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-> Household Management
-> Finances
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amother
OP
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 Wed, Mar 18 2020, 9:57 pm
| TranquilityAndPeace wrote: | Gold.
There are other metals that are sometimes worth more, for example, platinum. However, good is referenced as valuable in the Torah, and always retains value.
On the other hand, il not sure how quickly you’d be able to exchange your gold bars for food and toilet paper when you need those things... |
It's not my own money. It's my daughter's
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paperflowers
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Wed, Mar 18 2020, 10:09 pm
| amother [ OP ] wrote: | | Let's not talk about everyone because everyone is only concerned for themselves. |
I’d rather not contribute to another worldwide Great Depression. But I guess you can burn all your paper money for fuel if it comes to that.
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amother
OP
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Wed, Mar 18 2020, 10:11 pm
| paperflowers wrote: | | I’d rather not contribute to another worldwide Great Depression. But I guess you can burn all your paper money for fuel if it comes to that. |
😄😂
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rgh
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Wed, Mar 18 2020, 11:14 pm
| amother [ OP ] wrote: | Ok. So what will be worth?
Should I invest in Diamonds real quick? Gold? |
It will be worth what it will be worth.
Paper dollars and numbers in your bank account will equal the same thing.
If you're afraid of the American government collapsing, then yes, buy gold.
Gold is what backs the America dollar, but it has eternal value.
(But if the government collapses, society as we know it is going to collapse, so not quite sure how bars of gold are going to help you in getting food and shelter and necessities. Whatever. Who knows anything anymore.)
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Amarante
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Wed, Mar 18 2020, 11:41 pm
American currency isn’t backed by gold and hasn’t been since 1971. I don’t know of any currencies that are backed by gold.
The US government is not going to fall. It didn’t fall during the Great Depression. People lost savings during the Depression because there was no FDIC. Keep cash in a reasonable amount because there can be natural disasters when you can’t access an ATM bit to think that cash will help in the event there is no government makes no sense.
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believeit
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Thu, Mar 19 2020, 12:23 am
At least one problem I don't have !Zero cash in savings 
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baby12x
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Thu, Mar 19 2020, 2:06 am
Its a good idea to have some cash on hand but otherwise just leave it.
Don't take your money out.
Don't buy gold. Just leave it
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SixOfWands
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Thu, Mar 19 2020, 11:05 am
| Amarante wrote: | American currency isn’t backed by gold and hasn’t been since 1971. I don’t know of any currencies that are backed by gold.
The US government is not going to fall. It didn’t fall during the Great Depression. People lost savings during the Depression because there was no FDIC. Keep cash in a reasonable amount because there can be natural disasters when you can’t access an ATM bit to think that cash will help in the event there is no government makes no sense. |
This.
The US government is not going to fall. American banks will retain stability, and your money there (up to $250,000 per account) is safe.
Prudent, not panic.
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pause
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Thu, Mar 19 2020, 11:11 am
| Amarante wrote: | If the government collapses, your money is worthless anyway
But seriously don’t pull your money out. It is insured. However it is always a good idea to have cash stashed somewhere in your household. The amount is obviously going to depend on what you have available since 60% of Americans don’t have the ability to pay for. $1000 emergency without using credit. |
This made me feel very good now. I didn't know this. Thank you Hashem we're in the other 40%.
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amother
Hotpink
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Thu, Mar 19 2020, 11:30 am
During the financial crisis in 2008, the banks themselves were the problem. They had given out big loans to people who couldn't afford them. Some banks collapsed. People's deposits were insured anyway.
This time is different. The banks are very well capitalized. They are plenty liquid. They are not only not a problem but will play a leading role in the solution in the coming months as they will be lending money to businesses and people at very low interest.
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amother
OP
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Thu, Mar 19 2020, 11:39 am
It's over I cant pull my money out anyway at this point.
Stay safe
Stay healthy
Stay financially stable
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amother
Lime
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Thu, Mar 19 2020, 1:28 pm
I do not have any money in US dollars or shekels. Part of the reason is because the Federal Reserve prints money haphazardly, out of thin air, as much as they deem necessary. Eventually all that money will create inflation on a larger scale than Americans have seen. Have I mentioned negative interest rates? Why save when inflation is eating away your savings? As for saving in the shekel: it's almost impossible to wire your money out of an Israeli bank, ostensibly due to 'money laundering regulations,' and Israeli banks pay virtually no interest as well.
It's only my opinion, but I prefer to keep money in gold/silver stored at a private storage facility (there are several reputable ones out there if you google it), a few smaller currencies with more stable economies than the US/Israel, international stocks from companies which I think are good buys, in mainstream crypto currencies (like bitcoin and the top 10 or so altcoins), and have some money invested in real estate.
My opinion is any cash I have, in any currency, risks going down in value as a result of inflation and zero interest rates. Today, cash is a means to pay for immediate needs, not a store of value. In a zero interest rate environment, where central banks create unlimited cash at the touch of a button, you're losing out big time by holding cash, especially when inflation hits (and it will). Why would you save something (cash) which someone else (central banks) creates out of thin air, especially when you don't earn enough interest to keep up with inflation?
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mirror
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Thu, Mar 19 2020, 4:35 pm
It is never okay to have money in the bank. This means that your mind is on Gashmiyus. You should only thinking about Ruchniyus and how to be Mekadesh Shem Shamayim. I will tell you how to be Mekadesh Shem Shamayim. Just give all your money to Tzedaka ASAP. You're welcome. 
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amother
OP
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Thu, Mar 19 2020, 4:36 pm
| mirror wrote: | | It is never okay to have money in the bank. This means that your mind is on Gashmiyus. You should only thinking about Ruchniyus and how to be Mekadesh Shem Shamayim. I will tell you how to be Mekadesh Shem Shamayim. Just give all your money to Tzedaka ASAP. You're welcome. |
😂😂
You're my gal
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