Episode Transcript
[00:00:37] Speaker A: Okay, coconut man, moon heads and pee.
You're ready.
Seems like everybody's got a price I wonder how they sleep at night when the sale comes first and the truth comes second just stop for a minute and smile. Why is everybody so serious? Acting so damn mysterious? Got shades on your eyes and your heels so high that you can't even have a good time everybody look to the left everybody look to the right can you feel that? Yeah, we're paying with love tonight it's not about the money, money, money we don't need your money, money, money we just want to make the world dance forget about the price tag ain't about the.
[00:01:43] Speaker B: Hey, everybody, welcome to money and change right here on trimradio.com.
Boy, I'll tell you what, it was a crazy week last weekend, and this week it slowed down a little bit. And if you remember, I always said if I have to play a concert, we would have an encore edition where we had one last week because I was playing a concert, believe it or not. And I've got five more to go, so we won't have them all the time, just most of the time when I have a concert going on at 07:00 p.m. So welcome to money and change on trimradio.com. We've got a lot to go over because we didn't go over some stuff last week. I had a lot of information, and all of a sudden, bingo, somebody calls and says, we have a concert.
Okay, so that's what happens. Well, before we get started on the Trim radio network with money and change, we've got a disclaimer that we have to do. The information contained in this presented material is from posting of news agencies on the Internet and are not necessarily the views or opinions of the owners of this program. Nothing in this show should be considered as legal, medical, financial or investment advice. You should always do your own research and consult with professionals. We are not responsible for and expressly disclaim all liability for damages of any kind arising out of use, reference to or reliance on any information contained in this broadcast.
That's a mouthful, but we have to say it because I am not a financial expert. I just do a lot of research and I present the material. And you have to make up your own minds as to how you want to spend your money or invest your money or try to save your money. And we've got a lot to talk about today.
Wow, you're listening to us and I, we really appreciate it. Not that I'm doing this on the fly. I'm just trying to remember everything I've got to talk about tonight. Too much stuff, really. Hey, we've got some really good shows.
Adventure awaits around the bend with Becca. Okay Weiner and that's going to be at 09:00 a.m. Eastern or 08:00 a.m.. Central.
Check it out. Ranch it up with Tigger and back. That's going to be at 09:30 a.m.. Eastern. And 08:30 a.m.. Central.
Good show. Life walk with Christ God with Michael Bayhas. 05:30 p.m.. Eastern. 04:30 p.m.. Central. And then, of course, we've got money and change. 07:00 p.m. Eastern and 06:00 p.m.. Central.
But to keep us on the air, you know what you have to do? Buy the merchandise, or as Michael says, buy the merch. Buy the merch.
More sites that I've looked at, they're saying buy the merch.
I think when I was growing up was basically buy the merchandise. Well, anyhow, you know, you can go to our shopping area and shop the show and you get water bottles, really nice ones, the trim radio network mugs, hoodies, shirts, you name it, we practically have it. So you want to check it out? It helps keep us on the air. Why?
Because air times expensive.
And our BMI radio license for music is expensive.
I always have to donate for that every year. And I, I love doing it. I really do. I really love supporting the station and it's fun to do. Hey, I forgot a couple, I believe, of the shows, the Nixie weekly music countdown.
We've got that. We've got the take point 22 radio show. We've got the natural Marketer podcast with Victoria Smith.
And then we've got Roscala's red pill reality show.
You can take the red pill or the blue pill.
I keep telling rascal, I want the green pill. I don't want any other pill.
He hasn't answered me back. Maybe he can't find the green pill.
Also, check out my world every, every Wednesday. And we're live for that show. So you want to check us out at the Trim radio network. And if you want to have your own show, it's very easy to do. All you have to do is contact us and we will walk you through the procedure. There's something that's coming up.
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We'll set you up and give you airtime and that, that's a good deal. Okay. And there are a lot of different plans you can get, but you can do that. You can support the station, you can donate by hitting the contribute button or you can buy the merch. Okay? But that's what's going on here on the Trim radio network and we have a lot of fun on trimradio.com.
Wow.
A lot of stuff's going on. Have you checked out our facebook page?
I've updated things there this week several times. And all you have to do is just go to facebook.com groups slash moneyandchange. M o n e y a n d c h a n g e. All one word and it'll come up and it'll say money and change. Slice. Financially prepped and you can join for free.
All you have to click is the invite button. And assuming that you're not going to be a bot, whatever a bot is, I thought a bot is a form of currency in Indonesia if I remember right.
But anyhow, if you want to join us, join our group. It's free. All you have to do is hit the invite button. If you want to share the group with all of your buddies and friends, that's fantastic. I'm going to try to save them some money, too.
Check us out. Money and change. Slice. Financially prepped.
Now, this week on the Facebook page I've added a few things. We're going to talk about them tonight.
Seven things to know. If you withdraw more than $10,000 from your checking account.
Oh, yeah, Uncle Sugar is going to keep an eyeball on you for that one.
How about, what's the average savings by age?
How much money are you saving?
You know, I always put some money aside. I do.
And sometimes I'll buy certificates of deposits. Sometimes I'll leave it in the savings account depending on which money and types of money that I get. Sometimes I'll put it into things that are a hedge on the economy and we'll get into that later.
There's also demcad.
I follow him and I have actually followed him for probably four years. He's a youtuber.
I don't spend a lot of time on youtuber, just a certain select group.
But he's coming up with prepping and the economy and everything and he's saying, no one is going to save us.
Almost feel like a minister, have you been saved?
Are you going to be saved when the economy crashes? If it crashes?
And some people always ask me, they say, stu, when is the economy going to crash? We're hearing things from different sources about the banks are in trouble, we're hearing things about the stocks are in trouble, we're hearing different investments are in trouble.
Why are people putting some money if they haven't, into precious metals?
That's, that's a big question.
What are we doing? And I can't predict the day, I can't predict the time, I can't predict the method.
The stock market could crash tomorrow and we wouldn't know it until they tell us.
The value of the US dollar could totally crash thanks to the BRICS system. And that's Brazil, India, Russia, China, South Africa and about 20 some other countries.
They're going to compete against the US dollar. And so what are you going to do to prepare for that?
David Dubine? It's a new one that I've posted, and I seldom post David Dubin's videos unless they really hit home. And he was talking about the new economy.
You can see that video just by going to our Facebook page and checking it out. And that's shift of the economy has begun.
And he's saying, prepare now for what's next.
You've heard me talk about prepper princess.
Well, she had a video this week, overwhelmed with your finances.
Start with this.
And she's a self made millionaire.
Technically it's a millionairess, but she likes to say millionaire. And she's living out in California. She's very frugal with her money and invests a lot. She doesn't have a big expensive job where she gets a lot of money because she has worked two jobs for probably 20 years and it's not minimum wage, but it's nothing like big money.
You're probably talking 20,000, $30,000 a year, and that's about it. But she knows how to invest it. You live beneath your means.
Also, 2024, bank failures have begun.
Bix Weir was talking about it and I put it up there. Bank failures begin as FDIC, hiding thousands of insolvent banks. And he says, got silver. Now I have to hedge this a little bit because Bixware is always talking about buy silver, invest in silver. That's technically the poor man's gold.
Okay, there's another one that was there, 15 restaurant chains closing multiple stores right now.
And it says, be ready for the collapse. And you want to check that out. It's a YouTube channel. You want to check that out, but you want to join us every Sunday because we talk about all kinds of stuff, how to save money. We put videos up for that.
You can listen to the reruns of the shows.
Hopefully it helps.
Hopefully it helps. Because if you don't prepare now, it could be too late.
It could be too late in July, it could be too late in August, it could be too late next week. Who knows?
But you have to prepare for a financial situation.
And if you haven't, then you can go back and listen to our archives and follow along what we've talked about all along.
Okay. We also have shoutouts. We have to do trim radio network. Hey, I've got to pat those guys on the back because, hey, they've carried the show.
Gee, almost ten years. I've been doing the show now 13 years, and I think they've carried it to the last five. I was on another network and had a good time there, but I really enjoy this one. Great people to listen to their shows and to work with. We have some pretty good discussions also. The University of Findlay, I've got to pat them on the back. Hey, the seniors are graduating.
It's like out the door. Nevermore.
Www dot findle y.edu. It's located in Findley, Ohio.
About 3500 students.
They do online learning. They do on campus learning. Hands on learning. They have the equestrian campus for pre veterinarian and equestrian studies. Then they have a campus that is the main campus with all kinds of courses, whether it's in business or science or education or English or composition or whatever. It's there on the main campus.
There's also a theological seminary on that campus, too.
And then there's the hazardous materials campus, and that's also in Findlay, Ohio. All three campuses are in Finley in different areas of the city.
And Findlay is about 40,000 people. Real nice town. It really is. And you just have to go and experience it. Take I 75 either down from Toledo or up from Cincinnati and go right to 224 and State Route 224. And you go into Findlay and the university is basically about 2 miles from the interstate. And you can see a really nice campus, especially the flowers are in bloom. Everything's nice and neat and well taken care of. I mean, I've got a pat the grounds crew on the back. I've got a pet the professors on the back. I've got a pat doctor Kathy fell. She's the president of the university, does an excellent job. She has been there for quite a while and she has done a fantastic job.
Are also going to have Bluffton University merge with the University of Findlay and you can visit both campuses. One is in Bluffton, Ohio and the other one of course is in Findlay. So you can check them out and they'll be doing sports at two different levels, division two and division three.
Division two NCAA will be in Findlay, so you want to check them out. Good sports schools too. And their golf team. I guess women's golf did a really fantastic job this year. I mean super fantastic. The swim team was fantastic this year. Check them out. The University of Finley www. Fin dlay.edu a big shout out to Rusty ducks custom pens and blanks. That's the center portion of the pen.
He will make those up and do the design work for you and produce pens for you or the blanks. He will also make the pens. He's got a great second amendment pan with different styles. I think two or three styles for that. He just came out with a new pen. I'm going to post it on the money and change slice financially prepped page and I'm also going to do it on my world because it's a beautiful pen. I didn't know you could do stuff out of burled wood. I never knew what burled wood was when I found out. It's beautiful. You have to check it out.
Fell over. Rusty ducks custom pens and blanks. He does a fantastic job and he uses a cross pen platform and he will do any design that you want, any different style.
And I'll tell you what, he does a really good job with these pens. If you have a college or university or high school, grade school, business fraternity, sorority, you name it. If you have a business that you want to award somebody a pen for doing really good work, maybe a salesman, maybe a customer. Hey, check them out. Rusty ducks custom pens. It's r u s t y d u k apostrophe s, custom pens and blanks on Facebook.
Also, you want to check out, of course, money and change every Sunday.
And remember, we do have some encore editions scheduled for this summer.
It's due to my concert schedule and we also have my world life laugh and whatever that's going to be on Wednesdays at 08:00 p.m. Check it out because we can talk just about anything goes there. Almost kind of sorted.
Big family homestead with Brad and Krista, check them out. They're out in Wisconsin, deep south homestead with Danny and Wanda King.
Now, Danny tomorrow will be talking about what's going on in the world because he records it on Sunday and it goes up and down for publication overnight. And you will see it Monday morning. It's called porch time.
Also, southern prepper one with Dave Kobler. He's talking about the economy and some of the things that are going on. I've known Dave for quite a while and he's a good guy. Also, Ed Carswell, prepper nurse one. We've got Appalachia's homestead with Petaro. And not only does she raise animals and a family, but she also watches the economy and she talks about a lot of different things. And you want to check that out. And then there's lds prepper with David, and he talks about different things. You know, I've always talked about GMRS radios, right? I've always given plugs for GMRS radios. $35 for a ten year license. And anybody in your family can use use it.
Trust me, it's a decent deal. I've been able to talk up to 35 miles with this one radio to a repeater, and then I can talk all the way down to Cincinnati, Ohio. It's really great. Really is. GMRS radios. The one that I have right now is a ocean. It's spelled W o u x U N. It's 935 g plus. It's a good one, trust me.
And then my neighbor will remain nameless.
Got me into this lately thing. Whoa, this is a brick.
This is a heavy duty radio. It's got practically anything on it right now. It's on the FRS and GMRS channels. I can use use it to talk with it. But it also has police, fire and everything else for all over the state of Ohio and I believe into Indiana.
So anything goes on, I can listen to it, providing I'm close enough to the repeater. This thing weighs a ton. I'd hate to carry this thing around. It's not a cheap radio either, but it is a good radio. It's made by Harris.
So we've got that, wow, so much stuff. And, you know, here we are, we're talking about all kinds of stuff, and we haven't really even got into the stuff in the show. Did you know that the US debt clock, if you go to us debt clock.org, you find out how badly we are in debt. I mean, the current administration is really just spending it like it's going out of style.
Like there's a.
There's nothing holding it back. They spend, spend, spend, spend, spend. And it's our money. It's your kids money, it's your grandkids money.
These politicians don't know when to stop spending.
Somebody said one time they spend like a drunken sailor.
Well, drunken sailors know when to stop because they don't have any money.
Maybe politicians ought to take a hint. Anyhow, our national debt is 34,712,144,000,000 and climbing. What's that to you? It's $103,113.
$103,113 per citizen.
Per taxpayer. It's $266,951.
I don't know about you, but I don't have that.
And if you don't have it, you really shouldn't spend it, should you?
You know, I've always told people, pay down your debt, put some money aside, buy some long term food, be able to purify and store water. Make sure you have a good first aid kit.
Make sure you have the appropriate clothing for the season. I'm going to add something to it. Make sure you get some blue tarps, at least two or three.
Your house has a hole in the roof and you have to repair it, but you don't exactly have the money right now. Well, these blue tarps that you can get at home depot and Lowe's. Hey, it's a good quick fix, okay? I've got several.
Not that my roof is leaking, which it isn't. It's still in very good shape, but I have that. Make sure you have your medicines. Make sure that, you know, you've planned for everything. Make sure you have batteries, for radios. Make sure you can charge the radios. I think when I bought the brick, it came with three battery packs.
Two of them were nit cats, and one of them just uses nicad individual batteries, which is great. And this radio, the Harris radio, it's a unity XG 100.
You can listen to this for 18 hours straight before you have to change batteries. It's good radio.
And I'm learning to figure out everything that can be done there.
So now you know that we're in debt.
There was a lady that put something on x, which is Twitter, and said, well, our debt's been paid. And she had all the documentation. And I just saw it just before the show, and I thought, I don't have time to check it out, so I'll have to do that after the show, and then we might talk about it Wednesday.
But somebody honestly sent her a letter from the government saying, our debt's been paid. It has been since, I believe, 2016, according to that letter. So I'll do some research and let you know how things are. Okay, wow. What are we going to talk about? What's the average savings by age?
When did you actually learn to save? And over the time period that you first learned to save, did you really save a lot?
Were you a penny pincher? Did things come up where you had to spend money that you didn't want to spend? You had to take out loans or whatever, you know, kids going to college, you could have gone to a trade school, been making some money and not going to debt or into debt as much.
Some of the college students are just getting out. Friend of mine that I know, her daughter just graduated from Ohio University, and hopefully she had plenty of scholarships when she went there. And now she's going to graduate school someplace, I believe it's western Kentucky, down around bowling green, Kentucky, and for a master's degree, and that's not cheap.
And supposedly she's got scholarships for that. And she wants to get into clinical psychiatry or psychology or whatever. She wants to become a shrink. Okay, common name for psychologists, a shrink. And she's going to have debt and she's going to go for a doctorate. If she doesn't have scholarships and she doesn't have a job.
That debt can really kill you. You could graduate from school with $100,000 in debt or $200,000 in debt to begin with. You're going to pay that off over a long period of time. And if you don't have a good job, think of the interest.
So what's the average savings by age? You know, and you, you can find out what your savings balance is compared to an average american, according to the article that was in Yahoo. Finance.
And Ivana Pino, p I n o, came out with this May 2, and she said figuring out how much you should save each month is a personal decision that can vary depending on your income, expenses and savings goals.
Now, prepper princess talks about this, too, in her videos, and she always says, live beneath your means.
You don't need Netflix. You don't need all the cable tv channels.
You don't need to eat out at a restaurant every day of the week.
You can walk more and not drive a lot, a lot of things you can do. And Prepper princess talks about it. By the way, Prepper princess has a book and she will tell you when you see the video, but it's basically how she saved money and pretty well earns a decent living.
Well, you know, as a general rule, according to that report, most experts recommend saving ten to 20% of your monthly income.
Now, do you have a budget?
Oh, Wells, what's a budget?
I don't know what a budget is.
Take your money that you make, find out what your net is after everything's taken out for taxes and everything else.
And then from that net figure, subtract out your utility bill, your rent, if you're paying rent, mortgage, we'll subtract that out and you go on down with the different things, gasoline, car payment, clothing allowance, you name it. Gotta have clothes for the kids.
If you're married, clothes for the wife.
You know, I got a friend, mine, which is funny, they go down to South Carolina and they don't take that many clothes. Well, at least he, he takes enough for him. But his wife just likes to buy. Buy, buy, buy, buy, buy, buy, buy, buy, buy, buy, buy.
And his wallet goes bye bye.
Well, I guess they can do that.
But I know a lot of people that are very tight and frugal on their money. Some people even go to the goodwill store and get second hand clothes. And sometimes you can find some very good secondhand clothes at a goodwill store or something similar.
But can you save 10% or 20%?
Can you live on $1,000 a week?
Many years ago you could do that. Now it's pretty tight and some people are just getting $500 a week and that's even tighter.
But can you save ten to 20% of your income?
And that's a general guideline. That percentage may look different for some savers with different financial situations like household sizes, debt balances, you know, a lot of different things. Now there was a, a link here. The Federal Reserve survey of consumer finances. The median balance for all transaction accounts like checking account, savings account, money market accounts, call accounts, prepaid credit cards, is just $8,000.
However, the numbers vary widely when you look at averages among different groups of people.
And where did they come up with $8,000?
You know, I put some money aside.
I basically do what I preach, but I don't think I bring in more than 4000 a month, about thousand a week.
That's in retirement. But my house is paid for, my car is paid for, my computer toys are paid for.
So that comes in handy.
But a lot of people have a lot more kids running around grandkids and so forth. And that's, that's the problem.
But the importance of saving money, you know, putting money in your savings account isn't important for, you know, a lot of different reasons, but for one, it can make larger purchases easier to manage.
Maybe your summer travel plans don't fit your budget.
You know, like, I want to go to Florida, but gee, I don't want to have to spend $5,000 in a week. Just go to Florida.
That's transportation, food, lodging, the whole bit. Travel.
But according to the article, putting away about $100 each month in a savings account, you can save up enough to cover your airfare, hotel and excursions.
Or perhaps you want to avoid racking up debt during the holiday season. So use that money aside for the gifts, you know, for the end of each year is sometimes they used to have a Christmas savings account at the banks years ago, and you could go in every week and put money into the bank, into your savings account, and then you could withdraw it as Christmas gets closer and you have to buy presents.
I don't know if the banks still do that, but you set aside savings for larger purchases. You know what happens if your car goes down the tubes and you've got to either repair it or you have to buy another car, whether it's a second hand car or it's a new one. New ones are too expensive. Somebody told me the other day they saw a jeep wagoneer, or whatever it is, for close to $100,000 for a jeep.
That's expensive.
Boy, I wouldn't pay 100 grand for a car.
I've been in a couple that were probably close to that, but I could never afford it. I wouldn't put that money into it.
Money down the tubes as far as I'm concerned. And I've. I've been in BMW 725 cars with all kinds of bells and whistles.
I didn't own it, just turned out my boss owned it.
He made the money to do that.
Me, hey, all I had was a Hyundai. I liked it.
Then after a while, I moved up to a Buick, and I like it. But that's as fanciest I'm probably ever going to get. You know, you also have to have an emergency fund and to build that safety net, because you know what can happen? You can get a big medical bill, car repair, job loss, and that's why I also say put some money aside, buy some long term food.
The guys at the Lds church, their big thing is build up spare food, good food that will last for a year, and build up your stock. Because if the economy goes down the tubes, you've got food to feed your family.
It makes sense.
They used to have some type of a, an Lds warehouse that members could go to and they could get bulk goods and they could can bulk goods like oats and wheat, apples, all kinds of things that you can put in the can.
Now, I don't know where the bishop store is, so, but you could check into that. You just have to contact your local Lds church, you know, barriers to savings. You're working on paying down your debt and credit card debt. Oh my God. Pay those credit cards off.
If you build it up and you spend a lot of money and you put it on credit and you haven't paid it off, you're going to be paying off on interest and you're going to be paying a lot of money for that. So you want to make sure that you pay down that credit card debt, pay down that student loan, pay down that mortgage payment and you haven't reached your full earning potential. It's not impossible to do.
You can save on a lower income and your living expenses account for a big part of your monthly income.
Live beneath your means. Okay, you can consider new savings account. Work on eliminating debt. Trim your regular expenses.
Review your budget and your bank statements carefully to see if they're spending categories you could trim down to allocate more money towards your saving goals.
You can automate your savings every month, put stuff away. But what you need to do is really look at your savings. You can check it out on Yahoo finance.
How about seven things to know if you withdraw more than $10,000 from your checking account.
Have you ever turned the heard the term big brother is watching you?
Well, he is. They're looking at everything you do.
And if we get into the CBDC, central bank digital currency, if they ever go to that, they are going to know everything.
They're going to know when you went to the ATM what you took your money out for and then they're going to be able to track your expenses.
Well, I use my money for bar hopping. Well, they'll be able to track that too.
Government is getting very, very, very intrusive. They want to know what you spend and how you do it.
Even if you're legal and above board, which 95% of the people are, what you're doing is, it's like oppression. Okay?
If I want to go to a restaurant and I want to take a $100 out of my atm to go to a fancy restaurant once a year, they'll see that hundred dollars go out and then you take and you spend that money at that restaurant and they would be able to track things, especially with credit cards.
Cash is still king. Okay, cash is still king.
Now, Chris Demetriou, d e m e t r I o u, is a qualified accountant and co founder of Archimede architecture Accounts.
And he had to walk through a manufacturing client who needed to withdraw a sizable portion of revenue for new equipment through this process. And they wanted to know everything about him. What are you using the money for?
You know, one time I wanted to get a car. Actually needed to get a car. My dad helped me out, and he says, okay, I'll write your check for this amount, and you can pay me back, and you can pay me back in 30 days.
I said, okay, we'll do that. And we went to the bank, and it was like, I think it was $15,000.
And they said, well, you're getting this into your account. Why are you getting this? I said, why am I here for a loan?
I'm here to get a car.
This is to help me buy the car that I want. And then I turn around and pay him back.
That's all it is. It's a loan.
It didn't come from drug money. It didn't come from other nefarious things. Well, you have to fill out this form.
It's gotten to that.
And in some cases, you end up with delays in getting your funds. They might say, well, come back tomorrow, and we'll have your money for you.
Banks don't carry big sums of money at the bank.
They really don't.
They have enough for little withdrawals, but nothing big. And I had a friend of mine that went to a bank, and he said, I need wrote a check out for $5,000. They said, well, why do you want that check cashed out of your account?
And he said, I have to pay a contractor that wants cash for his work to do some cement work at my house.
Now, whether the guy had that happen or not, I don't know, but look at it. They want to know why. And then they turned around, they said, come back tomorrow, and we'll have the money for you. We don't have it right now, and you'll have to talk to the bank manager to get it.
What was it, the JG Wentworth show?
I want my money, and I want it now. Well, the bank can't do that. They have to contact FDIC, and they have to say, or the Fed. They have to say, hey, we need more.
I'll just say what it is. Fiat paper money.
And they place an order, and then they go ahead and have it delivered. And in my case, they would deliver it out of Cincinnati from the vaults down there.
But can you imagine that you have to wait a couple days to get your money?
I mean, you walked in, you put it in there in good faith, but you know what they do with that money? They only keep a 10th of it. Nine tenths is lent out to people in circulation.
They only keep a 10th.
The rest of it is loaned out. And the bank makes interest on those loans, whether it's 2%, 5%, you know, whatever, even up to maybe probably 14% to 21%.
The bank's got to make money to stay in business.
They make money with our money.
But remember, they only keep a 10th of it. Nine tenths of it is sent out in loans.
And that's how the banks exist. I always say what the bank needs to do is to keep at least 40% of the money and then loan out 60%, and that way they're a little bit more solvent.
Always keep a paper trail with your money. Know where it goes, what it's been used for, and talk directly to your bank. Do you have a personal banker?
You should.
You should know people at the bank, and you can walk in and talk to the branch manager, the assistant manager, or the head teller and talk to them about your money.
You want to consider an impact on your savings and look for missed opportunities. I went into a bank this week, and I said, hey, do you have that 10% CD for me?
And they looked at me with a blank stare, and it was. I think it was a new teller.
Sorry, sir, we don't have a 10% CD.
Well, I'm just asking because I asked the manager here before to let me know if they had a 10% CD. Well, sir, we can only give you five and a quarter percent.
That's a lot better than the 2% I was originally getting on it.
And now with the way banks are right now, it's changing. But know your money, okay?
Because you will have to fill out some forms saying where you got your money, just like I did. And I didn't like filling out that form. I despised it.
I'm doing everything by the book and very honest, I'm not into drugs or illicit stuff.
I wouldn't want to be.
But obviously, there are a few people that are into that stuff, so they want to know where the drug money is and so forth.
I don't know where the drug money is. I don't hang around that stuff.
Lately there's been talk of bank failures, and, you know, there were failures before with. With banks in California. I believe it was SVB Bank, Sun Valley bank. And then there was another one with Republic bank and something else. Well, there was an article that was written on bank rate bankrate.com, and it was done by Renee Bennett and Neil McPherson, and it was what to expect when your bank fails?
Well, they said the failure of First Republic bank marks the third major bank failure this year. And many consumers are probably wondering, what if the bank fails? And it's not a very common occurrence. But when a bank does fail, account holders may be left with some worry and uncertainty about what will happen to their deposits. Well, banks are generally insured by the Federal Deposit Insurance Corporation, better known as the FDIC, which protects up to $250,000.
But what are the limitations of the federal insurance, and when do you get your money back?
When? That is the question.
Well, today the FDIC insurance limits are $250,000 for each depositor at each FDIC insured institution in any of the following categories, checking accounts, savings accounts, money market accounts, and certificates of deposits.
Now, the insurance does not protect money in stocks, bonds, or mutual funds, life insurance policies or annuities or securities, just what they have in cash, checking, savings, money market, and certificates of deposits, better known as CDs.
A lot of people don't have $250 or $250,000 for that matter, but it guarantees you, the FDIC guarantees $250,000 for each depositor.
Now, what happens if you put it in your name, your wife's name, or your girlfriend's name, or, you know, son daughter name?
You can do that, and you can have more than 250,000 in there.
Now, let's say you have three accounts open at your bank with $150,000 in your savings account, 25,000 in your checking account, $75,000 in a CD, and all the accounts are listed in your name with no one else on the account. So these all fall under your single account.
You have $250,000 in the bank, and all of it is protected by FDIC. If you have more than $250,000, you can explore other options, according to the report, and you keep it under the FDIC. Okay. For example, you can keep 250,000 at one bank and deposit an additional fund at another bank that's also a member of FDIC.
And be sure to use the FDIC bank find tool. That's FDIC's bank find b a n k f I n D.
It's a tool to verify that an institution is covered by the insurance. And you can also open up an IRA or revocable trust account, and both of which fall under FDIC coverage.
There was one account that I looked at one time, it was an Oaks account. And a lot of banks are members of Oaks.
And what the deal is is if I walked into a bank and I had $500,000, I'll never see that. But anyhow, if I walked in for $500,000, I would go up and talk to the bank manager. He could say, well, we can put these in a CD at this bank for 250,000, but we can take a look at one of our other member banks and deposit the other 250,000 in that bank.
Same name person, namely me, but in two separate banks. So a lot of people can do that and have more than 250,000 in that account.
Now, 50. What is it? FTIC assigns 50% ownership to each person in a joint account.
So let's just say you and your wife or girlfriend, significant other, whatever, have $125,000 of FDIC insurance on the savings account, and they each have 150,000 in their CD account.
This means that each of them has $25,000 that exceeds the 250,000 limit and doesn't qualify for insurance in their joint accounts.
However, if each of them has an additional account in their respective names, each of those accounts enjoys another $250,000 worth of protection.
So they should transfer some of those funds into a single account to keep them safe.
Now, what happens if your bank fails?
Well, it happens.
And in a bank failure, normally the FDIC will post it and another bank won't take receivership of that bank. It's usually a larger bank will eat up the smaller ones.
Well, in most bank failures, you don't have to do anything to get your money back. You can use your account as you did previously, but it will be at a new bank.
So instead of XYZ Bank Corporation, it could be Simmons National bank takes it over. It's a bigger bank, and you can continue using your existing checks for a short amount of time. Then the transferred over to new checks and I think it's probably six months using the old checks, and then you have to switch over.
It depends on the bank rules that they have.
Now, if the FDIC is unable to find an acquirer for the bank's deposits, like nobody wants to touch the bank, the FDIC conducts a deposit payoff.
And a deposit payoff means that you'll get paid directly via your checking or via check by the FDIC according to the total amount deposited you had that was insured.
Now, how long will it take you to get your money?
Well, the FDIC says that each bank failure is a unique situation, and it works to pay depositors back as soon as possible, typically within two business days of the failure.
I heard in the Great Depression, it took people nine years to get their money back.
Wow.
So you have a lot of problems with bank failures. The bottom line is, if you have deposits at a bank that fails, what happens to your money depends on whether it was fully insured and whether the failed institution is acquired by another bank.
And generally speaking, you can expect up to $250,000 will be kept safe in each account owned or ownership category. And the funds will either be acquired by a new bank or paid to you by the FDIC by check.
Not by gold, not by silver, but by check. So now we have paper money, and you're trading paper.
Something to think about.
If you have a problem with the bank and you kind of sense it, you could slowly transfer your money to a different bank.
I mean, I deal with three different banks on purpose.
So if one bank is causing problems, I just go ahead and move it to another one.
Something to think about, guys. And we've got so much more I've got to go through about the FDIC change. That leaves wealthy bank depositors with less protection.
A lot of things to talk about. Dang, Garnet. We're running out of time.
Hey, if you want to go ahead and invest in precious metals, right now, gold is at $2,315.10 through AP M E X. Silver.com is about the same. There are other companies that you get. Make sure they're reputable.
And the price goal just went up a dollar. Silver is at $26.77. It went down $0.03. However, when you go to buy it, it's about $35 to $37 because it's getting scarce. They didn't mine enough.
What? If you want to take and get gold, don't buy big bars. Get a 10th of an ounce. 10th of an ounce right now from Apmex is $312.54. Okay, you can barter with that. Just make sure it comes from a reliable source.
Wow. We have just talked and talked and talked, and it's 759. Dag on it. I've got a bail out of here, guys.
So do me a favor.
Go to our Facebook page. Money and change. Financially prepped. Check it out. There's a lot of information there. Well, guys, I will talk to you next Sunday.
Same time, same place, same.
[00:59:37] Speaker C: Just give me six strings, extra half step, and you can keep the cars. Leave me the garage. That's all I need are keys and guitars, and it's within 30 seconds. I'm leaving tomorrow. Yeah. We leave on a cross. He's undefeatable. It's like this, man. You can't put a price on the light. Now, we do this for the love. So we fight and sacrifice.
