You’ll never guess what I was doing yesterday.
I was listening to some old Groucho Marx episodes of You Bet Your Life (see, I knew you wouldn’t guess it).
It was a quiz show in the mid-1950s where the host (Groucho Marx) would ask people questions and if they got them right, they won some cashola.
But before Marx asked the questions, he would spend some time ribbing the contestants a little.
Anywho, Marx is yapping at this strapping young gentleman (Bill) who works for Bank of America… inquiring about his yob, as it werE:
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Groucho Marx: Bill, by the way I know Bank of America is a very big bank. It happens I’ve got $32 there myself. Now, just between us, what assurance do I have that this money is safe?
Bill: Well, all deposits up to $10,000 are insured by the Federal Government in Washington.
Marx: That’s my guarantee?
Bill: Yes.
Marx: Have you heard that the Federal Government is about $280 billion in the hole?
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It’s funny cuz it’s true.
Sometimes, the obvious goes right over our heads until someone slaps us in the face with it and yet… how many people blindly throw all their money in the bank (or credit union) and forget about it?
There is, of course, a cure for this sort of thing.
It’s called “trust, but verify.”
Basically, you take some things at face value and give the benefit of the doubt. But, you always verify what the person is saying.
If you do this for anyone in the financial services industry (even me), you should be reasonably protected from being ripped off.
Can a bank actually make good on the money you give it? The Federal Deposit Insurance Corporation (FDIC) publishes its reserves for everyone to see. Banks also publish their own cash reserves. Go see for yourself.
More:
There are lots of benefits to being an independent thinker like… being more self-reliant and making more decisions for yourself.
There are some studies that apparently show that people who make their own decisions tend to stick with them. People who rely on others tend to cut and run at the first sign of trouble.
I done seen this first hand and maybe you have, too.
Anyway, if you’re into being self-reliant, and you want more control over your savings, go join my email list. I’ll show you how to save more money and also how to take control of your savings plan and make it more efficient and effective for you and your family.