2 giant banks just went under and another 200 are at risk of bankruptcy!
Before you start taking your money out of all your accounts, here's exactly what you need to know to keep your assets safe during these crazy times.
Banks are insured to up to $250,000 per person in the event of a collapse, by the US government -
so if your bank goes under, they will reimburse your lost funds up to that $250,000 mark.
So it's still safe to keep any cash emergencies in the bank, preferably less than $250,000.
so if your bank goes under, they will reimburse your lost funds up to that $250,000 mark.
So it's still safe to keep any cash emergencies in the bank, preferably less than $250,000.
With the risk of another 200 other banks collapsing, you should look into parking your money in safe, low-risk assets.Β
Things like stocks, index funds, bonds and real estate.
Things like stocks, index funds, bonds and real estate.
Keep in mind that there has never been a permanent collapse in the stock market.
It can take anywhere between 6 months to 3 years for a market to rebound - which is not that long in the grand scheme of things.
It can take anywhere between 6 months to 3 years for a market to rebound - which is not that long in the grand scheme of things.
The average long-term market dip is only 10% too, so this isnβt the end of our financial system, itβs just a part of its natural cycle.
But remember, if you've been taught to keep it in the banks but for the most part, that's the last place you want to park your money in!
But remember, if you've been taught to keep it in the banks but for the most part, that's the last place you want to park your money in!
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