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Money Guy Show

Should You Be Worried About Banks Collapsing? [Here’s the Truth]

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.73.1K Ratings

🗓️ 15 March 2023

⏱️ 32 minutes

🧾️ Download transcript

Summary

We just experienced the largest bank collapse since the Great Recession. Here’s what you need to know, how this could affect you, and what moves you need to be making with your money (if any). Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Check out our course, Know Your Number! - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

is our banking system on the brink of collapse?

0:10.2

I've been seeing everywhere.

0:11.3

People are posting on social media.

0:12.6

My family's texting about it.

0:14.6

SVB has collapsed.

0:16.4

There is a run on the bank, all of this stuff,

0:18.6

all of these headlines.

0:20.2

Thankfully, like I do, you also have people in your life

0:24.2

like a bowhanson, who might be able to shed some light

0:28.4

what is happening with the situation

0:30.4

and what it actually means for you and your money.

0:33.2

So first of all, Bo, I'm not a financial person.

0:36.3

Can you lay out what happened with SVB

0:39.8

in this whole situation?

0:40.7

Yeah, I'm really excited to be going through this

0:42.6

because I think there's a lot of fear out there.

0:45.0

And one of the things I love that we're able to do

0:48.0

is speak into the fear to kind of calm people's nerves,

0:50.5

settle them down and separate the facts from fiction,

0:53.9

the good information from the misinformation.

0:56.4

So you've probably been seeing headlines

0:58.5

like you mentioned about Silicon Valley bank, right?

...

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