The Great News About the SVB Collapse

Ramsey Everyday Millionaires

Ramsey Network

Investing, Careers, Business

4.6 • 3.6K Ratings

🗓️ 15 March 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel, Kristina Ellis, & Jade Warshaw. Helpful Resources: Need Help with your investments? Click here to connect with a SmartVestor Pro. To learn more about how to plan for Retirement click here To learn more about Investing click here Create a college savings plan for your child’s future. Click here to connect with a SmartVestor Pro. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	This episode is sponsored by Smart Vester.
0:07.0	You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building
0:14.6	wealth, and outrageous generosity.
0:17.8	George, I was not going to talk about this news story, but apparently people are doing
0:21.4	stupid, butt things because of this news story, so now we have to talk about it.
0:26.0	Yes, so we're not a news network, but we wanted to maybe quote some of the fears that
0:30.6	are out there that have been sparked due to the SVB fallout.
0:35.3	So for those that don't know Dave, can you do like and explain like I'm five as to what
0:38.8	happened with the Silicon Valley bank collapse?
0:42.0	Yes.
0:43.0	Okay, Silicon Valley Bank was collapsed on last week, last Thursday, I guess it was, and
0:50.8	the reason was pretty simple.
0:52.9	Number one, you need to understand this about their bank.
0:56.8	The vast majority of the customers in that bank were hedge funds, venture capitalists,
1:01.4	and tech startups.
1:02.4	They were not mom and pop.
1:05.2	Granny's CD was not over at this bank.
1:09.2	It's not who they catered to.
1:11.1	Okay?
1:12.1	So to put that in perspective, FDIC insurance of 250,000 covers your up to 250,000, the government
1:17.6	covers your deposits in the event of a bank failure.
1:20.7	The typical bank, it covers 75 to 80% of the deposits.
	...

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