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I would be nervous if I was invested in the US dollar or markets.
If “get your money out of the bank” is the best advice anyone can give, then I guess it sucks to be me. My pension and Social Security both give me my money each month by direct deposit. I have no choice. In order to get a mortgage 25 years ago to buy my house, I had to agree to automatic withdrawal. So now I’m told to withdraw what little I have in my accounts and when the mortgage is due and the savings account balance is $1 (to keep the account open) then my mortgage would be in default. Right?
Diva, 1st, Don’t go into homelessness, pay the mortgage. You know mortgage is from the French words for death debt?
I’m old enough to clearly remember when the ATM only gave 20 dollars a day but that was a nice weekend for this junior solder.
I also remember the Volkner Fed Chair years when I had a 19% CD (Still framed over my computer here along with various failed fiat money in a frame) and the SAD Joke of the day was:
What brand of cat food was best with rice for dinner dear.
When the fixed income and working poor had to decide between Food, Rent, Electricity, Medicine and gas for the car. CHOOSE THREE.
Getting your “money out of the Bank” is for folks that HAVE Plenty of Money and no idea what to do with it.
The rest of us just have to buckle down, suffer and try VERY HARD not to get into DEBT just to eat and put gas in the car.
Even as of yesterday I SAW some young lady with a baby USING Walmart’s buy now pay over three months OPTION at self checkout. FOR BASIC FOOD AND Diapers.
Having to us THAT for food and diapers that will be gone before the month is done.
SHUDDER.
Diva 2nd maybe like my Grandmother who lived through the Great Depression you might have to take in renters to keep the house from the banks and tax man?
Praying for wisdom
Thanks, Michael. I’m trying to prepare for something I’m not even close to understanding. My dad lost all his newspaper delivery money at about age 10 when his savings account was wiped clean during the depression. After that he never had a bank account and never had a credit card. I’ve heard that pension funds and SS are vulnerable and I’m wondering if those deposits are made (state and federal sources) could my account be “wiped clean” before the mortgage payment is withdrawn by the lender. As long as my fixed income is deposited (and not touched) I’m okay.
All is not lost Diva of Dance, add up all your bills that you need to pay and leave that amount only (and maybe a $50 pad) in your bank account and withdraw what is left each month, that way if everything goes to crap you haven’t lost it all.
Not bad advice but check your numbers twice. AND look towards your account RULES. Really stinks to find out that allowing a balance too low COSTS you Money as your Free Checking fails.
When you’re riding on the edge getting a 35 dollar overdraft fee is a death cycle.
Make sure you’re not going to trigger additional fees due to low balance or something.
Thanks again, Michael. I had forgotten that my free checking account of 25 years may have restrictions to avoid any fees.
Thanks, Southern Nationalist. I can keep a close eye on what is necessary to cover the mortgage auto-withdrawal and hold the balance in cash for local bills.
Hat tip to Big Country for this quote:
Contex note He FOUND OUT that Parents didn’t have FOOD in the HOUSE when checking their Hurricane preps.
The Definition of BoomerBroke;
‘Boo-mah-Bro-ke’ Descriptive Noun (BB for brevity):
“Having enough money to pay a $240 a month cable/internet/in-house-landline bill, (while also having a cell phone/separate bill) BUT not having enough to cover the (paid for in cash house) tax bill/groceries and getting upset at the suggestion to cut the cable bill down to bare minimum. This can also be applied to boat registrations, second home mortgages, insurance on the New Corvette in the Garage (which is never driven) and the like. Peak Boomerism.”
Not pointing any fingers. Just remember it’s FOOD, then rent, then gasoline.
Way down the line is 240 dollar cable-internet etc. Let alone NOT being to pay TAXES because your spending money on boats and summer cars…
It’s much smarter to LOOK NOW BEFORE Money Troubles slap you in the face to WHERE you CAN CUT those many smallish bills.
Once everything is coming or overdue it too late friends. It gets donate blood, second job as Walmart greeter time then.