

I kept some of my money in the bank, some for investment, but I quite agree with Exarmyguy, if the bank broke that will be meaningless for you to take out the money.

 

Grandpa Hick lost a farm in 1929 when the bank colapsed and took all his savings. I will not repeat that mistake. Trust no one.

 

Went to the store today. As rare treat I bought a pack cheddar sausages. A few months ago they were $3.48 today $4.98. I think my credit union pays like 0.01%. I don't a lot of money - but I have a lot of skills, no jokes about the brothel's being full.

My parents were teens during the great depression - their advice was owe all you can owe or owe nothing.

People only a few payments from paying off the farm lost it quickly if they couldn't make those payments. People that had only made a payments usually got to stay - the bank figured they would protect the place.

 

"The God who gave us life, gave us liberty at the same time; the hand of force may destroy but cannot disjoin them. ...Love your neighbor as yourself and your country more than yourself. ...The boisterous sea of liberty is never without a wave. I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man. ...The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. It is it's natural manure." - Thomas Jefferson -

 

I did transfer some funds out of the bank into a credit union, might be a little safer there. Maybe.

 

As far as paper money dont forget about fire. I was a victim of a nabors mistake. Are all your preps food everything stored in one spot?
NDR

 

As far as paper money dont forget about fire. I was a victim of a nabars mistake. Are all your preps food everything stored in one spot?
NDR

What's nabbers?

 

I put a lot of my money into land . no dead beat renters to deal with ,just trees and wildlife.

 

And taxes.

 

Money is called a currency for a good reason......it only has value when you buy or sell something.....other than that it's just a stack of paper,

Certainly keep a little cash out of the bank for emergencies is a good idea...... maybe to pay for a 90 day cost of living?

Otherwise you better have a plan to put it to work for you......Cash is useless just saved in a bank account. You can use it for certain things but other than that.... it better be working for you!

Hk

 

I think that I should put money to work but where??? There is nothing that I can see that is worthwhile. Land, property - maybe but you have to pay taxes on it.

 

The only money I have in the bank is my checking account. Balance never gets above a month's wages. If it does, I move it into my brokerage account, which is now 100% invested in Treasuries.