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Most people have zero notion of what money is... let alone what banks offer as a business. Indeed, the entrenched investment industry has become less fair (or

Most people have zero notion of what money is... let alone what banks offer as a business. Indeed, the entrenched investment industry has become less fair (or an outright liability) to customers, but casinos are at least honest with their customers. Gambling with other peoples money was not a real financial service until relatively recently. There is a market for a fiscally sustainable savings/investment industry, but most people with under $2m in cash can't afford the bonded fiduciary services. Good luck, I kind of admire their ill fated ambition. =3

nine_k 2y ago
> fiscally sustainable savings Buy gold bullion, rent a bank safe deposit box, store it there. I suspect this is what comes closest to that, as of now. (Sigh.)
- Joel_Mckay 2y ago
  Precious metal prices rarely track with inflation, but 1.7% of a portfolio should contain such leaky holdings. While it is currently legal for US citizens to own gold bars since 1974, if the tax man gets hungry... the old rules may come back into popularity. Best of luck, =3
- JumpCrisscross 2y ago
  > Buy gold bullion, rent a bank safe deposit box, store it there This is the worst of all worlds. You have a high-transaction cost volatile asset in a box which provides you with less legal protection than crap stored in a home with renter’s or homeowner’s insurance [1]. [1] https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html https://www.nytimes.com/2019/07/19/business/safe-deposit-box...
  - ty6853 2y ago
    Renter/homeowner insurance rarely cover precious metals unless they are in their highest premium ( read worst as store of value ) forms as jewelry or kitchenware. A vault with stronger property rights than US and insurance is probably better than your house (Singapore insured PM vault maybe) but not as good as a hole in the ground somewhere where metal detectors get a lot of false positives somewhere remote with no attachment to your identity.
    - JumpCrisscross 2y ago
      > Renter/homeowner insurance rarely cover precious metals unless they are in their highest premium ( read worst as store of value ) forms as jewelry or kitchenware You're already paying a double-digit round-trip spread on retail gold. The point is out of all the places you could put physical gold, safe-deposit boxes max out the worst attributes.
throwaway2037 2y ago
> bonded fiduciary services I never saw this term before. Google shows me nothing. Can you explain what you mean, please?
- Joel_Mckay 2y ago
  It is a legally enforceable relationship with your investment managers: "A fiduciary financial advisor is a financial advisor who is legally and ethically bound by fiduciary duty to serve in your best interests" This detail becomes important when various cons come around to bleed off your assets. Could be as simple as a "friend" hyping worthless pump-and-dump stocks, or a fund manager with ballooning fees. In general, the lack of impulse control shown on YC seems to indicate this information is not that useful for many readers. Some people like being poor apparently lol =3
- JumpCrisscross 2y ago
  > never saw this term before They’re mixing up a securities term (irrelevant to banking per se and cash management totally). What they mean is getting an adviser who is bound to act as your fiduciary versus as a counterparty [1]. If you’re trusting your portfolio management entirely to a third party, they should be a fiduciary. That said, people outside finance seem to make a bigger deal out of this than it is—in America if you’re a retail investor and you have a problem with a FINRA-member broker, FINRA arbitration will almost always side with the retail investor. Fiduciaries will tend to cost more (it’s riskier) and say no to you more; after all, you’re asking them to take decisions for you. I work in finance and couldn’t tell you which of my managers and advisers are fiduciaries because I double check what they say and limit what they can do. And this, again, has to do entirely with investments. Not banking. More pointedly, this part is nonsense: "most people with under $2m in cash can't afford the bonded fiduciary services." What you want for cash management is yield (reward) and sweep (risk management). [1] https://www.investopedia.com/financial-edge/0912/5-misconceptions-about-a-fiduciary.aspx https://www.investopedia.com/financial-edge/0912/5-misconcep...
  - Joel_Mckay 2y ago
    While phonetically similar to a "securities term", the conversation was about legal agreements with a registered professional. I think you are feigning ignorance for some reason or posting AI slop, Best of luck =3

nine_k 2y ago

> fiscally sustainable savings Buy gold bullion, rent a bank safe deposit box, store it there. I suspect this is what comes closest to that, as of now. (Sigh.)

Joel_Mckay 2y ago
Precious metal prices rarely track with inflation, but 1.7% of a portfolio should contain such leaky holdings. While it is currently legal for US citizens to own gold bars since 1974, if the tax man gets hungry... the old rules may come back into popularity. Best of luck, =3
JumpCrisscross 2y ago
> Buy gold bullion, rent a bank safe deposit box, store it there This is the worst of all worlds. You have a high-transaction cost volatile asset in a box which provides you with less legal protection than crap stored in a home with renter’s or homeowner’s insurance [1]. [1] https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html https://www.nytimes.com/2019/07/19/business/safe-deposit-box...
- ty6853 2y ago
  Renter/homeowner insurance rarely cover precious metals unless they are in their highest premium ( read worst as store of value ) forms as jewelry or kitchenware. A vault with stronger property rights than US and insurance is probably better than your house (Singapore insured PM vault maybe) but not as good as a hole in the ground somewhere where metal detectors get a lot of false positives somewhere remote with no attachment to your identity.
  - JumpCrisscross 2y ago
    > Renter/homeowner insurance rarely cover precious metals unless they are in their highest premium ( read worst as store of value ) forms as jewelry or kitchenware You're already paying a double-digit round-trip spread on retail gold. The point is out of all the places you could put physical gold, safe-deposit boxes max out the worst attributes.

throwaway2037 2y ago

> bonded fiduciary services I never saw this term before. Google shows me nothing. Can you explain what you mean, please?

Joel_Mckay 2y ago
It is a legally enforceable relationship with your investment managers: "A fiduciary financial advisor is a financial advisor who is legally and ethically bound by fiduciary duty to serve in your best interests" This detail becomes important when various cons come around to bleed off your assets. Could be as simple as a "friend" hyping worthless pump-and-dump stocks, or a fund manager with ballooning fees. In general, the lack of impulse control shown on YC seems to indicate this information is not that useful for many readers. Some people like being poor apparently lol =3
JumpCrisscross 2y ago
> never saw this term before They’re mixing up a securities term (irrelevant to banking per se and cash management totally). What they mean is getting an adviser who is bound to act as your fiduciary versus as a counterparty [1]. If you’re trusting your portfolio management entirely to a third party, they should be a fiduciary. That said, people outside finance seem to make a bigger deal out of this than it is—in America if you’re a retail investor and you have a problem with a FINRA-member broker, FINRA arbitration will almost always side with the retail investor. Fiduciaries will tend to cost more (it’s riskier) and say no to you more; after all, you’re asking them to take decisions for you. I work in finance and couldn’t tell you which of my managers and advisers are fiduciaries because I double check what they say and limit what they can do. And this, again, has to do entirely with investments. Not banking. More pointedly, this part is nonsense: "most people with under $2m in cash can't afford the bonded fiduciary services." What you want for cash management is yield (reward) and sweep (risk management). [1] https://www.investopedia.com/financial-edge/0912/5-misconceptions-about-a-fiduciary.aspx https://www.investopedia.com/financial-edge/0912/5-misconcep...
- Joel_Mckay 2y ago
  While phonetically similar to a "securities term", the conversation was about legal agreements with a registered professional. I think you are feigning ignorance for some reason or posting AI slop, Best of luck =3