What's your take on this situation? Anything you would add to my 3 rules?

The adage "Don't put all your eggs in one basket" has never not been true.

@AllThingsSecured

Жыл бұрын

Yet we often do it without fully realizing it.

Important bit about lowering risk through diversification is to ensure that the entities you're allocating resources to are as close to uncorrelated with each other as you can manage in order to reap the risk-lowering benefits of that strategy

@AllThingsSecured

Жыл бұрын

That's a good point. That's difficult to do, in practice, sometimes.

By far your most helpful video! Kindest regards 😊

Great advice. Also, I love the typewriter.

no unless your money is in one of the top seven banks in the nation, your money is not safe.

@AllThingsSecured

Жыл бұрын

Thanks for the feedback.

a very needed video! Thanks Josh!

@handendaer

Жыл бұрын

Pls stfu, moronic booster shot, election voter :)

@AllThingsSecured

Жыл бұрын

My pleasure, Stef!

Sorry to put my question in this video comment section... Does use a vpn for money transaction is safe? What is your opinion? Please answer me.

Man another great video…thank u. Either way diversify even ur passwords. Hey i kno u know one thing that is free…but comes at a cost😄

You know this guy is a proper security expert when you realize that his name is NOT Josh Summers 😎

This is why I have had a Credit Union for decades now. Banks are horrible.

@AllThingsSecured

Жыл бұрын

I'm not saying banks are horrible, but I understand why you're wanting to use a credit union.

You would think the FDIC is the solution, but it’s actually part of the problem. In economics it’s called a moral hazard. That means it encourages risky behavior by reducing the risk to the bank. In other words, the bank can do essentially whatever they want with their customers’ money, because they know the government will bail them out if they lose it all. Getting rid of the FDIC would actually encourage banks to be more careful with their investments, and encourage consumers to shop around more and find banks that are being more careful.

I kinda think of the Jimmy Stewart movie, _It's a Wonderful Life,_ as a documentary to explain how banking works. I always had it in my head that your savings account was the money used by the banks to invest and lend with about 10% of the aggregate held in reserve, but your checking account was your money and kept in reserve. Guess not, huh?

@AllThingsSecured

Жыл бұрын

Yea, I think a lot of people have had their eyes opened to how our current banking system works and it's a bit shocking.

Fractional reserve banking is little more than reinvesting borrowed money, by a bank. If you borrow money from a friend, and agree to give it back whenever he asks for it, the assumption is that #1 he won't be asking for it right away, and #2 you will be using the money for something. The banks know, on average, what percentage of funds on hand need to remain in order to conduct daily withdrawals. If they don't use at least some of the idled funds in some way, they themselves are not going to stay in business very long holding money for free. They either need to charge for the service, or lend some of the funds out.

Polish drivers licence :D 6:16

@AllThingsSecured

Жыл бұрын

Yea...stock footage :)

As long as you have less than $250k in a single bank account in the US, you are covered by the FDIC, so no issue!

@dcseain

Жыл бұрын

Single bank, but yeah.

@AllThingsSecured

Жыл бұрын

This is true, and it's possible they may raise that limit.

@TheGladiator189

Жыл бұрын

If you look further into it FDIC only has about 1.25% of cash available for the insured deposits. So theoretically if every single person decided to withdraw every cent only 1.25% of that would be given back in cash. They could also give you other things such as equity equivalent to your deposit. But let's be honest who would want an equity of a worthless bank?

👍🏻

@AllThingsSecured

Жыл бұрын

🙏

so Josh i guess keeping my money in my matttress isnt an option right? 😅😅

@AllThingsSecured

Жыл бұрын

Well it's an option! But not one I would personally take 😂

My bank is the worst. 8-12 digit numeric passwords only with no 2FA. It's not a free bank.

@AllThingsSecured

Жыл бұрын

Do you have other options?

What are YOUR favorite secure banking accounts for privacy?

Wrong wrong wrong ... my credit Union is absolutely free. My money is protected at no cost by FDIC (for CU's) which is payed for by fees from loans. The ONLY reason for CRYPTO is to avoid taxes!... I do like your vids.

@AllThingsSecured

Жыл бұрын

I'm not advocating for crypto - and you obviously don't understand the reason for crypto anyway. I'm telling you that nothing is actually free. And even your credit union loans out your money so that what you deposit isn't actually there in the bank. The point here is to understand HOW banking works.

Great video! it is during the storm when we can benefit from it. Buying dividend aristocrats it is a good choice.

@AllThingsSecured

Жыл бұрын

I don't understand.

Or you can take some of your money, put it in hard currency store it in a safe in your house, and someone can come in and rob you or your house can burn down

@AllThingsSecured

Жыл бұрын

I certainly never suggested you get your money in a hard currency state.

@backcountryFLcyclist

Жыл бұрын

@@AllThingsSecured right, I was stating it tongue in cheek. So far the worst that has happened to me in my long adult life is my credit/debit cards have been digitally stolen, but all money was recovered and new cards issued.

Hate to tell you but things are going to change because your Creator is about to humble the world and justifiably so.

@AllThingsSecured

Жыл бұрын

Maybe so.

Be your own Bank: Bitcoin!

@AllThingsSecured

Жыл бұрын

That's one option.

IF there is an iPhone in your pocket, you are the product. Get a De-Googled phone running Graphene OS

@AllThingsSecured

Жыл бұрын

Thanks for the feedback.

TMI long pants!

@AllThingsSecured

Жыл бұрын

Thanks, Paula.

The majority of my money is on my Ledger Nano. Not your keys, not your crypto. Same with banks. That's why safes are sold.

@AllThingsSecured

Жыл бұрын

That’s impressive. Even I’m limited in how much I invest in crypto.

@whitieinvermont

Жыл бұрын

@All Things Secured I'm not saying that I'm wealthy. I'm just saying that banks are starting to make it hard for people to buy it and I've been in the market since 2017. I guess I am saying that I'm glad that I got in early and that I self custody my crypto rather than using an exchange to hold it.

Bitcoin

@ianvader4697

Жыл бұрын

ha ha ha ha ha!

@AllThingsSecured

Жыл бұрын

All of it?

@davashman9712

Жыл бұрын

They laughed at the Internet at the beginning. Just saying.

@davashman9712

Жыл бұрын

@@AllThingsSecured Josh is right. The money that you think you have in the bank is not really there.

@davashman9712

Жыл бұрын

Satoshi Nakamoto Quote about Bitcoin: If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry. Do your research.

The information about banks in this video is innacuate and misleading. All banks keep a fraction of their deposits in the bank and lend or invest the rest. That is how they make money; also fees. It does not matter if it is free or paid checking, the same prinicple applies.

@AllThingsSecured

Жыл бұрын

It’s not inaccurate. It’s simply not a deep dive into what fractional reserve banking is. You’re right, that’s how they offer “free” checking, which isn’t, in fact, free. That’s the point.