Is it ok to have money in the bank now?

lilies

Wed, Mar 18 2020, 8:18 pm

Someone said; All banks are insured by the government up to 250,000 per person. If the government crashes, money won't be worth anything.
No idea if above is true.

amother

Wed, Mar 18 2020, 8:20 pm

lilies wrote:

Someone said; All banks are insured by the government up to 250,000 per person. If the government crashes, money won't be worth anything.
No idea if above is true.

How about gemachim? 🙈🙈🙈🙈

paperflowers

Wed, Mar 18 2020, 8:22 pm

Iirc eighth grade history correctly, pulling all the money out of the banks is about the worst thing you can do to the economy.

Jewishfoodie

Wed, Mar 18 2020, 8:25 pm

No. It is not okay at all. I have so much free time on my hands, I am literally going to my bucket list. Number 7 on my bucket list is to rob as many banks as possible and get away with it.
Numbers 1 thru 6 are done. (I tasted quinoa again, I hand washed my granddaughter's underwear, I killed a HUGE bug without a weapon, I didn't joke about killing my mother in law, I didn't kill my husband and I took Motrin and Tylenol TOGETHER.)

So, run to the banks. Run...

Amarante

Wed, Mar 18 2020, 8:32 pm

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.

amother

Wed, Mar 18 2020, 8:37 pm

Jewishfoodie wrote:

Rob away
I'm talking about my hard earned saved money!! I'm freaking out

amother

Wed, Mar 18 2020, 8:39 pm

paperflowers wrote:

Iirc eighth grade history correctly, pulling all the money out of the banks is about the worst thing you can do to the economy.

Let your 8th grade teachings to rest.
Do you think its safe to keep money in the bank now in March of 2020

amother

Wed, Mar 18 2020, 8:40 pm

Amarante wrote:

Value can come back. Money can't

rgh

Wed, Mar 18 2020, 8:41 pm

lilies wrote:

Someone said; All banks are insured by the government up to 250,000 per person. If the government crashes, money won't be worth anything.
No idea if above is true.

Yes this 100% true. Banks are insured by the FDIC up to $250K per account.

If the US government crashes, your paper cash will be worth nothing anyways.

Amarante

Wed, Mar 18 2020, 8:50 pm

amother [ OP ] wrote:

Value can come back. Money can't

Your statement makes no sense.

If the government collapses, money won’t be worth anything so what do you intend to do with the worthless pieces of paper.

Selling stocks is different because if you sell your stock now at the bottom of the market, then you will lose when the economy recovers. That is why it is financially prudent to have enough in liquid safe assets (Treasury Bonds, savings account) to live on for a year at least so you don’t have to sell stocks at the worst time.

Last edited by Amarante on Thu, Mar 19 2020, 11:57 am; edited 1 time in total

amother

Saddlebrown

Wed, Mar 18 2020, 8:55 pm

amother [ OP ] wrote:

I'm nervous.
Should I pull all my savings?

If the government goes bankrupt then I am not sure that having any money will help you with anything as I am not sure if there would be food or clothing or anything else to buy. I am not even sure if we would survive any of this as the govt doesnt seem to want to shut things down (at least not in my state, not sure about other states) so we are all sitting ducks here. Whoever started this coronavirus is an evil genius who is basically succeeding in destroying America and other countries and perhaps the whole world.

amother

Natural

Wed, Mar 18 2020, 8:59 pm

Yes. Trump is printing more, and giving it out to save the economy. don't worry. You need $ in the bank so you can shop online and pay your bills. There is no where to run.

paperflowers

Wed, Mar 18 2020, 9:02 pm

amother [ OP ] wrote:

Let your 8th grade teachings to rest.
Do you think its safe to keep money in the bank now in March of 2020

Hey, I learned a lot in middle school!

It’s important to have emergency cash on hand, especially if you might not be able to get to a bank or ATM for a while.

But in terms of value, yes it is safer to keep money in the bank than for everyone to pull out.

amother

Wed, Mar 18 2020, 9:48 pm

Amarante wrote:

Your statement makes no sense.

If the government collapses, money won’t be worth anything so what do you intend to do with the worthless pieces of paper.

Selling stocks is different because if you sell your stock now at the bottom of the market, then you will lose when the economy recovers. That is why it is financially prudent to have enough liquid for enough to live on for a year at least so you don’t have to sell stocks at the worst time.

I am thinking that the banks might not have enough money to give me if a crash happens.

If I pull my money and the cash loses value it will be of lesser value right now but at least I have my money in my hands.

I said that the value of the cash will eventually come back but the bank will either close down or they will be bailed out even if they dont pay back the entire money for every single account.

amother

Wed, Mar 18 2020, 9:49 pm

paperflowers wrote:

Let's not talk about everyone because everyone is only concerned for themselves.

amother

Wed, Mar 18 2020, 9:50 pm

amother [ Natural ] wrote:

Yes. Trump is printing more, and giving it out to save the economy. don't worry. You need $ in the bank so you can shop online and pay your bills. There is no where to run.

True
What if its huge savings which I dont plan on using

amother

Wed, Mar 18 2020, 9:51 pm

rgh wrote:

Yes this 100% true. Banks are insured by the FDIC up to $250K per account.

If the US government crashes, your paper cash will be worth nothing anyways.

Ok. So what will be worth?
Should I invest in Diamonds real quick? Gold?

TranquilityAndPeace

Wed, Mar 18 2020, 9:55 pm

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...