Should I Be Concerned About MY Bank? with Mike Sackmary
Michael Sackmary is the President and CEO at Capital Finders - helping early-stage companies succeed at getting funded. He is a communicator, a leader, and a mentor. We recently sat down and discussed some of the current on goings with the banking system in America and what we can do as individuals during this time.
With all of the uncertainty in light of recent events, is our money safe in banks? Can we trust these banks?
These are reasonable concerns on many minds as of late. First and foremost, remain calm! Secondly, you should never have all that much money in a bank anyway. The best investments are always going to be bonds, stocks, real estate, and hard assets like land. These are investments. The bank is a place to keep cash that you need to spend in the short term.
All deposits are insured by the Federal Deposit Insurance Corporation. If a bank goes under, you get your money back up to a certain amount. For most people that amount of insurance is much higher than what has actually been deposited. So if you've got more than six months living expenses in the bank, some of that money needs to get invested elsewhere.
In the markets when things start going down, there is always a tendency to buy. Should we buy bank stocks right now?
Something we always want to retain is when people are selling something in mass numbers, that might be a good time to buy it. Be sure to do the homework and research things such as: what is the value of the bank that you're buying into? How much cash does that bank have on hand? How much have they borrowed from the Federal Reserve that they need to pay back? In short, yes, some bank stocks right now are very good by assuming the management of those banks keeps going the direction they're going.
People are often afraid to ask questions, but if you have a financial question, I encourage you to reach out to Michael today! He is a wealth of information and you won’t regret it.
Contact Michael Sackmary: https://capitalfinders.live/
