Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
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[email protected] As an ordinary person, what should I do to protect my money when, say, theoretically, trading has been halted and deposits and withdrawals will be next week Frozen across the country? In the hypothetical scenario that you have described, there are a few steps you can take to protect your money:
Stay calm and don't panic: It's important to avoid making any rash decisions during a crisis. Panic can lead to hasty decisions that can ultimately harm your finances.
Keep an eye on the news: Stay informed about the situation by following news updates from reliable sources. This will help you make informed decisions about your money.
Assess your financial situation: Take stock of your finances and determine how much money you have in your accounts and what bills or expenses you may need to cover in the short term.
Contact your bank or financial institution: Reach out to your bank or financial institution to get more information about the situation and how it may affect your accounts. Ask if there are any steps you need to take to protect your money.
Consider alternative options: If your bank or financial institution is not able to provide you with the assistance you need, consider looking for alternative options such as prepaid debit cards or other financial services that are not affected by the trading halt or deposit freeze.
Stay vigilant against scams: Unfortunately, times of crisis can bring out scammers looking to take advantage of people. Be wary of any unsolicited calls or emails asking for your personal or financial information.
Plan for the future: Once the crisis has passed, take some time to evaluate your financial situation and make a plan for how you can better protect your money in the future. This may include building an emergency fund, diversifying your investments, and being more proactive about monitoring your accounts.