Category: Financial Safety

On March 1, I wrote a post entitled “The Most Important Financial Lesson?” which basically outlined that the most important financial thing to do is not lose money and since I wrote that post, Silicon Valley Bank went belly up and today New York Signature Bank has also gone belly up. I suspect that 2023…

As I wrote in an earlier post, the FDIC is worried about people pulling money out of bank because they seem to have the need to remind us how safe our money is with banks. The key problem with the FDIC’s message is that they seem to forget or willfully ignore the effect of inflation…

Now that I have put my financial survival plans in place for 2020 and beyond, I figured I’d share some of my strategies. A large portion of this post is simply a repeat from the 2007 crisis with some added changes. Keep your payroll check in MULTIPLE bank accounts Keep some amount of emergency funds…

I received a photo from a long line of cars at a bank ATM from someone today and it got me thinking. Why are people rushing to the bank to get cash? Is it because 10 million people have filed for unemployment the past two weeks? Is it because those 10 million people won’t be…

As I write this post, I am watching President Trump give an update on March 29, 2020 at 5:30 p.m. Trump’s just announced the extension of the quasi-lock down we are in until April 30th and that has me thinking what if? What if it’s August and the virus is still out of control? What…

Well just a few days ago I wrote how FDIC should have raised their insurance coverage limit from $250,000 to $350,000 to adjust for inflation since the last time it was adjusted was in 2008 with the last financial crash. Here we go again. I hope they raise the limit because I’ve already pulled cash…

I tried searching for reports on reserves for some of the big health insurance companies and I had trouble finding them. If I understand how most insurance companies operate, they take in premiums, invest those premiums in bonds and equities to generate returns and use those funds to pay claims that are filed by their…

Well here we are again 11 years after the last financial crash and there is talk of bailouts for airlines, cruise lines, banks, hotels, restaurants and on and on and I have yet to hear a single person demand FDIC insurance be funded to prevent insolvency, I wish that were the only problem but the…