Loading ...YOUR MONEY IS SAFE CANADA…SAFE !
https://youtu.be/4RNIlqmyBTA
oH yA !
So My Question to the Esteemed members of this forum
Is it better to be debt free and hold savings in your bank OR
Be Debt FULL . mortgage to the max and have zero savings
When your bank fails do you still owe them ?
You already used their Money and now they are dead
That’s more like it Fully! When the government wonks make infomercials and their lips are moving they are lying through their teeth. CDIC…Bah humbug
mortgage it all and gold stock certificates. Sure don’t feel like it is your money when they act like it is a crime when ya withdraw 5k cash
Government will be too busy saving themselves to save anyone else, legislation was passed in 2013 that makes the money in your account the banks if they have solvency problems (bail in), you are an unsecured creditor.
Right, Highroller. I recently did a wire transfer to kitco metals. The banker asked me what the money was for. I said non of your business, actually. But they would’t give me my money until I told them what it was for.
Now if the banks go down, everybody and everything goes with it – a real crisis. Own some physical gold or silver outside the banking system. It may be useful to trade, or to buy real estate on the cheap if bad comes to worse.
As for debt, my strategy is to remain debt free. No obligations. Then you are a free person, and sleep well.
the mortgage should be rental property . Here’s the gig to watch this weekend ;
https://www.rt.com/news/448426-yellow-vests-financial-bank-protest/
The Yellow Vests should be careful what they wish for…
Yup, all around. 🙂
It’s an interesting point Fully. I suppose there are 2 sides to the arguament. Using debt is great if the debt gets written off for some reason. The downside is that you don’t own the asset and it can be taken away. You also end up paying for it due to interest payments.
Absolutely get debt free and stay that way. Only money in the bank necessary to monthly bills. The rest in cash or whatever OUTSIDE the banking system. Once you have six months of expenses saved, put the rest to work: invest in markets, businesses, real estate, stacking. Leveraged debt = trying to screw the system. The folks who run this mess are perhaps the most diabolical folks on earth. Good luck with that, high risk. Although I did walk away from substantial credit card debt back in 2009. Had no choice and it was most certainly unintentional i.e. no plan. Life happened and I got nailed. As in wiped out.