Episode Details
Back to EpisodesWhat Happened To The Banks Last Week & How Can You Be Prepared?
Description
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:
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Why you shouldn’t panic because of the recent bank collapses
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What’s protected (and what’s not) with FDIC insurance
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How the fractional reserve banking system works and why it fails sometimes
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How social media dramatically changed the landscape of bank runs
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Five ways to diversify your money
RESOURCES
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Text DAILY to 310-421-0416 to get daily Money Mantras or Business Perspective messages to boost your day.
CONNECT WITH CHRIS
Follow Me: @chriswharder
Visit My Website: https://chrisharder.me