Where's a Safe place to put your money? (real estate, purchase, interest)
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I don't have any money in stocks or real estate investments, just loaded up in banks. Anyways, where's a safe place to put your money right now?
Can you take your money out of US banks and put them in safe banks in say Europe or Canada? (I recognize this may be a stupid question but I don't know.)
I keep hearing so much gloom and doom about money being worth nothing or banks going under so I want to make the right moves. What would you do?
Wow, money just loaded up in banks? Why not leave it HERE in an US bank that is FDIC insured? Do some research and make sure it is the right places in the right amounts. Foreign banks are in trouble too, this is a globalcrisis.
Treasury only MMFs and short term T-bills (no more than 3 months).
Some yuan or yen might be ok too.
I wouldn't put it in England, they are worse than us.
Consider investing in yourself, spiritually first of all, then in a business and/or tangible assets (if you have storage space) like flour, rice, canned foods, wine, oil, water, and salt.
Having said that, Canadian banks seem to be on sounder footing than US, UK and European banks. You would have to go to Canada and show identifying documents in order to open an account. Then you would have the complication of managing exchange rates and transfer fees if you want to actually use the money for purchases in the US or elsewhere outside of Canada.
Obviously you should call or email a Canadian bank first, they should be able to provide you with the rules, unless of course you live near the border and it is worth a trip.
Yes it is a stupid question - unless you are a proponent of the extreme "U.S. is going to collapse" theory. And in that case then cash (in your matress or a foreign banks or otherwise) won't matter anyways. Besides the financial crises is worldwide, you can't escape it.
Keep it in an FDIC insured U.S. bank. If you have alot of money then invest in CD's or T bills just to get a little better interest. Keep your money in cash (in banks) or safe short term investments and wait it out for the recovery.
One of the reasons why I asked was that an article in the Houston Chronicle said that the FDIC was approaching insolvency. And I'm worried about the value of my money being wiped out. Your thoughts?
Seetruth,
Make sure you at least take some money out because if the FDIC becomes insolvent the government will have to pay your money back and they can wait a full year to do so and believe me, they will! Also, they can change the FDIC rules with the stroke of a pen. They can abolish it if they want. Don't think you are protected by the FDIC. People are losing jobs, people are walking away from their houses, people losing their retirements. Money is running out! It's for real.
Yes it is a stupid question - unless you are a proponent of the extreme "U.S. is going to collapse" theory. And in that case then cash (in your matress or a foreign banks or otherwise) won't matter anyways. Besides the financial crises is worldwide, you can't escape it.
Keep it in an FDIC insured U.S. bank. If you have alot of money then invest in CD's or T bills just to get a little better interest. Keep your money in cash (in banks) or safe short term investments and wait it out for the recovery.
I would have given some rep. for this comment, but I need to spread it around first, so I'll just say that I agree!
....then in a business and/or tangible assets (if you have storage space) like flour, rice, canned foods, wine, oil, water, and salt.
Are you serious? Are you recommending that people start grocery stores???
The OP was looking for safe investments...there is no return on investment on foodstuffs.
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