What Happened To The Banks Last Week & How Can You Be Prepared?

The Chris Harder Show

Chris Harder

Entrepreneurship, Business

4.9 • 1.5K Ratings

🗓️ 20 March 2023

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

I've been getting a lot of DMs and texts asking what my thoughts are on the recent bank collapses and what I'm doing to protect my money. In this episode, I break down how the US banking system works and go over key terms, including what a run on the bank is and how it's changed over the past century.

I explain exactly what happened with Silicon Valley Bank and what the Fed did to ensure the whole banking system didn't collapse. Plus, I share ways to diversify your money and reduce risk going forward.

IN THIS EPISODE, WE TALK ABOUT:

Why you shouldn't panic because of the recent bank collapses
What's protected (and what's not) with FDIC insurance
How the fractional reserve banking system works and why it fails sometimes
How social media dramatically changed the landscape of bank runs
Five ways to diversify your money

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Transcript

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0:00.0	If you and your spouse bank at the same place
0:03.8	and both are signers on the same account,
0:06.6	then all those accounts added together
0:08.2	don't keep more than 250 grand per person
0:10.1	or 500 grand per couple.
0:12.0	Then if you have businesses,
0:13.8	don't keep more than $250,000 per business in the bank.
0:17.2	And if you have to,
0:19.0	then just make sure that you've got reserves elsewhere,
0:21.6	that your money is spread out as best you can.
0:24.2	So that if one bank goes down,
0:25.8	you can still bank it another bank.
0:27.9	Welcome everybody to the Chris Harder show,
0:30.9	where we are making you unapologetic
0:32.7	about your pursuit of success.
0:34.1	Knowing that when good people like you
0:35.8	make good money, they can then do great things.
0:38.7	My name is Chris Harder, and several times per week,
0:40.9	I will bring you epic guests, solo episodes,
0:43.7	and every single tool, trick, and skills
0:45.3	that you need to grow your business,
0:47.3	grow your money mindset, and to grow your wealth
	...

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