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My first question concerning money....
we are hopefully getting a chunk of money (more than I have ever made in a year as a motorcycle or car mechanic) but not mega millions. it should be as a inheritance so hopefully no big tax hits.
Since we are in our 70's and fully aware the economic house of cards that is our national and world wide current situation could collapse or devalue or hyper inflate at any time....
Any ideas to preserve some of the windfall for emergencys or inability to work in the immediate 5 to 10 years. Having liquidity and not having to take a giant hit to get the money.
We are already located in rocky mountain montana which is where we plan on making our stand.
We do some small scale house sharing and will be installing a camper parking spot that with our house sharing should cover mortgage and taxes and insurance going forward.
We both do small buisness that suplements our SS payments.
We have the food part of the equation pretty well in hand (two freeze dryers). Live on our land and have solar pumps ready to get water out of the well. Garden seeds, soil admendments, hand tools, walk behind gas powered tools. Defense tools and freedom seeds as well as ongoing training. Some PM's which may or may not be usefull, it sure stings to cash junk silver in right now after buying it two years ago.

So any neat ideas that we should consider...
 
montanabill said:
My first question concerning money....
we are hopefully getting a chunk of money (more than I have ever made in a year as a motorcycle or car mechanic) but not mega millions. it should be as a inheritance so hopefully no big tax hits.
Since we are in our 70's and fully aware the economic house of cards that is our national and world wide current situation could collapse or devalue or hyper inflate at any time....
Any ideas to preserve some of the windfall for emergencys or inability to work in the immediate 5 to 10 years. Having liquidity and not having to take a giant hit to get the money. ...
So any neat ideas that we should consider...
Click to expand...
If you don't need it to generate income for you and need instant access to it, one thing you might consider is a FDIC insured savings account at a local name-brand bank.
They have some accounts that let you write a few checks per month.:thumbs:
Almost every 'safe' option (like cash and PM's) won't be easy to "use" instantly, like for a large unexpected medical bill.:(
 
I used to hoard gold and silver, but life took it away. I hoarded lead, brass, and copper, life took it away, and now I hoard skills and only death can take that away. (or Alzheimer's.)
 
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We are also in our 70's, and our financial goals have shifted to the very conservative. At this point in our lives we are perfectly satisfied with the current 5% rate on most CD's. I would think your local bank would offer the same or very similar vehicles as a broker. I would expect they also offer CD's for a 3, 6, or 9 month duration depending on how long you want the money tied up.

We recently changed financial advisors, but we always make sure that we are dealing with a Fiduciary.
 
Thanks for the quick answers to my question.

Anybody else worried about bank failures.

So just for disscusion putting money in a standard large bank which is insured by FDIC which only has 2% or less of the amount covered available to cover losses is a better idea than putting money in a local savings and loan that has private insurance thru their nationwide organization which can cover a larger per centage of losses.
 
montanabill said:
Thanks for the quick answers to my question.

Anybody else worried about bank failures.

So just for disscusion putting money in a standard large bank which is insured by FDIC which only has 2% or less of the amount covered available to cover losses is a better idea than putting money in a local savings and loan that has private insurance thru their nationwide organization which can cover a larger per centage of losses.
Click to expand...

Strictly up to you, and how comfortable you feel. From what I had heard, the banks that failed were poorly managed and likely to fail anyway. That said, we use a bank that is smaller and regionally owned.
 
Supervisor42 said:
If you don't need it to generate income for you and need instant access to it, one thing you might consider is a FDIC insured savings account at a local name-brand bank.
They have some accounts that let you write a few checks per month.:thumbs:
Almost every 'safe' option (like cash and PM's) won't be easy to "use" instantly, like for a large unexpected medical bill.:(
Click to expand...
I received some money 15 years ago and put it into the nice, convenient local bank, free checking low interest. Switched it to a 7 month cd and made so much more in 7 months than I did in all those years combined. Currently repeating short term cd. I can access it if I need to and would just lose some interest.
I feel that it’s safe. If I get nervous, I should be able to get it out.
 
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