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Other than hoarding gold (edit: or cryptos, or anything similar), what is the best way to make sure my net worth doesn't just go to zero from one day to the nex
by umanwizard 8y ago
Other than hoarding gold (edit: or cryptos, or anything similar), what is the best way to make sure my net worth doesn't just go to zero from one day to the next?
- solotronics 8y agoCryptocurrencies. Its pub-priv key security for money. Hardware wallets are really cool ex: https://wiki.trezor.io/FAQ:Overview https://wiki.trezor.io/FAQ:Overview
- empath75 8y agoThat's a sure fire way to do exactly what he said he didn't want to do.
- sgarman 8y agoSeems like a heavily volatile way to store your "net worth."
- gammateam 8y agoI guess it is ironic that stablecoins are probably the most secure way to store your money crypto security, usually legacy underpinnings, no volatility
- umanwizard 8y agoI know what cryptocurrencies are. I should have been more specific than "Other than hoarding gold" to include other volatile commodities.
- RcouF1uZ4gsC 8y agoAssuming you are a regular person, and that you do not have the US Government out to get you, put your money in an FDIC (or equivalent) insured bank account. The financial system is pretty good at making sure that even with these hacks and breaches, the actual depositors don't actually lose money. Other alternatives such as hoarding gold, digging a hole in your backyard and burying cash, buying cryptocurrencies has a higher chance of resulting in your losing your money than if you just put it in a bank account.
- gnopgnip 8y agoYou should diversify. Have some money in a 401k, and an IRA or brokerage account invested in a whole market fund mostly, with a smaller amount in bonds. Buy a house.
- gowld 8y agoAll of those except for the house can be stolen in one shot from your bank, unless you spread your accounts among multiple banks, and that increases your risk of accidentally losing one of them.
- izzydata 8y agoreal-estate. Although may that is the same concept as hoarding gold.
- rwmj 8y agoNope. Stealing land titles is very much a thing in the UK: https://www.gov.uk/protect-land-property-from-fraud https://www.gov.uk/protect-land-property-from-fraud
- C1sc0cat 8y agoEven more so in places like India one of my co-workers a few years back mentioned that his family back home had lost property to "gangsters".