Where is the best place to store money?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
A similar question was previously asked on this web page, but I saw no responses. Since it certainly is a vital one I will ask it again. Let's assume the worst case scenario... it's 1929 all over again. Everyone in the country has their life savings and future hopes tucked neatly away in the stock market (read: mutual funds and IRA's) that has blessed this country with phenomenal returns in the last 5 years. But what if this market falls (or a foreign one that ripples into ours), and falls hard? Not just the inconvenience of having no access to the ATM for a month, but sends the country into a period of depression for a decade or more?
My wife and I both work in the markting profession, one that will possibly have little worth after a major economic shutdown. But we still have a mortgage, utilities, and food/water obligations, which require some form of payment. If we were to cash out all of our investments, bank accounts, IRA's, etc... what would be the MOST SECURE way to store our life's worth? I have seen several references to precious metals or coins, but will a mortgage company, utility, or the local grocery (provided that any of them still operate) really accept a brick of gold as payment?
Further consideration: Let's assume that they do. Where is the best place to store my hypothetical gold bricks? I live in a downtown urban area, where potentially my stockpile could be subject to burglary, fire, or other disasters. If due to a severe downturn in the economy, we both find ourselves out of work for an extended period of time, I would like to think that we would be able to survive (at least financially) on what we had saved for a rainy day. Any suggestions? Please respond!
-- Jon O'Dette (email@example.com), April 19, 1998
I think you need to educate yourselves real fast.Consider selling your home and renting.Then look for a place outside the city.Get on Gary North's site @ www.garynorth.com... go to his forums. Joel Skousens books(801)224-4746 North American Guide to Safe Places & How to Implement a High Secuity Shelter in the Home are excellent. E-mail me and I'll give you some ideas on what we've done.
-- edgar cayce (firstname.lastname@example.org), April 19, 1998.
I too, am in marketing...(health care) and have fears about a complete lack of demand for my skills--so your concerns hit home. In fact I read all these postings and get really scared, cause I am due to close on my first home May 1. Granted we live in a small town, near lots of fresh water sources, and have basement storage for food and plan to build a greenhouse. My husband and I laugh about the gold bricks thing too... I don't have an answer for you, just wanted to say I can relate. Feel free to e-mail, and let me know if you come up with a great idea!
-- leanne (email@example.com), April 22, 1998.
If you personally know a banker of a small bank, open a safe deposit box or 2. The banker can let you in to remove items even if the bank for some reason is closed.
-- (Prez22@AOL.COM), May 01, 1998.