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Future Economic Crash and Your Savings?

Discussion in 'Skills, Business and Finance' started by Mebs, Feb 19, 2016.

  1. Mebs

    Mebs Active Member

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    I was just wondering if anyone was worrying about another massive economic crash and losing all of their savings or investments? In Ireland, our government have implemented a "bail-in" to save the banks in the future, where they can take money from people's accounts without reimbursement of those with €100 grand or more. It won't affect most, but it starts with the setting loose parameters like this and leaving it open to take money from any type of account then. This is even before we factor in how much our money will be worth if there is another global crash like 2008. Anyone thinking of pulling the plug on their savings in the bank or anyone taking precautions?
     
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  2. FossilHead

    FossilHead Staff Member

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    Yes, I am concerned about the volatility of the market right now......enough to hold-back a substantial bit of coin instead of investing it.

    But the above is fecking horse shiite! What the hell would you call a government that would impose a law allowing itself to take a citizen's money or belongings without reimbursement?
    It isn't capitalism or democracy, is it? Doesn't quite fit communism, socialism, or fascism, tho one might argue it has a bit of the bitter taste of each!
    Anarchism? Absolutism?

    Wonder how many folks with more than 100G in an account decided, "Ah well, best I move this money out-of-country" or withdrew it and buried it in the back yard, etc, etc.
     
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  3. seikatsu

    seikatsu Active Member

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    That would never fly here in America. But then again, the global economy right now is so unstable - itd be hard to predict where to put your money into. Best bet, save some, enjoy life and dont spend your life raking up money for someone else to enjoy. :) Even then, there are many ways to invest money -- you can always buy land, or gold, or into a retirement plan. I would never let 100K be standing around in a savings account only earning 1% interest. bad investment... :)
     
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  4. Mebs

    Mebs Active Member

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    Deposit savings rates are brutal here now. All other investment options are pure risky in their current state. This leads to another question or two: what type of ways have you invested your money,which have been beneficial and which would you avoid?
     
  5. BurtMeister3000

    BurtMeister3000 Staff Member

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    I think if I manage to save, I will dig a big hole down the garden and bury it! I'll be buggered if the banks are going to get it.
     
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  6. FossilHead

    FossilHead Staff Member

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    I have earned more, and more consistently, via ongoing investments into my 401k/403b/457 plans, where I pick the percentages to go into what arena.
    In the past I have lost my arse in both tech stocks and mutual funds, so I am a bit gun-shy on those........although there is little doubt that investing into the stock markets are 'proven' over the long-term
     
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  7. Mebs

    Mebs Active Member

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    Yeh stock markets scare me! So much room for failure.

    Safe savings accounts are a better option probably.
     
  8. seikatsu

    seikatsu Active Member

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    Its true that savings accounts, certificate of deposits are the safest. But they are not the best in the sense that the money loses value in time and the amount of interest you are earning is not enough to keep its value. Investing is the way to go imo-- you can always invest in yourself and add more skills to your current skillset so you can generate more down the line. Id clean up all debts or loans before investing. And then consider going into the stock market... But i would not get individual stocks as that is too painful to deal with and would not have the time to study the stock market. Like id invest in the top 500 us companies for example as a group rather than each of their stock.
     
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