I will go over the News “Bad” as reporters always put it. But I will make humble “but sensible” suggestions for your review and hopefully call you to action.
Bank closures are making the news nearly every week with plenty more on the horizon.
Although very few people have ever lost money during a bank failure, extensive delays can still wreck havoc when attempting to close on a time sensitive purchase / or bulk transaction. Staying ahead of the bank closures is crucial. And fortunately, it's relatively simple to apply for a second account that serves as a "back-up" bank. Use these quick tips to implement this 15 minute resolution:
1. Select a Secondary Bank. Make sure it's not on the FDIC's list of questionable or failed banks by visiting http://www.fdic.gov/bank/individual/failed/banklist.html.
If you’re current bank is on the list...better open an account sooner rather than later to assure smooth processing of all transactions.
2. Rate the Bank. Just because a bank or lender isn't facing immediate failure doesn't mean they are healthy. Rate the bank by contacting one of the major bank rating entities below:
A.M. Best Company: http://www3.ambest.com/banks/default.asp
Bankrate, Inc.: http://www.bankrate.com/
BauerFinancial, Inc.: http://www.bauerfinancial.com/
Institutional Risk Analytics: http://www.institutionalriskanalytics.com
Weiss Ratings Inc.: http://www.weissratings.com
3. Sign-Up. In most cases you can open and fund the account online. Simply collect your current banking information, driver’s license and other pertinent documentation and allow yourself 15 minutes to establish a new account and transfer funds. Remember to remain below the FDIC insurance limits especially if opening a new account with the same bank or a subsidiary of the same bank.
4. Set-Up Automated Features. Banking shouldn't be something you need to invest time toward so be sure to set-up automatic deposits and payment features to keep the account active and in good standing. Now you are not only prepared should a "worst case" situation arise with your own bank but it's a simple way to keep an emergency funds in place for unexpected repairs or other needs.
Social Security underwater “They have been talking about it for years, now it finally here”
Social Security will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office. Stephen C. Goss, chief actuary of the Social Security Administration, said that while the Congressional projection would probably be borne out, the change would have no effect on benefits in 2010 and retirees would keep receiving their checks as usual. The problem, he said, is that payments have risen more than expected during the downturn, because jobs disappeared and people applied for benefits sooner than they had planned. At the same time, the program’s revenue has fallen sharply, because there are fewer paychecks to tax. Analysts have long tried to predict the year when Social Security would pay out more than it took in because they view it as a tipping point — the first step of a long, slow march to insolvency, unless Congress strengthens the program’s finances. When the level of the trust fund gets to zero, you have to cut benefits,” Alan Greenspan, architect of the plan to rescue the Social Security program the last time it got into trouble, in the early 1980s, said yesterday.
Now that the banks that keep our money are failing and shutting there doors, the Federal Reserve that is suppose to pay us our retirement pension is underwater; what are we suppose to do? How will we ever survive?
If you can’t tell I am being sarcastic, it is times like these that really create true wealth.
“You can print money, manufacture diamonds, and people are a dime a dozen, but they'll always need land. It's the one thing they're not making any more of.”
I leave you with this "The failing bank systems and government organizations have never been the solution."
The solution comes in simple human needs. We as humans need necessities and those that provide these necessities are the Kings. Housing and shelter are at the top of the priority list.
And I have it starting at .20 cents on the dollar all across the United States. Just this week we have over 500 homes in inventory and more coming every day. But these homes are only for real cash buyers and financial partners.