please don't let folks highjack your blog for health care propaganda.
I believe the topic was bank failures. So what do the politicians do with their money to keep it safe? The only thing I have seen mentioned so far is swiss bank accounts. Besides precious metals, what do you do with your money?
I am too old to start over with nothing. What should I do with my savings?
There’s several things you can do. As always, everything requires doing research, a bit of effort and most important, persistence.
It’s the same old story folks, nothing is free or easy, at least nothing worth it.
If you ask me, today someone with a moderate amount of savings should give a long hard look to real estate, specially those places where the price has gone down to the bottom of their realistic price.
Again, this requires knowing the location you plan to invest on, so doing so close to home always makes sense since that’s what you know best.
For bomb proof saving you have precious metals, gold is a bit too expensive these days since it goes up during crisis, but silver is still more reasonable.
The Swiss bank account or international account is something doable and there’s no minimum account balance in some places.
Knowing how to open a Swiss bank account takes you one or two days of internet research, maximum. Finding what kind of product fits your needs.
Simply google up “how to open a Swiss bank account”.
Worth looking into, and maybe finding a bank in some other country if you’re planning on doing some relocation in the future.
Small apartments or studios are usually good, safe investments. Look for those located downtown close to where people work or near hospitals or college campus where demand will be greater.
You ask about politicians.
The politicians I know of invested in real estate (both here and in other countries) and have foreign accounts as well, as well as a safe with a nice amount of cash.
I know of one local politician that had gold and dollars in a bank safe deposit box. Not a bad idea but there were times when those were opened as well, private property be damned.
Amos, I’ve been having some long talks with my grandmother, taking notes, writing her insights down. Sounds silly but I never bothered doing so and I now understand how much life lessons she has to pass along.
What they did with what they had left of their savings?
My grandfather (before he died) spent a few weeks walking around the city, checking real estate agencies, checking out various neighborhoods.
He ended up buying two very small but nice apartments, and the rent from them allows my grandmother to live ok.
The crisis gets worse? Inflation?
The rent slowly readjusts to realistic values. The key is having a good contract.
My grandfather was +70 years old when he did that. And he was a farmer, then a carpenter, not a financial guru. But he knew the value of brick and mortar.
I don’t see a reason why anyone couldn’t do just what my grandfather did.
Fernando "FerFAL" Aguirre