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Cerberus

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Hey yall,

Most of you won't remember me, but I've been around for a while, and I kinda need some advice.

I kinda got all my preps in order. I always made sure to put my savings aside and invest them in my preps so I'm really not too worried about the world crashing and burning financially thanks to the corona virus.

However, as little need as I currently have for anything.. I got 4k in my bank account, which I usually have just for the usual expenses.

Considering I only loose about 250 a month on everything I do. That's quite a lot of money. In a certain fashion...

Anyway, I cannot stand the idea of it just evaporating if all of this blows up and the euro dies with it.

Not doing anything feels like leaving your key in your motorcycle, because you believe in the goodness of man's hearts to not steal it in a crowded city...

But... Gold and silver are freakishly expensive now. Almost to the point my inner greed is urging me to sell mine because I'd make serious bank if all this doesn't crash the economy...

So what should I do to responsibly save guard my money, in the best way possible in times like these? Buying shit I don't really need seems like a waste, and buying gold and silver at these prices seems like I'm buying whisky just to boil it to make it alchohol free.

Does anyone have any suggestions beyond the regular investments for food/water/essentials n such that I already got covered?

I really can't stand the idea of potentially loosing essentially a year's worth of buying power due to doing nothing...


Thanks for listening and helping me to try and come up with something in advance.
 

Brent S

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Hey yall,

Most of you won't remember me, but I've been around for a while, and I kinda need some advice.

I kinda got all my preps in order. I always made sure to put my savings aside and invest them in my preps so I'm really not too worried about the world crashing and burning financially thanks to the corona virus.

However, as little need as I currently have for anything.. I got 4k in my bank account, which I usually have just for the usual expenses.

Considering I only loose about 250 a month on everything I do. That's quite a lot of money. In a certain fashion...

Anyway, I cannot stand the idea of it just evaporating if all of this blows up and the euro dies with it.

Not doing anything feels like leaving your key in your motorcycle, because you believe in the goodness of man's hearts to not steal it in a crowded city...

But... Gold and silver are freakishly expensive now. Almost to the point my inner greed is urging me to sell mine because I'd make serious bank if all this doesn't crash the economy...

So what should I do to responsibly save guard my money, in the best way possible in times like these? Buying shit I don't really need seems like a waste, and buying gold and silver at these prices seems like I'm buying whisky just to boil it to make it alchohol free.

Does anyone have any suggestions beyond the regular investments for food/water/essentials n such that I already got covered?

I really can't stand the idea of potentially loosing essentially a year's worth of buying power due to doing nothing...


Thanks for listening and helping me to try and come up with something in advance.
I think prepping is about covering as many bases as you can. The cash is just one of those things. It is a real and tangible asset. Sure it can be hit with inflation and other things but it should still be considered as an important prep. I think getting the more tangible things like food, water filters, tools etc are important but would not wipe out all your cash ever. Even the tangible assets aren’t foolproof, as fire, flood and theft can take them as well. Sounds like your pretty well rounded with your ‘investments’ right now. The saying of never keep all your eggs in one basket comes to mind.
 

Cerberus

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True, thing is that I'm good on those and stocking more will just see me having to throw away excess... Sooner or later of perishable, even conserved as they are...

Ugh... Maybe I should just buy some mopets, tractor or car or something to sell on when this shit passes... I can just reregister them then and not pay a dime in the meantime...

Still, its an awfully small selection since we're not allowed to leave our municipalities anymore without special permits...

Ugh, I bet I can't even get one registered atm, it sounds like an easy service to temporarily suspend...

Money. You can live without it, but you can't stand living with it as shtf.

Seriously, with everything still in the start phase. If anyone reading this is in a simular position, make sure your account doesn't have an amount you cannot stand to see vaporised, yet has enough to pull you through a half year of bills and essential purchases...

I'm gonna go bald over this. I just know it.
 

Brent S

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True, thing is that I'm good on those and stocking more will just see me having to throw away excess... Sooner or later of perishable, even conserved as they are...

Ugh... Maybe I should just buy some mopets, tractor or car or something to sell on when this shit passes... I can just reregister them then and not pay a dime in the meantime...

Still, its an awfully small selection since we're not allowed to leave our municipalities anymore without special permits...

Ugh, I bet I can't even get one registered atm, it sounds like an easy service to temporarily suspend...

Money. You can live without it, but you can't stand living with it as shtf.

Seriously, with everything still in the start phase. If anyone reading this is in a simular position, make sure your account doesn't have an amount you cannot stand to see vaporised, yet has enough to pull you through a half year of bills and essential purchases...

I'm gonna go bald over this. I just know it.
I’m allready balding... yeah, I’m smart enough to know money is just a thing and I couldn’t imagine jumping out a window if I lost it all. I definitely appreciate its ability to store all the hard work I’ve done, but I don’t put as much value or faith in it as most do. I realize you can’t take it with you. All that being said I do recommend having a decent amount on hand and not just in the bank. I don’t believe our banking systems are as strong as our governments say they are.
 

GaRp58

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Ceberus, as long as we do not get into a WW III scenario or the internet does not die with a virus also, just sit and wait. Those who survive this thing can and will just start from where they are. Many have already lost their jobs in America,(3.3 million) the UK (1.1 million) and we do not know how many Rumanians, Poles, Chechs and Hungarians or Ukrainians have run home to try to survive and left tens of thousands of hotels, restaurants, construction companies and other money making possibilities here in the rest of Europe. Who will pick the asparagus, onions, apples and strawberries in spring this year. They took their money from the German banks and just ran. If they get sick and die and never come back, Germany is in deep shit without the "cheap" and illegal workers. In Italy they are already running out of money, getting together and storming the stores for food. In England, they are robbing the closed schools and businesses for food or just for fun. This will pass, will not be easy and many will survive. Be one of the survivors and help rebuild the system again. Don't break down, your family needs you now more than ever before...Gary
 

KateMTx

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Hey yall,

Most of you won't remember me, but I've been around for a while, and I kinda need some advice.

I kinda got all my preps in order. I always made sure to put my savings aside and invest them in my preps so I'm really not too worried about the world crashing and burning financially thanks to the corona virus.

However, as little need as I currently have for anything.. I got 4k in my bank account, which I usually have just for the usual expenses.

Considering I only loose about 250 a month on everything I do. That's quite a lot of money. In a certain fashion...

Anyway, I cannot stand the idea of it just evaporating if all of this blows up and the euro dies with it.

Not doing anything feels like leaving your key in your motorcycle, because you believe in the goodness of man's hearts to not steal it in a crowded city...

But... Gold and silver are freakishly expensive now. Almost to the point my inner greed is urging me to sell mine because I'd make serious bank if all this doesn't crash the economy...

So what should I do to responsibly save guard my money, in the best way possible in times like these? Buying shit I don't really need seems like a waste, and buying gold and silver at these prices seems like I'm buying whisky just to boil it to make it alchohol free.

Does anyone have any suggestions beyond the regular investments for food/water/essentials n such that I already got covered?

I really can't stand the idea of potentially loosing essentially a year's worth of buying power due to doing nothing...


Thanks for listening and helping me to try and come up with something in advance.
I would put some into the stock market. Research some stocks that are down and are likely to go up when this is over. I wouldn't put ALL of it into this because you never know, things could get much worse and you would never make a return. But investments always have risk and I think we should plan for all scenarios and outcomes, especially the positive ones.
 

Maverick

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I took out a good some four and a half weeks ago and purchased gold and silver coins and some on bars and I'm glad I did. What I have left in stock are staying their, I'm not touching it, I removed a little over half of my cash when Trumped declared a national emergency, I'm glad I kept some in my bank because no one is excepting cash in town, only debit card and credit cards.

Keep some cash in the bank, bring the rest of the cash home, I have a feeling there is going to be a run on banks at some point, just hope the fiat currency survives this or doesn't devalue to the point of the mexican paso or worse like the venezuelan bolívar.
 

DrPrepper

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I took out a good some four and a half weeks ago and purchased gold and silver coins and some on bars and I'm glad I did. What I have left in stock are staying their, I'm not touching it, I removed a little over half of my cash when Trumped declared a national emergency, I'm glad I kept some in my bank because no one is excepting cash in town, only debit card and credit cards.

Keep some cash in the bank, bring the rest of the cash home, I have a feeling there is going to be a run on banks at some point, just hope the fiat currency survives this or doesn't devalue to the point of the mexican paso or worse like the venezuelan bolívar.
What would happen if there was a run on banks?
What does that mean?
 

Karloshi

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Nowadays they'll just close the banks and don't let you get your money out, or restrict how much you can get per day. That is what they did with the Icelandic banking crash. I don't know how it works in the USA but over in the EU and the UK the government protects all savings in banks up to about €90,000 if memory serves me correct.

I try to make my home self sustaining so I don't need access to money if SHTF. I would always advise keeping a few hundred in a fireproof safe for short-term emergencies. Have stocks, have gold, have silver, have cash, have items you can trade and multiples of things like tools that don't need power. Think what would people want in SHTF and stock up. If you have brought a shed load of toilet paper and hand sanitiser 6 months ago and flipped it last week for €1 a pack more, your return on the investment would have been better than the stock market and gold.
 

BillMasen

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Money in BANKS during a crisis are you people INSANE?? Dont you remember what the EU did to Cyprus and Greece in the 2008 crisis?

They stopped the greek government paying state pensions, they stopped proving medical prescriptions for free. And CYPRUS remember bloody CYPRUS the EU simply decided to recoup funds by electronically skimming 20% from every Cypriots bank accounts overnight with no consultation or debate and no consideration of the hardship it would cause for those living week to week.

In short pensioners starved to death or died because they could not fulfil their scripts, people abandoned THOUSANDS of children at orphanages because they could no longer feed them, thousands lost their homes to repossession.

The absolute last place your money should be is in a bank if anyones Feds ( EU/UK/USA) can access electronically. Remember they are blowing BILLIONS to prop up businesses and to keep socialists quiet. They WILL find ways to get it back.
 
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Brent S

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What would happen if there was a run on banks?
What does that mean?
A run on the banks happened during the Great Depression. Too many people withdrew their money and the banks didn’t have enough to continue operating and just went under, leaving many to just loose their savings. We aren’t just talking about cash on hand in the physical branch that could be replaced in a few days but everything the banks had. So from this the govt created the FDIC. This federal agency guarantees your savings up to a certain amount even if the bank goes out of business. This instilled enough confidence that people felt secure enough to keep money in the banks again instead of under a mattress. The problem now is with the govt being trillions of dollars in debt and adding trillions more as we speak, they couldn’t afford to cover the banks anymore. Add to this the revenue collection has dropped dramatically with so many people and businesses not working for an extended amount of time and it’s looking like the Andrea Gail heading out into the ‘perfect storm’. Let’s just say I recommend getting a fire resistant safe hidden well at home right now for some cash on hand....
 

Maverick

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What would happen if there was a run on banks?
What does that mean?
What Brent said

A run on the banks happened during the Great Depression. Too many people withdrew their money and the banks didn’t have enough to continue operating and just went under, leaving many to just loose their savings. We aren’t just talking about cash on hand in the physical branch that could be replaced in a few days but everything the banks had. So from this the govt created the FDIC. This federal agency guarantees your savings up to a certain amount even if the bank goes out of business. This instilled enough confidence that people felt secure enough to keep money in the banks again instead of under a mattress. The problem now is with the govt being trillions of dollars in debt and adding trillions more as we speak, they couldn’t afford to cover the banks anymore. Add to this the revenue collection has dropped dramatically with so many people and businesses not working for an extended amount of time and it’s looking like the Andrea Gail heading out into the ‘perfect storm’. Let’s just say I recommend getting a fire resistant safe hidden well at home right now for some cash on hand....
 

Arcticdude

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I don't fully trust our banking system and trust our government even less. However I keep a sizeable portion of my easily accessible cash in the bank, and a couple safe deposit boxes as well. I also keep a good chunk of cash, gold and silver buried around here just in case.
Since I retired I no longer manage my stock investments myself (no internet access) and turned the bulk of my investments over to a professional investment management group.
 

Brent S

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I don't fully trust our banking system and trust our government even less. However I keep a sizeable portion of my easily accessible cash in the bank, and a couple safe deposit boxes as well. I also keep a good chunk of cash, gold and silver buried around here just in case.
Since I retired I no longer manage my stock investments myself (no internet access) and turned the bulk of my investments over to a professional investment management group.
If I’ve said it once I’ve said it a dozen time here. NEVER keep all your eggs in one basket. One note I learned recently is the contents of a safe deposit box are not insured by the FDIC or the bank. Even when they screw up and loose your stuff they claim that your on your own. I read where a guy had some rare coins, not an average collector but investment grade ones. The bank drilled the wrong box when they were closing an abandoned box. They even took an inventory of the contents. When the owner discovered the mistake he got a partial inventory back and Bank of America said sorry but it’s on you. Of course he is suing but it will be years before he gets anything on the lost valuables. I still think a SD box is a good place to keep some valuables, just not all of them...
 

Arcticdude

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If I’ve said it once I’ve said it a dozen time here. NEVER keep all your eggs in one basket. One note I learned recently is the contents of a safe deposit box are not insured by the FDIC or the bank. Even when they screw up and loose your stuff they claim that your on your own. I read where a guy had some rare coins, not an average collector but investment grade ones. The bank drilled the wrong box when they were closing an abandoned box. They even took an inventory of the contents. When the owner discovered the mistake he got a partial inventory back and Bank of America said sorry but it’s on you. Of course he is suing but it will be years before he gets anything on the lost valuables. I still think a SD box is a good place to keep some valuables, just not all of them...
Absolutely. Our bank only has a limited number of safe deposits boxes anyway. Even with a couple of SD boxes they only hold a small fraction of my valuables.
 

Maverick

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If a bank closes, shuts down or taken over by the Federal government the safety deposit boxes are not accessible nor inured by the Feds, in order to access the boxes if this happen you would have to wait for a letter from the U.S. comptroller. Hopefully you will get a letter but it can take months to access your property, in many cases and history have shown us you may never get the property back. This is why I don't have a safety deposit box.

When my son had a deposit box at his bank at the time, his bank collapsed in 2008, it took 8 months for him to get his property back.
 

Brent S

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If a bank closes, shuts down or taken over by the Federal government the safety deposit boxes are not accessible nor inured by the Feds, in order to access the boxes if this happen you would have to wait for a letter from the U.S. comptroller. Hopefully you will get a letter but it can take months to access your property, in many cases and history have shown us you may never get the property back. This is why I don't have a safety deposit box.

When my son had a deposit box at his bank at the time, his bank collapsed in 2008, it took 8 months for him to get his property back.
I had a box for a couple years locally here. Between the Bank of America article and the fact my bank wanted to charge me for it I closed it. They used to give it free since I kept a decent amount of money in their bank. Yeah, your 8 months story just made my decision firm.
 

Maverick

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I had a box for a couple years locally here. Between the Bank of America article and the fact my bank wanted to charge me for it I closed it. They used to give it free since I kept a decent amount of money in their bank. Yeah, your 8 months story just made my decision firm.
It's like a storage unit, the only time you have control of your property is when you are their at the storage unit, if a storage facility files for bankruptcy, you will be locked out until the judge orders the gates unlocked, that has happen here in Washington and I'm sure this isn't the only state.
 

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