What are people doing with their money now?

amother

Saddlebrown

Mon, Mar 13 2023, 10:49 am

I think the bigger banks and ones that are well diversified are in less trouble. Also to spread money amongst different banks to make sure to only have the 250 insured in each bank.

justforfun87

Mon, Mar 13 2023, 11:19 am

amother OP wrote:

Investments can disappear faster than money in banks.

The stock market has a history of ups and downs. If investing in mutual funds/S&P 500 you can almost bet your money will grow. In addition, cash sitting in accounts without growing is a shame. I can't say I am good about this but at least have money working through a high savings account, Cd's, Bonds. Something. Unless you go oldschool and want to keep all the cash under your mattress.

amother

Cobalt

Mon, Mar 13 2023, 11:20 am

amother Seagreen wrote:

Investments, cryptocurrency

Many people lost money when FTX went under so none of these options are secure. It looks like Biden is only bailing out Silicon Valley Bank because they have many high profile celebrity clients like Oprah and Prince Harry who have millions of dollars there so he has no choice but to bail them out. Dont expect this to happen if other banks go under unless they too have high profile celebrity billionaires keeping their money there. Dont keep more than $250k in each account, have accounts in different banks if you have more than that even if it means that you have to divide your payroll (if you have a business). This is very scary and feels like America is coming to an end (especially with the borders open and money being spent on illegal aliens, money being sent to Ukraine, and Biden wanting to raise taxes on rich people like the ones he is bailing out now so not sure if America can sustain all of this if other banks and businesses go under).