MBA EXPLAINS: How To Keep My Money Safe When Banks Fail

Описание: In today's uncertain economic times, it's more important than ever to make sure that your hard-earned money is safe and secure. That's why I created a simple safety checklist based on my research, and it’s helped me to focus on how to keep my money safe. In this video, I break down my checklist into 3 sections: Bank Accounts, Brokerage Accounts, and 401(k) / IRA Accounts.

First, I discuss bank accounts and why they are some of the safest places to keep your money. I explain how FDIC insurance works and how it can protect your deposits up to $250,000 per account. I also highlight the importance of spreading your money across multiple accounts and banks to mitigate any risk.

Next, I dive into brokerage accounts and the Securities Investor Protection Corporation (SIPC). The SIPC provides a safety net for customers in the event of a brokerage failure, covering up to $500,000 per account, including as much as $250,000 in cash, for missing securities such as stocks, bonds, mutual funds, and ETFs. However, it's essential to understand the limitations of SIPC coverage and to do your own research to ensure that your investments are SEC-registered.

Finally, I discuss 401(k) / IRA accounts and how they are held in trust, separate from a company's assets. This means that 401k money is protected from the company's creditors, even if the plan administrator were to go away. However, it's essential to keep in mind that other types of company-sponsored deferred compensation plans are considered assets of the employer and could be seized by creditors in the event of bankruptcy.

Overall, this video should give you a general sense of how "safe" your money is based on the various accounts you might have, and what you can do to mitigate any risks. Remember, it's always important to do your own research before investing anywhere and not just go off of the hype train. So, if you want to learn more about how to keep your money safe and secure, watch this video and let's learn together.

Don't forget to like and subscribe to my channel if you found this video helpful. Together, we can demystify money and build wealth that lasts. Thank you for watching, and I'll see you in the next one!

Timestamps:
0:00 FTX Collapse Explained
1:16 The Safety Checklist
1:57 Keeping Your Bank Accounts Safe
3:05 Keeping Your Brokerage Accounts Safe
5:14 Keeping Your 401k and IRA Accounts Safe

#ftx #personalfinance #moneytips

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Disclaimer - This content is for education and entertainment purposes only. Jenna & Neil do not provide tax or investment advice.