In a true catastrophe, the value of your dollars may plummet to zero, and all you'll be left with is your gold, canned goods, and ammo for bartering. That would be a terrifying scenario for sure. That said, most disasters you'll face in life won't impact the value of your cash, but they could very well impact your access to your bank account. I've been writing to you recently about how the wealthy are moving their money out of bank accounts and into more traditional safety deposit boxes. For large amounts of cash you wouldn't want unattended at home, safety deposit boxes are a great idea. … [Read more...]
Save Yourself! 92% of Wealthy Danes Want to Pull Their Money from Banks
In Denmark, the central bank began setting negative rates in 2012, and for wealthy Danes, it's been a chore to avoid giving money to the banks ever since. There are 178,000 Danes with more than 750,000 crowns in the bank, and they have been moving money to separate accounts, or simply taking it out of the bank altogether ever since negative rates were instituted. Who wants to pay the bank to hold their money? No one, of course. Last week I detailed for you the growing trend of wealthy individuals using safety deposit boxes. A safety deposit box has many benefits besides moving your money … [Read more...]
Is Your Cash Safe? Probably not This Safe
How well are you securing your cash and valuables? Do you have a safe at home? A safe is an obvious choice for convenience, but unless you have serious security, you wouldn't want to leave major wealth sitting unattended while you're at the office or on vacation. You need a better option. The most obvious choice for most is a safe deposit box. That is the route an increasing number of the world's wealthiest are taking. Disasters like the wildfires and hurricanes that have hit the United States in recent years have made securing wealth an urgent endeavor in the minds of many. Benjamin … [Read more...]