Episode 640: “What is your feeling about keeping large sums of cash in the bank?”

Today’s episode was recorded in my hotel during a recent stay in Singapore. Recently, I made a request on Facebook for people to send in questions for me to answer about your business. I received some good ones and I have recorded some of those for you. Today’s question is from Jerome who wants to know how I feel about keeping large sums of cash in the bank.

I talk about the safety of the banking industry; along with the failure of several small banks in some countries outside the United States of America.

I discuss the importance of diversification -whereby if you have large amounts of cash that you want to keep liquid, you should spread your cash around in several different banking institutions both inside and outside your local jurisdiction.

I explain that there are many other ways to protect your wealth, allow it to grow and still keep it liquid and give some suggestions where you can make liquid investments.

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